Asian stocks rebound in anticipation of G20 meeting

BEIJING - Asian stock markets rebounded Monday as investors looked to this week's meeting of finance ministers from major economies for reassurance about threats to global growth.

See Full Article

KEEPING SCORE: Hong Kong's Hang Seng index added 1.1 per cent to 19,848.52 points and the Shanghai Composite Index rose 1 per cent to 2,887.28. Tokyo's Nikkei 225 gained 0.6 per cent to 16,059.98 and Sydney's S&P/ASX 200 advanced 0.8 per cent to 4,994.50. Seoul's Kospi added 0.1 per cent to 1,918.00 and Singapore and Jakarta also advanced. New Zealand and Taiwan declined. On Friday on Wall Street, the Dow Jones industrial average declined 0.1 per cent and the Standard & Poor's 500 index lost a fraction of a point. The Nasdaq composite index added 0.4 per cent.

FINANCE MEETING: Investors are hoping this week's meeting of finance ministers from the Group of 20 major rich and developing economies will spur moves to shore up global growth. Japan's centre bank governor has called for the officials meeting Friday and Saturday in Shanghai to commit to co-ordinated action. But private sector analysts say fiscal and monetary policy options are limited following repeated rounds of stimulus.

ANALYST'S TAKE: "The weekend meeting of G20 Finance Ministers will be the major focus this week with global growth woes likely to be the event headline," said Stephen Innes of OANDA in a report. "Don't expect any magic bullet solution to appear but a policy consensus among ministers might go a long way to shoring up investors' sentiment."

JAPANESE MANUFACTURING WEAKNESS: A measure of Japanese manufacturing showed activity fell to an eight-month low this month, due largely to weak export demand. The Nikkei Flash Japan Manufacturing Purchasing Managers' Index showed production grew at its slowest rate in 10 months and new export orders fell to a three-year low. The data suggest "business sentiment has suffered from the sharp falls in the equity market and the stronger yen," Marcel Thieliant of Capital Economics said in a report.

ENERGY: Benchmark U.S. crude gained 44 cents per barrel to $32.19 in electronic trading on the New York Mercantile Exchange. The contract plunged $1.18 on Friday to close at $31.75. Brent crude, used to price international oils, rose 35 cents to $33.36 per barrel in London. It fell $1.27 on Friday to close at $33.01.

CURRENCY: The dollar advanced to 112.87 yen from Friday's 112.60 yen. The euro edged down to $1.1117 from $1.1133.


Latest Economic News

  • NEB revises down oil production outlook on lower prices, changing regulations

    Economic CTV News
    CALGARY -- The National Energy Board has revised down its long-term outlook for oil prices and Canadian production in the face of lower global industry costs and stricter environmental regulations. In an update released Wednesday, the regulator projects inflation-adjusted oil prices rising to US$68 a barrel by 2020 and US$90 by 2040, $12 and $17 a barrel lower, respectively, than in its January report. Source
  • Asian stocks hit by gloom on Wall Street

    Economic CTV News
    TOKYO -- Shares fell broadly in Asia on Wednesday after a gloomy session on Wall Street, where shares of household names like appliance maker Whirlpool and athletic apparel maker Under Armour suffered their worst declines in years. Source
  • New Wells Fargo CEO to employees: 'We're sorry'

    Economic CTV News
    NEW YORK -- Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is "sorry for the pain" that the bank's employees have suffered as a result of the company's sales practices scandal. Source
  • Canadian malls need to diversify to become destinations for shoppers, say experts

    Economic CTV News
    MONTREAL -- The rise of online shopping is forcing Canadian malls to diversify and become destinations that offer a range of services including entertainment and sporting venues in addition to traditional clothing stores, a Montreal real estate conference heard Tuesday. Source
  • Quebec says it's on track for $2.2-billion surplus in current fiscal year

    Economic CTV News
    Quebec is projecting a higher than expected surplus of $2.2 billion in the current fiscal year and is also abolishing a health tax two years ahead of schedule. Information available over the summer led the government to call for a surplus of $1.8 billion for fiscal 2016-17, which ends next March 31, but Finance Minister Carlos Leitao said Tuesday that provincial revenues have increased more than expected. Source
  • Pipeline company asks protesters to leave North Dakota land

    Economic CTV News
    CANNON BALL, N.D. - The developer of the Dakota Access oil pipeline said Tuesday that the dozens of protesters who have camped on company-owned land since the weekend are trespassing and that "lawless behaviour will not be tolerated. Source
  • Red ink will rule, but optimism in the oilpatch as earnings released

    Economic CBC News
    Precision Drilling announced some full-on good news last week with its third-quarter earnings. Although the company lost $47 million in the third quarter and revenue was down by nearly a half, it also said that it had rehired 1,000 workers. Source
  • CN Rail slightly raises outlook for 2016 despite dip in Q3 profits, revenues

    Economic CTV News
    MONTREAL -- Canadian National Railway Co. boosted its earnings forecast for 2016 despite seeing its profits and revenues decline in the third quarter. The Montreal-based railway raised it outlook for the year, saying it expects adjusted earnings will increase by about one per cent above the $4.44 per share earned last year. Source
  • CN Rail recalls workers to prepare for the smooth handling of bumper grain crop

    Economic CTV News
    MONTREAL -- Canadian National Railway Co. says it has recalled laid-off employees to handle the start of what is expected to be bumper grain crops in Canada and the United States. "We're handling and ready to handle more of the crop that has been produced," chief operating officer Mike Cory said Tuesday after the Montreal-based carrier reported third-quarter results. Source
  • Former Expos owner, Seagram's titan Charles Bronfman reflects on life as a 'late bloomer'

    Economic CTV News
    He steered Seagram's Co. Ltd. to great success and brought the Montreal Expos to Canada, but Canadian billionaire Charles Bronfman insists he was a "late bloomer," after years of struggling with low self-esteem in his early life. Source