Asia Stocks Rise After Wall Street Rally
Fahad Shabbir (@FahadShabbir) Published August 12, 2016 | 01:28 PM
HONG KONG, (UrduPoint / Pakistan Point News - 12th Augst,2016) - A strong lead from Wall Street and a rebound in oil prices gave Asian stock markets a lift Friday, even as fresh economic data from China missed expectations. Investors shrugged off figures from the world's second largest economy showing retail sales growth slowed, instead tracking US markets where all three major indices vaulted to new records. Oil prices also extended overnight gains in Asian trade after Saudi Arabia's oil minister hinted that crude producers may take action to rebalance the market. "Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors," Michael McCarthy, chief market strategist at CMC Markets in Sydney, said in an email commentary.
"Industrial commodities rose, led by oil, and overnight trading displayed 'risk on' characteristics despite the lack of an obvious trigger." The US highs -- last seen among the leading indices in 1999 -- came amid strong gains in petroleum-linked shares and retailers, while European stocks also pushed higher thanks to accommodative central bank policies lending continued support to equities. Among the performers was China's New York-listed e-commerce behemoth Alibaba, which reported sales of 32.15 billion Yuan ($4.83 billion), 59 percent higher than a year ago and above analyst expectations.
Related Topics
Recent Stories
Dar for joint action to counter Islamophobia in context of Israeli aggression ag ..
Azam Tarar urges for effective implementation of Action Plan for Human Rights
PAF cadets' graduation ceremony held
One-day national seminar "Great Power Competition: Challenges and Opportunities ..
10 firms submit LoIs for PIA: Aleem Khan
Saudi Arabia launches Nusuk pilgrim card for the Hajj of 2024
High Commissioner Hawkins hosts reception to mark 'Australia Day in Spring'
PM forms inquiry committee to probe matter of wheat import
E-Evidence system inaugurated in Bahawalnagar district courts
Bitterness at UCLA as Gaza protest cleared
Kenya, Tanzania brace for cyclone as heavy rains persist
DC reviews seven-day anti-polio drive in Federal Capital
More Stories From Business
-
10 firms submit LoIs for PIA: Aleem Khan
9 hours ago -
Trained manpower imperative for food security: Dr Sarwar
12 hours ago -
Asian Development Bank (ADB) delegation visits Federal Board of Revenue (FBR)
12 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.316 billion
13 hours ago -
WWF-Pakistan rolls out regenerative agriculture practices initiative
13 hours ago -
Govt to equip agri-sector with modern technology: Rana Tanveer
13 hours ago
-
US trade gap wider than anticipated in March
13 hours ago -
Pakistani entrepreneurs asked for exploring business opportunities in Ethiopia
13 hours ago -
US trade gap wider than anticipated in March
13 hours ago -
Mongolian envoy for joint efforts to improve trade ties
13 hours ago -
Rupee gains 01 pasia against US dollar
14 hours ago -
Ahsan Iqbal expresses Pakistan's eagerness to enter CPEC Phase-II
15 hours ago