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

  • Real estate reality check: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. House cooling Time for some cold water on that hot southern Ontario real estate market? Here's how the province is proposing to rein in the madness. Source
  • Birthing April the Giraffe becomes cash cow for tiny U.S. zoo

    Economic CTV News
    April the giraffe has become a cash cow for a tiny zoo in rural upstate New York, thanks to a livestream of her pregnancy and birth that has enthralled viewers around the world. Owners of the Animal Adventure Park won't say exactly how much they've pulled in from all the April-related ventures, but marketing experts who specialize in viral internet campaigns conservatively estimate the haul in the hundreds of thousands of dollars. Source
  • Despite special regulations, edible entrepreneurs hope to take bite of Canada's marijuana market

    Economic CBC News
    Amid all the uncertainty about the federal government's ?plans to legalize marijuana by mid-2018, a culinary mystery stands out: How will marijuana-infused food products, commonly called "edibles," fit into the legal regime? Ottawa has signalled that regulations governing the sales of edibles won't be ready by the time recreational marijuana becomes legal. Source
  • 'Vital for tenants' or 'textbook' bad policy: How rent control works in NYC

    Economic CBC News
    Before Ontario's provincial government announced its plans to expand rent control, some economists were already sounding alarm bells about imposing the controversial policy. In response to some Toronto tenants who say their rents have doubled, the government on Thursday unveiled its Fair Housing Plan. Source
  • What we can learn from New York's rent control regime

    Economic CBC News
    Before Ontario's provincial government announced its plans to expand rent control, some economists were already sounding alarm bells about imposing the controversial policy. In response to some Toronto tenants who say their rents have doubled, the government on Thursday unveiled its Fair Housing Plan. Source
  • Despite special regulations, entrepreneurs hope to take bite of Canada's marijuana edibles market

    Economic CBC News
    Amid all the uncertainty about the federal government's ?plans to legalize marijuana by mid-2018, a culinary mystery stands out: How will marijuana-infused food products, commonly called "edibles," fit into the legal regime? Ottawa has signalled that regulations governing the sales of edibles won't be ready by the time recreational marijuana becomes legal. Source
  • Canada's central banker on Ontario housing move: 'I'm happy'

    Economic CTV News
    WASHINGTON -- Measures to cool the housing market in the Greater Toronto Area have received a warm response from Canada's central banker, who said Saturday it should have some effect on runaway housing prices. "I'm happy there are measures," Stephen Poloz, the governor of the Bank of Canada, told reporters during financial meetings in Washington. Source
  • Opening shot coming this week in fifth softwood lumber war between Canada-U.S.

    Economic CTV News
    WASHINGTON -- The opening shot in a fifth softwood-lumber war between the United States and Canada is expected this week, and policy-makers north of the border are preparing to calculate the potential damage of American duties. Source
  • Global finance leaders grapple with globalization fears

    Economic CTV News
    From left, German Federal Minister of Finance Wolfgang Schauble, Zhou Xiaochuan, Governor of the People's Bank of China, Chinese Finance Minister Xiao Jie and International Monetary Fund Managing Director Christine Lagarde gather for the Family Photo during the G20 at the 2017 World Bank Group Spring Meetings in Washington, Friday, April 21, 2017. Source
  • LinkedIn for farmers aims to remedy labour shortage

    Economic CTV News
    If you know how to tag and process cattle or drive a “semi to haul silage,” or need to hire someone who does, this new website could be for you. WorkHorsehub.ca is a farmer-designed online hub aimed at connecting agriculture workers with jobs in the industry. Source