Asian stocks rise as oil rallies

HONG KONG - Most Asian stocks jumped Thursday as oil prices bounced back and weak U.S. economic data fueled investor hopes that the Fed would slow the pace of rate hikes this year.

See Full Article

Japanese shares fell as the yen rose against the dollar.

KEEPING SCORE: Japan's Nikkei 225 lost 0.8 per cent to 17,059.31 after the yen strengthened sharply against the dollar, hurting share prices of the country's export manufacturers. South Korea's Kospi added 1.4 per cent to 1,915.94 and Hong Kong's Hang Seng advanced 1.3 per cent to 19,245.56. The Shanghai Composite Index in mainland China climbed 0.9 per cent to 2,764.59. Australia's S&P/ASX 200 rose 2.1 per cent to 4,980.40. Markets in Southeast Asia rose.

RATE RETHINK: Investors are dialing back expectations that the Fed will continue gradually raising interest rates after recent data showed the U.S. economy had a weak start to the year. On Wednesday, the private ISM survey found U.S. services companies grew in January at the slowest rate in nearly two years. Meanwhile, the dollar sank after New York Fed President William Dudley told financial news agency MNI that the U.S. central bank would have to take into account tight global financial conditions when considering further rate hikes.

QUOTABLE: "A lot of the pressure in Asia has been taken off by the fact that yen strengthened so much overnight," which makes Chinese exports more competitive in Asia and reduces the need for Beijing to let China's yuan fall further, said Andrew Sullivan, sales trader at Haitong Securities. "People are expecting the Fed to be on the back foot now" when it comes to rate hikes, he said. "There's a lot out there that suggest the Fed that isn't going to be as bullish as it might have been earlier."

WALL STREET: U.S. stocks staged a late turnaround to finish higher thanks to surging oil prices and the weakening U.S. dollar. The Dow Jones industrial average rose 1.1 per cent to close at 16,336.66. The Standard & Poor's 500 rose 0.5 per cent to 1,912.53 but the Nasdaq composite fell 0.3 per cent to 4,504.24.

ENERGY: Oil futures extended gains on the weaker greenback, which makes oil cheaper for international investors buying with other currencies. Benchmark U.S. crude added 29 cents, or 0.9 per cent, to $32.57 a barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $2.40, or 8 per cent, to close at $32.28 a barrel on Wednesday in New York. Brent crude, a benchmark for international oil prices, rose 39 cents to $35.42.

CURRENCIES: The dollar was steady after losing about 1.7 per cent overnight, edging up to 117.98 yen from 117.90 yen. The euro eased to $1.1083 from a three-month high of 1.1118 in the previous day's trading.



Advertisements

Latest Economic News

  • Asian stocks flat as support grows for U.S. interest rate hike

    Economic CTV News
    SEOUL, Korea, Republic Of - Asian stock markets were largely flat on Thursday with investors in the U.S. markets going on a Thanksgiving holiday and the Fed minutes largely in line with investor expectations that the Fed will soon raise interest rates for a third time next month. Source
  • First LNG shipment leaves B.C. for China as industry looks to expand exports

    Economic CTV News
    SURREY, B.C. -- FortisBC says it has shipped 950 gigajoules of liquefied natural gas from Vancouver to China, marking the industry's first shipment to the Asian country. The move is part of a pilot project aimed to determine long-term feasibility of B.C. Source
  • U.S. commission alerted to review allegations against TripAdvisor

    Economic CTV News
    BOSTON -- The U.S. Federal Trade Commission could take action against TripAdvisor after the Massachusetts-based travel company was accused of deleting hotel reviews that contained allegations of rape and other crimes. Several people told the Milwaukee Journal Sentinel this month they were sexually assaulted at Mexican hotels and resorts but the online reviews that mentioned the crimes were taken down. Source
  • Trump SoHo to shed 'Trump' amid reports of sagging business

    Economic CTV News
    NEW YORK -- The Trump SoHo hotel is dropping the name it shares with the U.S. president. The Trump Organization said Wednesday that it is ending its licensing deal with the New York hotel amid reports that the property has struggled to attract business. Source
  • Wellsite pipeline leak spills 560 barrels of oil into northern Alberta swamp

    Economic CTV News
    CALGARY - The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite. AER spokesman Jordan Fitzgerald says the regulator has staff supervising cleanup by the company at the site about 65 kilometres northwest of Red Earth Creek, which is about 420 kilometres north of Edmonton. Source
  • Wellsite pipeline leak spills 560 barrels of oil emulsion into Alberta swamp

    Economic CTV News
    CALGARY - The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite. AER spokesman Jordan Fitzgerald says the regulator has staff supervising cleanup by the company at the site about 65 kilometres northwest of Red Earth Creek, which is about 420 kilometres north of Edmonton. Source
  • Uber customers torn between scandals and service

    Economic CTV News
    DETROIT -- Uber has managed to hold the title of world's largest ride-hailing service despite its seemingly endless string of scandals. Its latest misbehaviour involving a data breach coverup revealed this week could be the impetus for people to ride elsewhere -- or keep looking the other way. Source
  • Freedom Mobile announces iPhone X dates, provides update on network rollout

    Economic CBC News
    Freedom Mobile will begin taking orders for the Apple iPhone X and iPhone 8 models starting Friday, with the smartphones in its stores on Dec. 8. While that's more than a month after Canada's three national wireless carriers began selling the iPhone X, it will be the first time Freedom Mobile has a full roster of Apple smartphones to offer its customers. Source
  • Highlights of sweeping new Ontario labour laws, including a minimum wage boost

    Economic CTV News
    TORONTO -- Ontario's Liberal government passed a host of changes to labour laws Wednesday. Here are some highlights of the legislation, including the centrepiece minimum wage increase: -- Minimum wage rises from $11.60 an hour to $14 on Jan. Source
  • Canadian grocers expand online services after Amazon acquires Whole Foods chain

    Economic CTV News
    VANCOUVER -- Metro Inc. is looking to expand its online grocery offerings to Ontario next year, making it the latest Canadian retailer to ramp up its e-commerce options in the face of potential competition from Amazon. Source