Tuesday, 22 November 2016

Asian stocks ride Wall Street rally, oil extends gains

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Asian stocks rose on Tuesday in the wake of solid gains in US markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan. Oil extended gains in Asian trading with US 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. Asian stocks, Japan, 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 US dollar, although still near a five-month low hit earlier in the session.

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