Asian stocks higher af­ter Wall Street gains

The Myanmar Times - Weekend - - International Business -

ASIAN stock mar­kets rose Thurs­day fol­low­ing a rally on Wall Street as re­marks by a Euro­pean Cen­tral Bank board mem­ber eased wor­ries about the new Ital­ian govern­ment’s spend­ing plans.

KEEPING SCORE: Ja­pan’s Nikkei 225 jumped 1 per­cent to 22,839.85 and the Shanghai Com­pos­ite In­dex added 0.2 per­cent to 3,120.46. South Korea’s Kospi was up 0.6 per­cent to 2,468.59 and Hong Kong’s Hang Seng in­dex ad­vanced 0.5 per­cent to 31,414.27. In Aus­tralia, the S&P-ASX 200 gained 0.7 per­cent to 6,066.10. Bench­marks also rose in Tai­wan and South­east Asia.

EUROPE: The euro rose against the dol­lar af­ter a Euro­pean Cen­tral Bank board mem­ber said pol­i­cy­mak­ers will dis­cuss next week with­draw­ing its bond-pur­chas­ing stim­u­lus, sug­gest­ing the ECB wasn’t overly wor­ried about the new Ital­ian govern­ment’s plans. The re­marks by ex­ec­u­tive board mem­ber Peter Praet sug­gested that next meet­ing on June 14 in Riga, Latvia, would bring hints at the end of the bond pur­chases. Cur­rently, the bank says it will keep buying 30 bil­lion eu­ros ($35 bil­lion) a month in bonds at least through Septem­ber.

ITALY: The coali­tion of the eu­roskep­tic 5-Star Move­ment and the right-wing League party won the sec­ond of two con­fi­dence votes in par­lia­ment re­quired to be­gin gov­ern­ing. Fi­nan­cial mar­kets worry its plans to spend more to help the poor might add to Italy’s debt. Premier Giuseppe Conti, a po­lit­i­cal new­comer, makes his de­but in the in­ter­na­tional arena at this week’s Group of Seven meet­ing of ma­jor in­dus­trial na­tions in Canada.

AN­A­LYST’S TAKE: “Overnight mar­ket ac­tion sug­gests in­vestor con­fi­dence is grow­ing,” said Michael Mccarthy of CMC Mar­kets in a re­port. He said overnight gains on re­ports that the ECB would review un­wind­ing its stim­u­lus in­di­cated “be­lief that the eco­nomic driv­ers of higher in­ter­est rates were suf­fi­ciently strong to sustain as­set prices.”

CUR­REN­CIES: The euro rose to $1.1789 from $1.1775. The dol­lar halted its rise against the Ja­panese yen, weak­en­ing to 109.94 yen from 110.18 yen.

WALL STREET: U.S. stocks ral­lied for a fourth day. The Stan­dard & Poor’s 500 in­dex added 0.9 per­cent to 2,772.35. The Dow Jones in­dus­trial av­er­age rose 1.4 per­cent to 25,146.39. The Nas­daq com­pos­ite rose 0.7 per­cent to 7,689.24. The Nas­daq has set records each of the last few days.

OIL: Bench­mark U.S. crude added 22 cents to $64.95 per bar­rel in elec­tronic trad­ing on the New York Mer­can­tile Ex­change. It shed 1.2 per­cent to set­tle at $64.73 the pre­vi­ous ses­sion. Brent crude, used to price in­ter­na­tional oils, gained 22 cents to $75.58 per bar­rel in London. The con­tract lost 2 cents on Wed­nes­day to set­tle at $75.36. – AP

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