Asian stocks rise with oil output pact

TOKYO - Asian stock markets were mostly higher Wednesday as investors weighed the potential outcome of a preliminary agreement between Russia and Saudi Arabia to hold off on further increases in crude oil production, possibly alleviating a growing glut in supply.

See Full Article

KEEPING SCORE: Japan's Nikkei 225 slipped 0.2 per cent to 16,020.34 as investors shrugged off data showing strong machinery orders in January. Hong Kong's Hang Seng gained 0.7 per cent to 19,249.59 and the Shanghai Composite rose 0.4 per cent to 2,847.23. Australia's S&P/ASX 200 edged up 0.2 per cent to 4,919.90 and South Korea's Kospi added 0.4 per cent to 1,895.15.

OIL DEAL: A Russia-Saudi accord announced Tuesday will only take effect if other OPEC nations agree to it, and investors are not convinced they will, so U.S. crude sank after a 12-per cent rally on Friday. U.S. markets were closed on Monday. Analysts say Iran probably won't sign on because it wants to raise output following its period of sanctions. The slump in oil prices has been one factor unnerving stock markets recently as a sign of weak global demand.

ANALYST VIEWPOINT: "The accord, on face value, suggests more can and will be done over the coming months. However, the current agreement will have little impact on oil markets and there are glaring holes in what has been announced," Evan Lucas of IG said in a commentary. "The market clearly also believes that this an accord to nowhere."

WALL STREET: Shares were broadly higher Tuesday, lifted by gains in retailers and manufacturers following upbeat news from China on bank lending. Strong quarterly results gave some company stocks a boost and investors worried a bit less about China and Japan. The Dow Jones industrial average added 222.57 points, or 1.4 per cent, to 16,196.41. The Standard & Poor's 500 index rose 30.80 points, or 1.7 per cent, to 1,895.58. The Nasdaq composite climbed 98.44 points, or 2.3 per cent, to 4,435.96.

ENERGY: U.S. crude gained 27 cents to $29.31 a barrel in electronic trading on the New York Mercantile Exchange. It lost 40 cents, or 1.4 per cent, to $29.04 a barrel in New York on Tuesday. Brent crude, a benchmark for international oils, climbed 58 cents to $32.76 a barrel. On Tuesday it lost $1.21, or 3.6 per cent, to $32.18 a barrel in London.

CURRENCIES: The dollar fell to 113.89 yen from 114.23 yen the previous day. The euro rose to $1.1149 from $1.1127.



Advertisements

Latest Economic News

  • Canam stock nearly doubles on going-private offer for Quebec-based company

    Economic CTV News
    MONTREAL -- Canam Group is preparing to end its 33-year run as a public company after partnering with a U.S. company and Quebec investors to take the structural steel specialist private. After a few years of reflection, the leadership of the company founded in 1960 concluded that the constraints of being public not longer fit with its vision. Source
  • United Airlines reaches undisclosed settlement with passenger dragged from plane

    Economic CBC News
    A Kentucky doctor who was dragged off a United Airlines flight after he refused to give up his seat to crew members has reached a settlement with the airline for an undisclosed amount. David Dao's legal team announced the settlement Thursday in a brief statement. Source
  • Employers can pay women less based on past salaries, U.S. court rules

    Economic CTV News
    SAN FRANCISCO -- A federal appeals court says employers can legally pay women less than men for the same work based on differences in the employees' previous salaries. The decision by the 9th U.S. Source
  • BlackBerry smartphone with physical keyboard will be sold in Canada next month

    Economic CTV News
    TORONTO - Canadians will be able to buy a new BlackBerry-branded smartphone with a physical keyboard starting next month. The KEYone, a phone made in partnership between TCL Communication Technology Holdings Ltd. (TCT) and BlackBerry (TSX:BB), will be available for pre-order at some partners as of May 18. Source
  • Southwest Airlines to end practice of overbooking flights

    Economic CBC News
    Southwest Airlines says it plans to stop overbooking flights — an industry practice implicated in an ugly incident on a United Airlines flight that has damaged United's reputation with the flying public. Last year Southwest bumped 15,000 passengers off flights, more than any other U.S. Source
  • Toyota recalls 250K Tacoma pickups in North America

    Economic CTV News
    DETROIT -- Toyota is recalling about 250,000 small pickup trucks mainly in North America because the rear wheels have the potential to lock up, causing drivers to lose control. The recall covers certain Tacoma trucks from the 2016 and 2017 model years. Source
  • Judge orders Volkswagen to pay $2.1B in class-action suit over emissions scandal

    Economic CTV News
    TORONTO -- Members of a Canadian class-action lawsuit against Volkswagen can submit claims for reimbursement starting on Friday after an Ontario court approved a $2.1-billion settlement plan. The 105,000 people who purchased or leased certain Volkswagen or Audi vehicles with two-litre diesel engines that were caught up in an emissions cheating scandal will each receive a payment between $5,100 and $8,000, wrote Superior Court Justice Edward Belobaba in his judgment Wednesday. Source
  • Suncor CEO says more oilsands deals may appear in 'exodus' of foreign firms

    Economic CTV News
    CALGARY -- Suncor Energy (TSX:SU) has a potential opportunity to make further purchases in Alberta's oilsands if foreign multinationals continue to exit the sector, the oil and gas company's chief executive said Thursday. Suncor feels no pressure to buy but is watching closely for opportunities and has the financial strength to act, Suncor CEO Steve Williams said Thursday on a quarterly conference call with analysts. Source
  • Man removed from flight for using bathroom before takeoff

    Economic CTV News
    MILWAUKEE -- A Wisconsin man was removed from a Delta Air Lines flight after using the bathroom against crew instructions shortly before takeoff. Kima Hamilton says he urgently needed to use the bathroom April 18 while on a Milwaukee-bound plane in Atlanta. Source
  • European Central Bank says economy is 'increasingly solid'

    Economic CTV News
    FRANKFURT -- The European Central Bank kept its stimulus program and interest rates unchanged Thursday even though it conceded that the economy of the 19-country eurozone is becoming stronger. While indicators in recent weeks have pointed to much faster growth, there was little expectation the central bank would ease off its stimulus programs in the run-up to the second round of France's presidential election, in which anti-euro candidate Marine Le Pen is battling pro-EU front-runner Emmanuel…