Thursday, November 11, 2010

STOCKS NEWS ASIA-Shares set to gain as Wall St. perks up

WELLINGTON: Asian stocks are expected to open higher on Thursday, Nov 11 as U.S. shares turned around after two days of losses and investors chased bargains.

The main Wall Street indexes closed between 0.1 and 0.6 percent higher as the caution and negativity triggered by the commodity price falls, the U.S. dollar's recent rebound and euro zone debt worries was put aside.

Banks, which lost 3 percent over the past two sessions, rebounded. The S&P 500 Financials index <.GSPF> gained 1.4 percent and was the best performer of the S&P 500's top 10 sectors. The S&P energy index <.GSPE>, ended up 1.3 percent.

However, the U.S. dollar's renewed strength, which saw it hit a one-month high against the euro and yen, kept the stocks' rally in check.

Asian stocks listed on Wall Street <.BKAS> rose 1.51 percent.

UK shares <.FTSE> fell 1 percent to a one-week low as miners eased that demand from China might soften, while euro zone debt concerns also weighed. European shares <.FTEU3>, which had hit a two-year high the day before, eased 0.7 percent as banking stocks eased.

Japanese stocks are seen opening cautiously higher, after the market bounded 1 percent on Wednesday to a four-month closing high on the back of high banking stocks. Nikkei futures traded in Chicago <2NKc1> were 70 points above the last closing level in Osaka . The Nikkei is expected to test the 10,000 level in the near term.

Australian shares could rise towards six-month highs hit last week as rising oil prices lift stocks in the energy and resource sectors. Stock index futures rose 0.6 percent in early trade to 4,746.0, a 46-point premium to the underlying S&P/ASX 200 index <.AXJO>.

However, Asian markets will likely also cast an eye towards a raft of Chinese data due later on Thursday, including inflation and retail sales. - Reuters


1 comment:

  1. AustralianSharesForum.com is Australia's premier independent share market discussion forum for traders and investors. Membership is FREE.

    Interested in making money in the share market?

    Register now for free and you could win a year’s subscription to BRW.

    http://www.AustralianSharesForum.com

    Trade. Invest. Prosper.

    ReplyDelete