Asian stocks mostly higher, taking cues from Wall Street
SEOUL, South Korea (AP) ” Asian stock markets were mostly higher Wednesday, tracking overnight gains on Wall Street, as investors awaited more policy details from U.S. president-elect Donald Trump. Oil prices bounced back after a brief retreat that snapped an overnight rally.
KEEPING SCORE: Japan’s Nikkei jumped 1.1 percent to 17,862.21 and South Korea’s Kospi gained 0.6 percent to 1,979.65. Hong Kong’s Hang Seng index rose 0.6 percent to 22,446.94, while China’s Shanghai Composite Index edged 0.1 percent lower to 3,204.38. Australia’s S&P/ASX was nearly unchanged at 5,327.70, while benchmarks in Taiwan, Singapore and Southeast Asia gained.
ANALYST’S TAKE: “International markets showed signs of pausing to wait on evidence of policy specifics before extending moves in the direction of the ‘Trump themes’ of fiscal stimulus and inflation,” Ric Spooner, chief market analyst at CMC Markets, said in a daily commentary.
OIL: Oil prices rallied overnight on hopes that OPEC members would agree to lower output when they meet later this month. They fell back in early Asian trading before bouncing back. Benchmark U.S. crude added 9 cents to $45.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed up $2.49, or 5.7 percent, to $45.81 per barrel on Tuesday. Brent crude, used to price international oils, rose 7 cents to $47.03 a barrel in London.
WALL STREET: U.S. stocks finished higher on Tuesday as a rally in the oil markets pushed energy companies higher. The Dow Jones industrial average gained 0.3 percent to 18,923.06. The Standard & Poor’s 500 index rose 0.7 percent to 2,180.39 and the Nasdaq composite added 1.1 percent to 5,275.62.
CURRENCIES: The dollar strengthened to 109.35 yen from 108.94 yen while the euro was unchanged at $1.0731.
This story has been automatically published from the Associated Press wire which uses US spellings