Asian stocks post gains as oil price improves

SEOUL, Korea, Republic Of - Asian stocks mostly posted strong gains on Thursday as a rebound in the price of oil and solid U.S.

See Full Article

manufacturing data boosted European markets and Wall Street.

KEEPING SCORE: Japan's Nikkei 225 jumped 2.3 per cent to 16,208.55 and South Korea's Kospi rose 1.1 per cent to 1,904.60. Hong Kong's Hang Seng surged 2.4 per cent to 19,389.98. Australia's S&P/ASX 200 gained 2.3 per cent to 4,992.00. Stocks in mainland China, Taiwan, and Southeast Asian were also higher.

IRAN RELIEF: Iran's oil minister said the country supports "any measure" to boost oil prices and voiced its support for a plan to stabilize and boost prices laid out earlier this week by four influential oil producers. Saudi Arabia, Qatar, Russia and Venezuela reached the agreement in Doha to cap their crude output if others do the same. Markets have been rattled the months-long slump in oil prices, which has hammered the share prices of energy companies and spilled over into worries about losses for banks.

ANALYST'S TAKE: "Initial disappointment on the tentative 'freeze' agreement between Saudi Arabia and Russia was reversed after Iran voiced support for the agreement, raising hopes of further steps between major oil producers to stabilize the market," said Mizuho Bank in a daily commentary.

U.S. DATA: The Federal Reserve said U.S. factories cranked out more autos, furniture and food last month, boosting production by the most since July. Manufacturing output rose 0.5 per cent in January, after falling in four of the previous five months. Overall industrial production, which includes mining and utilities, added 0.9 per cent, the biggest jump in 14 months.

GLOBAL RALLY: On Wednesday, European stocks finished sharply higher and Wall Street extended its gains for a third day. Germany's DAX finished up 2.7 per cent and Britain's FTSE 100 jumped 2.9 per cent. France's CAC 40 closed 3 per cent higher. On Wall Street, the Dow Jones industrial average gained 1.6 per cent to 16,453.83. The S&P 500 rose 1.7 per cent to 1,926.82. The Nasdaq composite index jumped 2.2 per cent to 4,534.06.

ENERGY: Benchmark U.S. oil added 63 cents to $31.29 per barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract jumped $1.62, or 5.6 per cent, to close at $30.66 a barrel. Brent crude, a benchmark for international oils, rose 59 cents to $35.09 in London after jumping 7.2 per cent the previous day.

CURRENCIES: The dollar slipped to 113.98 yen from 114.14 yen. The euro rose to $1.1137 from $1.1124.



Advertisements

Latest Economic News

  • What you need to know about the proposed small business tax changes

    Economic CTV News
    The federal government has been defending its proposed small business tax changes despite opposition from many of those who will be affected. Finance Minister Bill Morneau and Prime Minster Justin Trudeau have stood firm on the controversial plan, saying the tax changes are about making the system fair, rather than generating revenue for the government. Source
  • U.S. Fed announces a start to modestly reducing its bond holdings

    Economic CTV News
    WASHINGTON -- U.S. The Federal Reserve will begin shrinking the enormous portfolio of bonds it amassed after the 2008 financial crisis to try to sustain a frail economy. The move reflects a strengthened economy and could mean higher rates on mortgages and other loans over time. Source
  • Magna International suspends supply of parts to CAMI

    Economic CBC News
    Canadian autoparts giant Magna International announced Sunday that it has suspended the supply of parts to the CAMI auto plant in Ingersoll due to an ongoing strike at the facility. (Stacey Janzer/CBC) Autoparts maker Magna International announced Wednesday that it has suspended the supply of parts to CAMI, the Ingersoll auto manufacturing plant that's been crippled by a labour dispute. Source
  • Bombardier workers in Toronto walk out over Boeing dispute

    Economic Toronto Sun
    The union representing Bombardier’s production workers says employees at the company’s aerospace plant in Toronto will walk out Wednesday — a move meant to pressure Boeing to drop a trade complaint against Bombardier. Unifor national president Jerry Dias said in a statement that the rally is intended to give workers a voice during the ongoing dispute between the two companies. Source
  • Bombardier workers in Toronto to walk out over Boeing dispute

    Economic Toronto Sun
    The union representing Bombardier’s production workers says employees at the company’s aerospace plant in Toronto will walk out Wednesday — a move meant to pressure Boeing to drop a trade complaint against Bombardier. Unifor national president Jerry Dias said in a statement that the rally is intended to give workers a voice during the ongoing dispute between the two companies. Source
  • U.S. delays decision on Bombardier CSeries preliminary duties

    Economic CTV News
    MONTREAL - A U.S. Department of Commerce spokesman says the government will announce its decision on Boeing's request for preliminary duties against Bombardier's CSeries on Tuesday, a day later than it previously indicated. Industry analysts and the Montreal-based company expect preliminary countervailing duties will be imposed on aircraft deliveries to the United States. Source
  • Toys 'R' Us Canada granted creditor protection after U.S. parent begins bankruptcy proceedings

    Economic CTV News
    Toys "R" Us Canada says the struggles of the wider toy chain have been impacting its strong Canadian business. The toy retailer's Canadian subsidiary was granted creditor protection in the Ontario Superior Court on Tuesday, one day after Toys "R" Us started bankruptcy proceedings south of the border. Source
  • Toys 'R' Us Canada granted creditor protection

    Economic CTV News
    Toys "R" Us Canada says the struggles of the wider toy chain have been impacting its strong Canadian business. The toy retailer's Canadian subsidiary was granted creditor protection in the Ontario Superior Court on Tuesday, one day after Toys "R" Us started bankruptcy proceedings south of the border. Source
  • Ontario government executes search warrant at Volkswagen offices

    Economic Toronto Sun
    The Ontario government executed a search warrant at the Volkswagen Canada offices on Tuesday as part of its investigation into the emissions scandal that rocked the company two years ago. The Ministry of the Environment and Climate Change charged Volkswagen AG with one count under the province’s Environmental Protection Act last week. Source
  • FCA recalling almost 50,000 Pacifica vans due to seatbelt issue during sporty driving

    Economic CBC News
    If you drive your Chrysler minivan too fast and too furious, one of the second-row seat belts might unbuckle. So Fiat Chrysler is recalling almost 50,000 Pacifica vans in the U.S. and Canada from the 2017 and 2018 model years, all with an eight-passenger seating option. Source