Asian Markets Rise After Wall Street Rally – Markets Insider

This Article Was Originally From This Site

(RTTNews) – Asian stock markets are rising on Monday, extending gains from the previous session, as investor sentiment was bolstered by solid corporate earnings news and economic data as well as the rally in crude oil prices.

The Australian market, which was closed on Friday for the Australia Day holiday, is advancing, buoyed by the gains on Wall Street and higher crude oil prices.

In late-morning trades, the benchmark S&P/ASX 200 Index is adding 23.20 points or 0.38 percent to 6,073.20, while the broader All Ordinaries Index is rising 21.90 points or 0.36 percent to 6,186.60.

In the banking space, National Australia Bank, Westpac and Commonwealth Bank are higher in a range of 0.3 percent to 0.5 percent, while ANZ Banking is down 0.3 percent.

Commonwealth Bank said it has promoted head of retail banking Matt Comyn to succeed Ian Narev as its chief executive in April.

Among oil stocks, Oil Search is rising more than 1 percent, Woodside Petroleum is advancing almost 1 percent and Santos is up 0.3 percent after crude oil prices rallied to fresh four-year highs Friday.

Meanwhile, the major miners are mostly lower. BHP Billiton is down 0.3 percent and Fortescue Metals is losing more than 1 percent, while Rio Tinto is edging up less than 0.1 percent.

Among gold miners, Newcrest Mining is losing more than 1 percent and Evolution Mining is declining almost 2 percent after gold prices fell on Friday.

Crown Resorts said it has completed the sale of its stake in a 34.6 acre site in Las Vegas for A$370 million to a subsidiary of Wynn Resorts. However, the company’s shares are lower by 0.2 percent.

In the currency market, the Australian dollar edged higher against the U.S. dollar on Monday. In early trades, the local unit was quoted at US$0.8110, up from US$0.8105 on Friday.

The Japanese market is rising, with the record closing highs on Wall Street Friday and higher crude oil prices helping offset the impact of a stronger yen.

In late-morning trades, the benchmark Nikkei 225 Index is gaining 132.31 points or 0.56 percent to 23,764.19, off a high of 23,787.23 earlier.

The major exporters are mixed on a stronger yen. Sony is adding almost 1 percent and Panasonic is rising 0.6 percent, while Mitsubishi Electric is declining almost 1 percent and Canon is edging down less than 0.1 percent.

Among automakers, Toyota is adding 0.2 percent and Honda is rising 0.3 percent. In the banking sector, Sumitomo Mitsui Financial is up 0.1 percent, while Mitsubishi UFJ Financial is losing 0.6 percent.

In the oil space, Inpex is higher by 0.6 percent and Japan Petroleum Exploration is gaining more than 3 percent after crude oil prices rallied to fresh four-year highs on Friday.

The Nikkei business daily reported that e-commerce group Rakuten intends to buy Tokyo-based Asahi Fire & Marine Insurance for 40 billion yen to 50 billion yen and further expand into insurance. However, shares of Rakuten are down 0.5 percent.

Among the market’s best performers,Shin-etsu Chemical is rising more than 5 percent, Sumco Corp is higher by almost 5 percent and Fuji Electric is advancing more than 2 percent.

On the flip side, JGC Corp., Dentsu and IHI Corp. are all declining more than 2 percent each.

In the currency market, the U.S. dollar is trading in the upper 108 yen-range on Monday.

Elsewhere in Asia, South Korea, Shanghai, Singapore, New Zealand, Hong Kong, Malaysia and Taiwan are also higher, while Indonesia is edging lower.

On Wall Street, stocks closed higher on Friday, reflecting a positive reaction to the latest earnings news from semiconductor giant Intel and industrial conglomerate Honeywell. On the U.S. economic front, the Commerce Department released a report showing slower than expected economic growth in the fourth quarter, but economists recommended looking past the headline number.

The Dow advanced 223.92 points or 0.9 percent to 26,616.71, the Nasdaq spiked 94.61 points or 1.3 percent to 7,505.77 and the S&P 500 jumped 33.62 points or 1.2 percent to 2,872.87.

The major European markets also moved to the upside on Friday. While the French CAC 40 Index advanced by 0.9 percent, the U.K.’s FTSE 100 Index climbed by 0.7 percent and the German DAX Index rose by 0.3 percent.

Crude oil prices rallied to fresh four-year highs Friday, extending strong weekly gains even as U.S. drillers continued to add rigs. WTI crude rose $0.63 or 1 percent to settle at $66.14 a barrel on the New York Mercantile Exchange.

This Article Was Originally From *This Site*