Asian Shares Higher Ahead Of US Tax Vote

  👤  3469 readers have read this article !
By 2017-11-17

Asian stocks closed broadly higher on Thursday as oil held steady, the yen weakened and investors looked ahead to the US House vote on a sweeping tax reform bill later today.

China's Shanghai Composite index edged down 0.1 per cent to close at 3,399.25, while the CSI300 index rose as much as 0.77 per cent to 4,105.01, snapping a two-day losing streak. Hong Kong's Hang's Hang Seng index was up 0.74 per cent at 29,064 in late trade.

Japanese shares rose sharply to snap a six-day losing streak as a weakening yen helped offset weak overnight cues from Wall Street. The Nikkei average climbed 322.80 points or 1.47 per cent to 22,351.12, while the broader Topix index closed 1 per cent higher at 1,761.71. Japan Steel Works, Chugai Pharma, Shiseido, Nippon Paper Industries and Nippon Sheet Glass were among the top gainers.
Australian shares erased early losses to end modestly higher after Santos said it rejected an unsolicited, 'inadequate' August offer from US investment vehicle Harbour Energy. The benchmark S&P/ASX 200 rose 9.30 points or 0.16 per cent to 5,943.50 while the broader All Ordinaries index ended up 11.20 points or 0.19 per cent at 6,023.50.

Santos jumped 13 per cent to its highest level in 14 months while Oil Search rose 1.3 per cent and Beach Energy rallied 3.3 per cent. Miners ended narrowly mixed after base metals prices slid sharply on Wednesday on concerns about slowing Chinese growth. Newspaper publisher Fairfax Media slumped 31 per cent after the spin-out of its online real estate business Domain Holdings Australia.
On the economic front, official data showed that the Australia›s jobless rate fell to a four-and-a-half-year low of 5.4 per cent in October versus expectations of it holding steady at 5.5 per cent.

South Kora›s Kospi average jumped 0.67 per cent to finish at 2,538.28 as trading resumed an hour later because of national exam.
New Zealand shares eked out modest gains, led higher by Kathmandu Holdings, A2 Milk, Synlait and Z Energy. The benchmark S&P/NZX-50 index rose 34.76 points or 0.43 per cent to 8,034.70.

Consumer confidence in New Zealand took a hit in November, the latest survey from ANZ Bank revealed today. The bank's consumer confidence index fell 2.1 per cent sequentially to a score of 123.7.

India's Sensex was rising 0.8 per cent and Indonesia's Jakarta Composite index was rallying 1.1 per cent while Singapore's Straits Times index was down about half a percent. Benchmark indexes in Malaysia and Taiwan were marginally lower.

US stocks fell for a second straight session Wednesday as oil extended losses and investors digested a slew of mixed readings on inflation, retail sales and manufacturing. The Dow and the S&P 500 fell about 0.6 per cent while the tech-heavy Nasdaq declined half a per cent.

PRINT EDITION

News

Read More

FT

Read More

Echo

Read More

Teeninc

Read More

Scribbler

Read More