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Asian markets boosted by oil price rally | Asian markets boosted by oil price rally |
(about 3 hours later) | |
Most Asian markets rose after US crude prices climbed for a fourth straight day, raising hopes the slump in oil prices may be nearing an end. | |
Brent crude rose nearly 6% in New York trading to settle at $57.91 per barrel, its highest level this year. | |
Japan's Nikkei 225 rose 2% to 17,678.74 and the broader Topix gained 1.8% to close at 1,417 points on Wednesday. | |
Australia's S&P/ASX 200 closed 1.2% higher at 5,777.34 due to a jump in energy and mining shares. | |
South Korea's Kospi rose 0.55% to close at 1,962.79. | |
However, some analysts warned that the oil rally did not "spell an all-clear". | |
"Oil prices have shown unusually sharp swings over the last few months, which are typical of markets trying to find a new equilibrium," Chang Weiliang from Mizuho wrote in a report. | "Oil prices have shown unusually sharp swings over the last few months, which are typical of markets trying to find a new equilibrium," Chang Weiliang from Mizuho wrote in a report. |
"For one, US shale producers remain a game-changer, with their flexibility to add or cut operating oil rigs likely to keep the longer-term volatility of oil under wraps." | "For one, US shale producers remain a game-changer, with their flexibility to add or cut operating oil rigs likely to keep the longer-term volatility of oil under wraps." |
Investors will also be watching for results from major companies in Japan this week, including Toyota Motors, Yahoo Japan and Mitsubishi. | |
Trading update | Trading update |
In China, stocks also rose despite data showing the mainland's services sector grew at its slowest pace in six months in January. | In China, stocks also rose despite data showing the mainland's services sector grew at its slowest pace in six months in January. |
China's purchasing managers' index for the services sector slowed to 51.8 last month from 53.4 in December, according to a private survey by HSBC. A level above 50 indicates expansion. | |
Hong Kong's Hang Seng index rose 0.8% and the Shanghai Composite was up 0.3% at midday trade. | Hong Kong's Hang Seng index rose 0.8% and the Shanghai Composite was up 0.3% at midday trade. |
Taiwan's stock exchange also announced it was widening the daily stock trading limit to 10% from 7% starting from 3 August. | |
The country's Financial Supervisory Commission said the changes were aimed at attracting more investors and market liquidity. | |
The benchmark Taiex Index rose 0.7% on Wednesday. | The benchmark Taiex Index rose 0.7% on Wednesday. |