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Wednesday, August 12th, 2020

Hasbro : The Latest: Asian shares rebound, led by Japan

by April 19, 2016 General

NEW YORK (AP) — The Latest news on global financial markets (all times local):12:00 a.m.Asian stock markets are mostly higher, led by a rally in Japan, as investors were encouraged by Wall Street’s rally to its highest levels in recent months. A weakening of the Japanese yen against the dollar boosted exporters.Japan’sNikkei rallied 3.3 percent to 16,818.10 by midday Tuesday after a sharp loss the day before. South Korea’s Kospi was nearly flat at 2,009.13 while Hong Kong’sHang Seng index gained 0.6 percent to 21,281.61. China’s Shanghai Composite Index rose 0.1 percent to 3,036.85. Australia’s S&P/ASX 200 advanced 0.9 percent to 5,253.50. Stocks in Singapore and Indonesia were higher but markets in Taiwan and the Philippines were lower.4:00 p.m.Major U.S. stocks indexes are closing higher, led by a recovery in the energy sector.The market had started lower on Monday as the price of oil sank, but turned higher in morning trading and stayed higher for the rest of the day.In addition to energy stocks, health care and consumer companies posted big gains.Hasbro jumped 6 percent after reporting better results than analysts were expecting. The toy maker turned in a solid quarter thanks to strong sales of “Star Wars,” Disney Princess and “Frozen” merchandise.The Dow Jones industrial average gained 106 points, or 0.6 percent, to 18,004.The Standard & Poor’s 500 index added 13 points, or 0.7 percent, to 2,094. The Nasdaq composite climbed 21 points, or 0.4 percent, to 4,960.11:45 a.m.Major U.S. stocks indexes are higher in midday trading as the market shakes off an early stumble.Health care and consumer stocks were among the biggest gainers Monday.Hasbro jumped 5 percent after reporting better results than analysts were expecting. The toy maker turned in a solid quarter thanks to strong sales of “Star Wars,” Disney Princess and “Frozen” merchandise.Crude oil prices remained lower after major oil-producing nations failed to hammer out a deal over the weekend to reduce output.The Dow Jones industrial average gained 72 points, or 0.4 percent, to 17,970 as of 11:45 a.m. Eastern time.The Standard & Poor’s 500 index added eight points, or 0.4 percent, to 2,089. The Nasdaq composite climbed seven points, or 0.1 percent, to 4,945.9:35 a.m.Energy stocks are leading an early decline on Wall Street as the price of crude oil takes a sharp turn lower.Diamond Offshore drilling sank 6 percent and Transocean was off 5 percent early Monday.Oil prices slumped nearly 4 percent after a weekend meeting of oil-producing nations failed to result in an agreement to curb production.Toy maker Hasbro jumped 5 percent after reporting better results than analysts were expecting.The Dow Jones industrial average fell 35 points, or 0.2 percent, to 17,861 as of 9:35 a.m. Eastern time.The Standard & Poor’s 500 index lost five points, or 0.2 percent, to 2,074. The Nasdaq composite gave up 18 points, or 0.4 percent, to 4,919.Bond prices fell. The yield on the 10-year Treasury note rose to 1.77 percent.7:10 a.m.Russia’s energy minister says “the door is not closed” on a potential oil production freeze but he doubts all other major oil-producing nations will agree to it.In an interview with the NTV television on Monday, Alexander Novak blamed Saudi Arabia and other Gulf nations for derailing the weekend talks and said that Russia will be willing to join the freeze if the OPEC nations finally agree to one. Russia is not member of the oil cartel.Novak said, however, that he does not envisage all major oil producers especially Iran signing onto a freeze.Russia’s economy is heavily reliant on the price of oil. The failure of the weekend talks in Qatar sent the national currency plummeting to a two-week low on Monday.7 a.m.European stock markets have recouped most of their earlier losses as oil prices clambered off lows.Europe’s main stock indexes had opened sharply lower after crude prices tanked following the failure of oil-producing nations to agree to a production freeze during a meeting in Doha, Qatar.But the oil price recovery saw Germany’s DAX push into positive territory, albeit by a small 0.1 percent to 10,059. Britain’sFTSE 100 index was down only 0.1 percent at 6,335 while the CAC-40 in France was also down 0.1 percent at 4,490.As well as tracking oil prices, Mike van Dulken, Head of Research at Accendo Markets, said investors are also “reviving some of last week’s risk appetite” that came about from solid China data, solid U.S. bank earnings and expectations that the Federal Reserve won’t be in any hurry to raise interest rates again.5:20 a.m.Oil prices are trading sharply lower but have recovered a chunk of the losses they recorded in the immediate aftermath of the failure by oil-producing countries to agree Sunday on freezing production.A barrel of benchmark New York crude was down $1.31, or 3.3 percent, at $39.05 while the international standard, Brent, fell $1.13, or 2.6 percent, to $41.97. Earlier, both had been even lower, with New York crude down 7 percent at one stage.The failure to reach a consensus on freezing production to support prices came after Iran opted against attending the meeting of 18 oil-producing nations in Qatar. Saudi Arabia said it wouldn’t be party to a deal that didn’t involve Iran.One of the reasons why oil prices have rallied by more than 60 percent from their January lows was a growing expectation that an agreement to freeze production would emerge.4:50 a.m.The Russian currency has plunged by more than 3 percent after a weekend meeting of oil-producing nations failed to agree on a production freeze.The ruble enjoyed a significant rise in its value since February, including in the past week amid anticipation over the meeting of oil ministers in Qatar.Russia is a major energy producer and exporter, and its currency depends heavily on the price of oil.The ruble traded 3 percent lower at 68.4 rubles to the dollars in early trading on Monday on the news that the 18 oil-producing countries meeting in Qatar over the weekend did not reach a deal on freezing production.Russia is running a 3 percent budget deficit and its economy is expected to contract by over 1.5 percent this year.Copyright 2016 The Associated Press. 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