Asian stocks up amid China optimism; oil above $75
HONG KONG — Asian stock markets rose Wednesday as China’s economy showed more signs of recovery and oil prices touched a new high for the year above $75 a barrel.
Helping lead the region’s advance were shares in major technology companies after U.S. chipmaker Intel Corp. issued a surprisingly cheery profit forecast for the rest of the year. The dollar, meanwhile, resumed its slide against the yen and the euro.
Investors were heartened by news the slump in China’s exports eased in September, a sign global trade was improving and aiding the government’s efforts to engineer a stronger turnaround in the world’s third-largest economy.
Combined with huge amounts of easy money freed up by governments to rebuild their economies and companies, growth in China has helped drive Asia’s markets in the last six months.
“The writing is on the wall: China’s economy is recovering,” said Henry Chan, Hong Kong-based head of Asian equities at Baring Asset Management, which oversees more than $9 billion in assets. “And when there’s so much liquidity in the system it will have to go somewhere, and I think Asia’s markets will go higher.”
In mainland China, Shanghai’s index jumped 62.52 points, or 2.1 percent, to 2,998.71. Hong Kong’s Hang Seng rose 292.93 points, or 1.4 percent, to 21,760.29.
Japan’s market was the region’s only major loser, with the Nikkei 225 stock average shedding 0.2 percent to 10,059.76 amid a stronger yen which hurts exporters.
Elsewhere, Australia’s market gained 1.1 percent, India’s benchmark added 1.2 percent and Taiwan’s key index advanced 1.1 percent.
Meanwhile, the slumping dollar sent commodities — which are largely priced in dollars and therefore tend to rise when the U.S. currency falls — surging once again. Gold traded near an all-time high of $1,069.6 an ounce.
Oil blew past its previous 2009 high of $75, with a barrel of crude for November delivery rising 96 cents to $75.11. The contract added 88 cents overnight.
On Wall Street Tuesday, the Dow fell 14.74, or 0.2 percent, to 9,871.06.
The Standard & Poor’s 500 index fell 3.00, or 0.3 percent, to 1,073.19, its first loss after six days of gains. The Nasdaq rose 0.75, or less than 0.1 percent, to 2,139.89.
The dollar tanked to 88.96 yen from 89.69 yen. The euro climbed to $1.4879 from $1.4852.
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