Asia shares boosted by Wall Street rally

GMT 05:45 2014 Wednesday ,22 October

Arab Today, arab today Asia shares boosted by Wall Street rally

Reports that the European Central Bank will widen its stimulus programme have boosted markets
Hong Kong - AFP

Asian markets pushed higher Wednesday, taking a lead from fresh gains in New York and Europe in response to reports that the European Central Bank will widen its stimulus programme.
Speculation about further monetary easing in the eurozone pushed the euro lower, while the dollar gave up some of its US gains in early Japanese trade.
Tokyo -- which surged four percent Monday before losing 2 percent Tuesday -- jumped 1.71 percent by the break. Hong Kong climbed 0.62 percent, Sydney added 0.84 percent and Seoul put on 0.60 percent while Shanghai was flat.
Singapore and Kuala Lumpur were closed for public holidays.
Markets on Tuesday were broadly higher after data out of China showed the economy growing quicker than expected, even though it was at its slowest pace since the start of 2009.
They surged higher in Europe and on Wall Street later in the day after a report that the ECB could expand its bond-buying scheme to include corporate notes.
The ECB's present quantitative easing programme is limited to covered bonds and asset-backed securities, but the corporate paper market is much larger and better established.
If followed through early next year, as some reports suggest, the move could further push down long-term interest rates in the euro area and better encourage bank lending.
On Wall Street the three main indexes posted a third straight day of hefty gains. The Dow rose 1.31 percent and the S&P 500 jumped 1.96 percent.
The Nasdaq rallied 2.40 percent, helped by a strong Apple earnings report. Apple, the biggest US company by market capitalisation, rose 2.7 percent as fourth-quarter profits jumped 13 percent to $8.5 billion on strong iPhone sales.
European stocks also rallied, with London's FTSE 100 up 1.68 percent, the Paris CAC 40 2.25 percent higher and the DAX 30 in Frankfurt surging 1.94 percent.
This week's gains have calmed nerves after last week's volatility, which was fuelled by worries about the global economy, although analysts say there is ongoing anxiety as the eurozone, China and Japan continue to struggle.Expectations of further easing weighed on the euro, which dipped to $1.2714 in New York Tuesday from 1.2819 earlier in the day in Asia. In early Tokyo exchanges Wednesday the single currency bought $1.2720.
The euro was trading at 136.03 yen against 136.04 yen in the US and well down from 136.70 yen earlier Tuesday.
The dollar also struggled to hold on to its US gains, dipping to 106.98 yen from 106.99 yen. However the greenback was also up from the 106.56 yen in Asia Tuesday.
On oil markets US benchmark West Texas Intermediate for November delivery eased 14 cents to close at $82.67 a barrel.
Brent North Sea crude for December rose nine cents to $86.31.
Gold was at $1,248.55 an ounce against $1,248.17 late Tuesday.

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