Asia-Pacific Stocks Start the Day Higher
19 April 2018 - 4:09AM
Dow Jones News
By Joanne Chiu
Asia-Pacific stocks were broadly higher Thursday, building on
gains a day earlier, with oil prices at 3 1/2 -year highs helping
to boost sentiment for the region's equities.
The Nikkei in Tokyo was recently up 0.8%, aided by yen selling
and strength in commodity-related stocks. Australia's S&P/ASX
200 rose 0.7% on a 1.2% climb for the energy sector, which is up
8.8% this month.
Oil futures jumped nearly 3% on Wednesday, with rallies during
European and U.S. trading. Increases in U.S. oil production slowed
last week.
Michael McCarthy, chief market strategist at CMC Markets said
recent data show industrial demand is stronger than what has been
expected and that "we might underestimate the strength of
turnaround of the global economy."
Hong Kong's Hang Seng rose 0.9%, with just one of its 50
stocks-- Sun Hung Kai Properties--down in the opening minutes.
Taiwan's Taiex gained 0.8% early, with index heavyweight Taiwan
Semiconductor Manufacturing rebounding 1.9%.
Samsung Electronics rose 1.3%, though Korea's Kospi rose just
0.1% as Korean Air Lines pulled back nearly 3%.
In general, receding geopolitical concerns have helped Asian
equities in recent days, including worries about U.S.-China trade.
"The market has recast what it is," said Mr. McCarthy. "It's not a
trade war, It's a negotiation. And that is a lot more comfortable
for investors."
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
April 18, 2018 21:54 ET (01:54 GMT)
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