Asian stocks waver despite oil output pact

TOKYO - Shares were higher in Europe on Wednesday as oil prices stabilized and strong earnings reports from French bank Credit Agricole and Germany's Schneider Electric helped boost sentiment.

See Full Article

Asian markets were mixed.

KEEPING SCORE: In early European trading, Germany's DAX rose 0.7 percent to 9,197.27 and Britain's FTSE 100 was up 0.7 percent at 5,905.19. The CAC 40 of France gained 0.7 percent to 4,138.30. Wall Street looked set for gains. Dow and S&P 500 futures were both up 0.3 percent.

OIL DEAL: Oil prices stabilized after a wild day on Tuesday, as investors weighed the possible impact of a Russia-Saudi accord that will only take effect if other OPEC nations agree to it. 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," market strategist Evan Lucas of IG said in a commentary. "The market clearly also believes that this is an accord to nowhere."

ASIA'S DAY: Japan's Nikkei 225 fell 1.4 percent to 15,836.36 as investors shrugged off data showing strong machinery orders in January. Hong Kong's Hang Seng dropped 1.0 percent to 18,924.57 while the Shanghai Composite rose 1.1 percent to 2,867.34. Australia's S&P/ASX 200 lost 0.6 percent to 4,882.10 and South Korea's Kospi shed 0.2 percent to 1,883.94. Markets rose in Indonesia, Taiwan and New Zealand and fell in Singapore, Thailand and India.

ENERGY: U.S. crude rose 10 cents to $29.13 a barrel in electronic trading on the New York Mercantile Exchange. It lost 40 cents, or 1.4 percent, to $29.04 a barrel in New York on Tuesday. Brent crude, a benchmark for international oils, added 25 cents to $32.42 a barrel. On Tuesday it lost $1.21, or 3.6 percent, to $32.18 a barrel in London.

CURRENCIES: The dollar fell to 113.88 yen from 114.23 yen the previous day. The euro rose to $1.1160 from $1.1127.



Advertisements

Latest Economic News

  • Tim Hortons, Burger King to launch app in push towards automation

    Economic CTV News
    TORONTO - The parent company of Tim Hortons and Burger King plans to launch an app Canada-wide this spring that would allow customers to order and pay in advance on their smartphone without lining up to pay a cashier. Source
  • Sharp increase in Americans interested in Canadian real estate: Royal LePage report

    Economic CTV News
    TORONTO - A new report from Royal LePage suggests many Americans who oppose incoming president Donald Trump continue showing a desire to purchase property in Canada. In a report released early Friday, the company says American web traffic on its website surged 329 per cent the day after the U.S. Source
  • U.S. airlines offer low-cost fares banning carry-on bags. Will Canada follow?

    Economic CBC News
    Just when you thought economy air travel couldn't get any more basic, some major U.S. airlines have found a way to make it even less appealing. Both American and United Airlines will soon be offering a bare-bones "basic economy" fare. Source
  • Trump win prompts surge of interest in Canadian real estate from Americans, Royal LePage says

    Economic CBC News
    One of Canada's biggest sellers of real estate says it is witnessing a surge of interest from Americans who are considering moving north as a result of the U.S. presidential election. In a report released Friday, Royal LePage said visits to its website surged by more than four times the normal daily volume the day after Donald Trump's win on November 8th. Source
  • Asian markets mixed ahead of Trump's inauguration

    Economic CTV News
    KUALA LUMPUR, Malaysia - Asian markets were mixed in cautious trading Friday ahead of the inauguration of President-elect Donald Trump. China's report that its economy grew at a 6.8 per cent pace in October-December was in line with expectations. Source
  • Trump Treasury pick defends foreclosure actions, asset disclosure

    Economic CTV News
    WASHINGTON -- Steven Mnuchin, President-elect Donald Trump's pick as Treasury secretary, clashed with Democrats during a lengthy confirmation hearing Thursday over his handling of thousands of mortgage foreclosures and his failure to initially disclose to the committee nearly $100 million in assets and interests in a Cayman Islands corporation. Source
  • Facebook CEO trying to buy out land near his Hawaii estate

    Economic CTV News
    HONOLULU -- Facebook CEO Mark Zuckerberg is going to court to gain ownership of isolated pockets of land tucked away within his sprawling estate in Hawaii. Many of the 14 parcels on the island of Kauai are less than an acre. Source
  • Uber pays US$20 million to settle claims of driver deception

    Economic CTV News
    SAN FRANCISCO -- Uber Technologies is paying $20 million to settle allegations that it duped people into driving for its ride-hailing service with false promises about how much they would earn and how much they would have to pay to finance a car. Source
  • George Soros says Trump a 'would-be dictator' who will rattle markets

    Economic CTV News
    NEW YORK -- Billionaire investor George Soros said Thursday he views President-elect Donald Trump as an "impostor and con man and a would-be dictator" who will rattle financial markets. Soros, a big supporter of Hillary Clinton's failed presidential campaign, said he is confident Trump will be checked by Congress and the Constitution. Source
  • Car makers concerned about Trump, says Canadian innovation minister

    Economic CTV News
    OTTAWA -- A Liberal cabinet minister says he's hearing concerns from auto makers about negative effects on their industry from a Donald Trump presidency. Economic Development Minister Navdeep Bains says he's had conversations with concerned automakers at the recent Detroit auto show and during his current visit to the World Economic Forum in Davos, Switzerland. Source