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General News Details

Asian Shares Higher Tuesday

Asian Shares Higher Tuesday            01/23 05:58

   Asian stock markets posted strong gains on Tuesday, as an upbeat forecast 
for global economic growth and the end of the U.S. government shutdown helped 
lift sentiment.

   HONG KONG (AP) -- Asian stock markets posted strong gains on Tuesday, as an 
upbeat forecast for global economic growth and the end of the U.S. government 
shutdown helped lift sentiment.

   KEEPING SCORE: Japan's benchmark Nikkei 225 index jumped 1.3 percent to 
24,117.51 and South Korea's Kospi advanced 1.1 percent to 2,529.95. Hong Kong's 
Hang Seng rose 1.2 percent to 32,766.46 and the Shanghai Composite in mainland 
China climbed 0.3 percent to 3,513.40. Australia's S&P/ASX 200 gained 0.8 
percent to 6,037.00. Taiwan's benchmark rose and Southeast Asian indexes were 
mostly higher.

   GLOBAL GROWTH: The International Monetary Fund upgraded its outlook for the 
world economy, estimating that the world economy expanded 3.7 percent last 
year, the fastest pace since 2011. It forecast that the pace will accelerate to 
3.9 percent in 2018-19. The IMF noted surprisingly strong growth in Europe and 
Asia and predicted that U.S. tax cuts will give the American economy a 
short-term boost.

   SHUTDOWN: President Donald Trump signed a bill ending the U.S. federal 
government shutdown after nearly three days. Democrats agreed to a stopgap 
funding measure in exchange for Republican promises to resume debates on 
immigration and other issues. The agreement helped boost Wall Street though its 
effect on the dollar was minimal.

   THE QUOTE: "It's onwards and upwards for U.S. stocks and the leads are once 
again constructive for broad Asian equity appreciation," said Chris Weston, 
chief strategist at IG in Melbourne. "The Teflon market continues in earnest 
and nothing sticks and very little is of concern, as has been the case for some 
time with the same macro factors keeping the positive trend in play."

   BANK OF JAPAN: Policymakers did not make any changes to the Japanese central 
bank's unprecedented monetary stimulus even though growth in Asia's 
second-biggest economy ticked higher. Bank of Japan officials opted at their 
latest policy meeting to stick with massive asset purchases and negative 
interest policy aimed at spurring inflation even as their counterparts in the 
U.S. and Europe have begun dialing back their stimulus programs.

   TARIFFS: Trump approved tariffs on imported solar-energy components and 
large washing machines, in a move aimed at helping U.S. manufacturers. The 
tariffs, aimed at cheaper imports from rival makers in places like China and 
South Korea, raise the threat of a trade war between the U.S. and Asia. The 
companies that sought the tariffs said 30 U.S. solar-manufacturing facilities 
had shut in the past five years as China plotted to flood the global market 
with cheap products to weaken U.S. manufacturing. China responded to the news 
by saying it was an abuse of trade remedies.

   WALL STREET: Major U.S. benchmarks had a strong finish. The Standard & 
Poor's 500 index picked up 0.8 percent to close at 2,832.97. The Dow Jones 
industrial average rose 0.6 percent to 26,214.60. The Nasdaq composite added 1 
percent to 7,408.03.

   CURRENCIES: The dollar slipped to 110.81 yen from 110.93 yen in late trading 
Thursday. The euro weakened to $1.2259 from $1.2263.

   ENERGY: Oil futures extended gains. Benchmark U.S. crude rose 36 cents to 
$63.93 a barrel in electronic trading on the New York Mercantile Exchange. The 
contract rose 26 cents to $63.57 a barrel on Thursday. Brent crude, used to 
price international oils, added 37 cents to $69.40 a barrel in London.


(BE)

Market Commentary

The markets opened firmer as called with more short-covering that took meal and beans to new highs for the recent move upward. Meal led the charge on concerns still about the health of Argentine crops. Soyoil futures lagged the pace, while wheat/corn trade was a dominant morning theme..............
End of Week Audio Commentary
by Jody Lefcourt
Last updated 12/22/2017 11:36 AM CST
Quotes, news, weather & polling services by Telvent/DTN.  Market data delayed at least 10 minutes.  Futures quotes source: ICE, MGEX & CME Group.