Tuesday 16 August 2016

Asian Shares hits one-year High, oil Supported

Asian shares rose to one-year highs, extending their gains so far this year to almost 10 percent, helped by a jump in oil prices and investor expectations of continued easy monetary policy around the globe. MSCI's broadest index of Asia-Pacific shares outside Japan .

MIAPJ0000PUS edged up 0.2 percent, bringing its gains so far this year to 9.9 percent. Japan's Nikkei was almost flat.

 On Wall Street on Monday, S&P 500, Dow and Nasdaq stock indexes all closed at all-time highs, gaining 0.3 to 0.6 percent. Brazilian shares .BVSP also hit two-year highs, helped by higher oil prices. Oil prices hit one-month highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a glut of crude. 

Russian Energy Minister Alexander Novak said on Monday his country is consulting with Saudi Arabia and other producers to achieve oil market stability, bolstering hopes that oil producing nations could take action to stabilise prices.

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