Thursday, 21 January 2016

Asia stocks get welcome respite as crude prices bounce | Stock Cash Market Tips

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Battered crude oil prices bounced back from their lows on Thursday, propelling solid gains in Asian shares and the dollar.

Thursday's gains built on Wall Street's consolidation overnight in which major indexes finished with declines of more than 1 percent, but well off the 3 percent plus they plumbed in the previous session when U.S. crude had dropped to 2003 lows.

New front-month U.S. March oil futures fell nearly 4 percent on the day to close at $28.35 a barrel, but they were up 1.2 percent in Asian trade at $28.70, a far cry from the expiring contract on U.S. crude for February delivery, which slid 6.7 percent to settle at $26.55.

Brent crude rose 1.4 percent to $28.27 in Asian trade. [O/R]

MSCI's broadest index of Asia-Pacific shares outside Japan extended early gains and was up 1.4 percent while Japan's Nikkei average added 1.5 percent, clawing back some of the 3.7 percent it plunged in the previous session to a 14-1/2 month closing low.

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