Market News & Analysis
Asian stocks soar on Wall Street lead – China data
City Index November 4, 2015 12:36 PM
Asian stocks rose sharply today (November 4th), led by Wall Street, after a rise in oil prices.
The Dow Jones Industrial Average closed 0.5 per cent up, the S&P 500 gained 0.3 per cent and the tech-heavy Nasdaq Composite rose 0.4 per cent.
"Part of [the rise in energy stocks] was due to news of possible supply disruption in Brazil and Libya, pushing the price of Brent crude higher and in general, there's a tight correlation between the movements in Brent and energy stocks. I see a favorable backdrop for investing in energy: cheap valuations, low expectations and i think oil prices could move higher from here so that's a good formula for success," Brian Jacobsen, chief portfolio strategist at Wells Fargo Advantage Funds, told CNBC.
Sentiment was also boosted by the release of a survey showing that China's service industries strengthened last month. The Caixin/Markit purchasing managers' index for October rose to 52 from a 14-month low of 50.5 in September
Meanwhile, investors welcomed strong results from Japan Post, with shares jumping about 20 per cent after the company said it raised 1.44 trillion yen (£7.7 billion) in the world's biggest initial public offering of stock this year.
China's Shanghai Composite Index jumped 4.3 per cent to 3,459.64 and Hong Kong's Hang Seng gained 2.2 per cent to 23,053.57. Japan's Nikkei 225 was up 1.3 per cent to 18,926.01 and South Korea's Kospi rose 0.2 per cent to 2,052.77. Australia's S&P/ASX 200 edged up 0.1 per cent to 5,242.30.
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