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Asian markets rise on oil price rebound Asian markets rise on oil rebound and Australia rate cut
(35 minutes later)
Asian markets are mostly rising after a rebound in US crude oil prices led to a rally on Wall Street.Asian markets are mostly rising after a rebound in US crude oil prices led to a rally on Wall Street.
Brent crude, the global benchmark, and WTI, the US standard, both rose more than 3% despite a nationwide strike at several US refineries.Brent crude, the global benchmark, and WTI, the US standard, both rose more than 3% despite a nationwide strike at several US refineries.
Hong Kong's Hang Seng index rose 0.3% to 24,561.75 while Shanghai Composite rose 1.15% to 3,164.21. Sentiment was also lifted after the Reserve Bank of Australia cut interest rates for the first time in 18 months to counter an economic slowdown.
Australian stocks also rose 0.2% on expectations the country's central bank may cut interest rates at its meeting. It reduced borrowing costs by 25 basis points to a record low of 2.25%.
Economic data out of Australia added to the positive sentiment after the country posted its smallest trade deficit in nine months in December. Australia's stock market rose on the news but the Australian dollar fell by 1.2% against the US dollar.
The trade shortfall of A$436m (£226m) was significantly lower than economist estimates for a A$850m trade gap due to an increase in exports amid low commodity prices. Earlier in the day, Australia also posted its smallest trade deficit in nine months in December.
However, Japan's Nikkei 225 was trading flat while South Korea fell 0.3% to 1,947.14 points. The trade shortfall of A$436m (£226m) was significantly lower than economist estimates of a A$850m trade gap due to an increase in exports amid low commodity prices.
Hong Kong's Hang Seng index and Japan's Nikkei were both down 0.3% .
The Shanghai Composite was up 0.4% and South Korea's Kospi traded flat.
One of the biggest stock movers on Tuesday was Hong Kong-based financial group Sun Hung Kai.One of the biggest stock movers on Tuesday was Hong Kong-based financial group Sun Hung Kai.
Sun Hung Kai shares rallied more than 8% to their highest level since 2007 after China's Everbright Securities agreed to buy a stake in one of its units for $529m. Sun Hung Kai shares rallied more than 8% to their highest level since 2007 after China's Everbright Securities agreed to buy a stake in one of its financial units for $529m.