Asia markets turn higher

AFP . Hong Kong | Update:

Asian markets mostly rose Thursday following broad losses the previous two days but analysts warned caution was prevailing owing to geopolitical worries and fading hopes for Donald Trump's massive stimulus drive.


Energy firms were among the main laggards, tracking losses in their US counterparts, after a surprise jump in US petroleum inventories sent oil prices skidding almost four percent Wednesday.

By lunch Hong Kong added 0.4 percent, while in the afternoon Sydney put on 0.2 percent, Seoul edged up 0.4 percent and Singapore 0.3 percent. Tokyo was 0.3 percent higher.

But Shanghai dipped 0.1 percent by the end of the morning session, while Wellington and Taipei also slipped.
Markets have been rattled in recent weeks by a series of events that upended the optimism that welcomed in the year.

Trump's failure to push through key healthcare reform last month dealt a huge blow to his chances of passing the tax-cutting, big-spending plan that had helped fan a global rally.

That was followed by a US missile strike on Syria -- which hit US-Russian relations -- and the ongoing sabre-rattling by North Korea that has fuelled worries about nuclear conflict.

At the same time France and Germany are preparing for elections that could have big implications for the eurozone, and Britain's shock decision to call a general election next month.

Energy firms lag
And an uninspiring Federal Reserve report Wednesday on the US economy also failed to provide any lift.
"Geopolitical angst, a faltering US economy and the UK snap election are consuming investors mindsets," said Stephen Innes, senior trader at OANDA.

"With so many uncertainties offering few incentives for investors to re-engage risk exposure, clearly there is little market bravado as dealers appear to be disposed to participate after the fact, rather than play the post-election knee-jerk."

Crude enjoyed a slight recovery in Asia but investors kept away from big-name companies after the US energy agency announced the increase in petroleum stockpiles. The news fuelled worries about demand as the country heads into the crucial holiday season when Americans take to the roads.
CNOOC fell 1.4 percent and PetroChina shed 0.9 percent in Hong Kong, while Sydney-listed Woodside Petroleum lost 1.5 percent and Inpex sank 1.3 percent in Tokyo.

On forex markets, eyes are on this weekend's first round vote in the French presidential elections, with a four-way race making it tough to call who will go into the run-off.

There are fears a win for far-right leader Marine Le Pen, riding a wave of populism, could see the collapse of the eurozone after she said she would withdraw France from the currency bloc.

Key figures at 0410 GMT
Tokyo - Nikkei 225: UP 0.3 percent at 18,491.85
Hong Kong - Hang Seng: UP 0.4 percent at 23,921.39 (break)
Shanghai - Composite: DOWN 0.1 percent at 3,168.53 (break)
Pound/dollar: UP at $1.2791 from $1.2772 at 2100 GMT
Euro/dollar: UP at $1.0719 from $1.0708
Dollar/yen: UP at 108.97 from 108.85 yen
Oil - West Texas Intermediate: UP 31 cents at $50.75 per barrel
Oil - Brent North Sea: UP 33 cents at $53.26
New York - Dow: DOWN 0.6 percent at 20,404.49 (close)
London - FTSE 100: DOWN 0.5 percent at 7,114.36 (close)

e="Prothom-Alo">
-->
   
Editor & publisher: Matiur Rahman.
CA Bhaban, 100 Kazi Nazrul Islam avenue, Karwan Bazar, Dhaka 1215
Phone: 8180078-81, Fax: 9130496, E-mail: info@prothom-alo.info
 
UP