Aug 24, 2016, 08.52 AM |
Asian stocks consolidate after Wall Street gains, Aug 24, 2016, 08.52 AM
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oil slips MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trades
. It has risen more than 14 percent since late June to hit a 1-year high last week.
Asian stocks consolidated a recent run of gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid on trade data showing a surprise build-up in US crude stocks. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trades.
It has risen more than 14 percent since late June to hit a 1-year high last week. Futures prices showed Australian shares were poised to edge higher on Wednesday while New Zealand stocks .NZ50 slipped after a recent rally.
US housing-related stocks jumped 2 percent after the Commerce Department reported new US single-family home sales soared unexpectedly in July to near nine-year highs.
The Dow Jones industrial average rose 17.88 points, or 0.1 percent, to 18,547.3, the S&P 500 gained 4.26 points, or 0.2 percent, to 2,186.9 and the Nasdaq Composite added 15.48 points, or 0.3 percent, to 5,260.08. The upbeat housing data prompted markets to extend their search for further clues to whether the Federal Reserve will raise US interest rates this year. Global central bankers gather in Jackson Hole, Wyoming, later this week with investors focused on a speech by Fed Chair Janet Yellen on Friday. The spike in new US home sales pushed the dollar to 94.6 against a trade-weighted basket of currencies after a drop of more than 2 percent so far this month. The Australian dollar looked set to add to recent gains as Australia's relatively higher interest rates attracted overseas investors. Oil prices tumbled on Wednesday, reversing early gains, after the American Petroleum Institute reported US crude on Tuesday that inventories rose by a surprising 4.5 million barrels last week. Brent crude LCOc1 fell 0.6 percent to USD 49.65 a barrel, while US West Texas Intermediate (WTI) crude CLc1 slipped 0.85 percent to USD 47.68 in early deals.
Asian stocks consolidate after Wall Street gains, Aug 24, 2016, 08.52 AM
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. It has risen more than 14 percent since late June to hit a 1-year high last week.
Asian stocks consolidated a recent run of gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid on trade data showing a surprise build-up in US crude stocks. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trades.
It has risen more than 14 percent since late June to hit a 1-year high last week. Futures prices showed Australian shares were poised to edge higher on Wednesday while New Zealand stocks .NZ50 slipped after a recent rally.
US housing-related stocks jumped 2 percent after the Commerce Department reported new US single-family home sales soared unexpectedly in July to near nine-year highs.
The Dow Jones industrial average rose 17.88 points, or 0.1 percent, to 18,547.3, the S&P 500 gained 4.26 points, or 0.2 percent, to 2,186.9 and the Nasdaq Composite added 15.48 points, or 0.3 percent, to 5,260.08. The upbeat housing data prompted markets to extend their search for further clues to whether the Federal Reserve will raise US interest rates this year. Global central bankers gather in Jackson Hole, Wyoming, later this week with investors focused on a speech by Fed Chair Janet Yellen on Friday. The spike in new US home sales pushed the dollar to 94.6 against a trade-weighted basket of currencies after a drop of more than 2 percent so far this month. The Australian dollar looked set to add to recent gains as Australia's relatively higher interest rates attracted overseas investors. Oil prices tumbled on Wednesday, reversing early gains, after the American Petroleum Institute reported US crude on Tuesday that inventories rose by a surprising 4.5 million barrels last week. Brent crude LCOc1 fell 0.6 percent to USD 49.65 a barrel, while US West Texas Intermediate (WTI) crude CLc1 slipped 0.85 percent to USD 47.68 in early deals.
