Top News
news_img Nehru’s Anand Bhawan gets Rs 4.35 crore tax notice, seeks relief  ||   news_img Impeachment hearing: Morrison says fellow NSC staffer warned about Sondland  ||   news_img Meet today on trade margin cap of medicines  ||   news_img Victims of hack write to House IT panel, seek probe  ||   news_img Hong Kong court clears extradition of Nabha jailbreak conspirator Romi  ||   news_img Haryana has 5 of 10 cleanest districts; half of 10 dirtiest are from Odisha: Swachh rural survey  ||   news_img Police block 12-year-old girl from visiting Sabarimala temple  ||   news_img NCP-Congress meet today, could set early-December date to form Maharashtra govt  ||   news_img Alabama stays at No. 5 in latest College Football Playoff rankings as top 4 remains same  ||   news_img Impeachment hearing: Morrison says fellow NSC staffer warned about Sondland  ||   news_img Bill to oust Congress chief from Jallianwala Trust passed  ||   news_img Impeachment hearing: Morrison says fellow NSC staffer warned about Sondland  ||   news_img Sidda behind stabbing of his MLA: BSY  ||   news_img Those in power at times shut up others: RSS chief  ||   news_img ‘Maha coalition govt likely by first week of December’  ||   news_img Was it a bribe? Democrats trade 'quid quo pro' for 'bribery' in Trump impeachment messaging  ||   news_img ‘Minority extremism’: Owaisi hits out at Didi  ||   news_img Alabama stays at No. 5 in latest College Football Playoff rankings as top 4 remains same  ||   news_img Islamic extremists backing Kerala Maoists: CPM leader  ||   news_img Alabama stays at No. 5 in latest College Football Playoff rankings as top 4 remains same  ||            

Asian Stocks Ride Wall Street Rally, Oil Extends
By satya sruthi On 22 Nov, 2016  


Hong Kong: MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.53 percent, pulled up by a 1.0 percent rally in Australian shares. Asian stocks rose on Tuesday in the wake of solid gains in U.S. markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan.

Oil extended gains in Asian trading with U.S. West Texas Intermediate (WTI) up 0.73 percent in early deals as the dollar pulled back. Prices surged 4 percent to a three-week high on Monday.

Comments by Russian President Vladimir Putin that raised expectations major oil producing countries could reach a deal to limit output at a meeting next week also spurred the jump in oil prices.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.53 percent, pulled up by a 1.0 percent rally in Australian shares. Korean shares are also seen gaining in opening trades.

A powerful earthquake that rocked northern Japan on Tuesday appeared to have been taken in stride by investors. The benchmark Nikkei average was off a touch and the yen ticked up a shade against the U.S. dollar, although still near a five-month low hit earlier in the session.

The quake generated a tsunami that hit the same northern Pacific coast devastated by a massive quake, tsunami and nuclear disaster in 2011.

"It's too early to tell ... but it appears there's not a lot of damage, so I think the currency move is going to reverse itself," said Stephen Massocca, chief investment officer of Wedbush Equity Management LLC in San Francisco.

"Unless we're missing something here and there's some significant damage," the impact on markets will remain minimal, Massocca said.

U.S. stocks climbed on Monday to close at a record high and European equity markets also moved higher.

Global risk assets, led by U.S. stocks and the dollar, have led gains since Republican Donald Trump's upset election win last week.

Expectations that Trump's administration will usher in expansionary fiscal policies have seen a dramatic selloff in U.S. Treasuries and fuelled a surge in the dollar.

Investor bets on faster-than-expected Federal Reserve rate increases have also put pressure on emerging markets on fears of fund outflows to U.S. dollar-based assets.

The dollar, which rallied over 5 percent against a trade-weighted basket of currencies since Trump's victory, consolidated its gains.

An immediate target for the index is seen at 101.80, a 61.8 percent retracement of its seven-year decline from 2001 to 2008. "There is a narrative that there will be strong leadership because Republicans took the White House and the both houses of Congress. But we have to keep in mind that Trump also divided the nation as well as the Republicans," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank.

Against the yen, Uno added that the dollar's rally is likely to run out of steam around 112.43, a 50 percent retracement of the dollar's decline from 125.86 in June 2015 to 99.00 in June this year.

As the dollar lost steam, the euro traded at$1.0635, bouncing back from near one-year low of $1.0569 hit on Friday.



Submit your comment

About Us Terms & Conditions Disclaimer
Advertise Contact
register and win

NRIS.COM is one of the premier NRI website that provides a range of resourceful services to Indian expats residing in the USA. Visiting the site you will find comprehensive information related to restaurants, casinos, pubs, temples, carpool, movies, education, real estate, and forums. The simple and easy to navigate format allows NRIs to gain information within a fraction of a second. Moreover, advertising through its column of Indian free classifieds in USA allow businesses to improve visibility of their brand.

National NRI's Chat (0 Users Online)