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ASIA-MARKETS-UPDATE
Asian markets up in post-Christmas trade
HONG KONG, Dec 26, 2019 (BSS/AFP) – Asian equities rose on Thursday in
subdued trading, holding the gains recently spurred by the US-China trade
thaw.
Following the Christmas lull across world markets, eyes are now on US
unemployment data due later in the day, and Japanese industrial and retail
data scheduled for release on Friday.
Tokyo’s benchmark Nikkei index closed 0.6 percent higher after a flat
start. Shanghai put on 0.9 percent, while Seoul was up 0.4 percent.
Singapore, however, was down 0.3 percent.
“Investor sentiment towards the global economy is improving,” said Rakuten
Securities chief strategist Masayuki Kubota.
Hong Kong, Sydney and Wellington were closed for a public holiday.
“With the… tech sector giants leading the way, investors are showing no
fear as the market remains underpinned by the thawing in the US-China trade
squabble and easy central bank policy,” Stephen Innes, chief Asia market
strategist at AxiTrader, said in a report.
Volumes are typically light during the holiday season, and the muted
activity in Asia followed sleepy Christmas Eve sessions in many world
markets.
“No news being good news, Asia should maintain… gains ahead of a US
session likely to be positive,” Jeffrey Halley, senior market analyst for
Asia-Pacific at OANDA, wrote in a note earlier in the day.
In oil markets, the main contracts traded higher as the commodity remained
strong thanks to trade optimism as well as the OPEC+ output reduction
agreement.
Brent Crude and West Texas Intermediate were both up 0.2 percent.
“Oil prices continue to show year-end strength supported by a combination
of definitive progress on the US-China trade deal, the… OPEC/OPEC+
agreement, and slowing shale activity,” wrote AxiTrader’s Innes.
“All of which is pointing to a stronger performance for oil prices in Q1
than anyone had thought only two months ago.”
MORE/HR/1455
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ASIA-MARKETS-UPDATE 2 LAST HONG KONG
World markets were spooked by the long-running, tit-for-tat trade war
between the United States and China, with analysts warning that the bruising
rift between the world’s two biggest economies could harm global economic
growth.
Washington and Beijing have agreed to an initial trade deal, which they
are expected to finalise in January, and the improvement in ties has boosted
markets with investors hoping for a smoother ride into the new year.
– Key figures around 0750 GMT –
Tokyo – Nikkei 225: UP 0.6 percent at 23,924.92 (Close)
Hong Kong – Hang Seng: Closed for a public holiday
Shanghai – Composite: UP 0.9 percent at 3,007.35 (Close)
Pound/dollar: FLAT at $1.2991
Euro/pound: UP at 85.37 pence from 85.35 pence
Euro/dollar: UP at $1.1091 from $1.1087
Dollar/yen: DOWN at 109.55 from 109.56
Brent Crude: UP 12 cents at $67.32 per barrel
West Texas Intermediate: UP 13 cents at $61.24 per barrel
London – FTSE 100: UP 0.1 percent at 7,632.24 (Tuesday close)
New York – Dow: DOWN 0.1 percent at 28,515.45 (Tuesday close)
BSS/AFP/HR/1500