Asian Shares Gain, Led by Energy Companies on Higher Oil Prices

  • Japanese shares rebounded as yen’s week-long rally paused
  • Chinese stocks gained on speculation of state efforts

Crude Slides on U.S. Oil Supply Predictions

Asian stocks gained, led by a surge in energy companies after oil climbed above $52 per barrel. Japanese shares rebounded as investors picked up depressed shares.

The MSCI AC Asia Pacific Index rose 0.3 percent as of 4 p.m. Hong Kong time. Chinese stocks gained amid speculation of state efforts to ensure market stability during President Xi Jinping’s appearance at the World Economic Forum in Davos.

Politics and policies uncertainties continued to weigh on market sentiment. Safe haven assets like the yen and gold today paused a week-long rally that was boosted by Trump’s comments on the dollar and U.K. Prime Minister Theresa May’s plans to leave the European Union.

“Traders and investors may tend to stay away from the stock market until this Friday when Donald Trump gives his first speech,” said Margaret Yang, an analyst at CMC Markets Singapore. “Keywords that the market is looking forward to, are fiscal stimulus, tax cuts and financial deleveraging. If he really mention these plans, I think the market will have a good reason to rally. ”

Highlights 

  • COSCO Shipping +6.6%, Orient Overseas +7.8%; Caixin reported China COSCO Shipping Corp. to Bid for OOCL
  • MGM China -2.3%; Cut to market perform at Bernstein
  • Mizuho Said to Be in Talks With SM Trust on Custody Unit Merger
  • Shanghai Composite +0.1%, Shenzhen Comp -0.5%, CSI 300 +0.4%
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