Asian Share Markets
Asian shares clawed back most of their weekly loss after rising firmly on Friday as strong Wall Street earnings and a step forward on U.S. tax reform brightened the mood, though many hurdles remain to secure passage of a tax cut deal.
The dollar fell after the Wall Street Journal reported Special Counsel Robert Mueller’s team last month subpoenaed President Donald Trump’s campaign for documents containing specified Russian keywords from more than a dozen officials.
Futures portended mostly solid openings for markets in Europe, with European stock futures STXEc1 and DAX futures FDXc1 each up 0.1 percent, and CAC futures FCEc1 marginally higher. FTSE futures FFIc1 were down 0.1 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.6 percent in late afternoon trade. But it was down 0.1 percent for the week.
Japan's Nikkei .N225 gained 0.2 percent, extending its recovery from a near three-week intraday low hit on Thursday. But it was down 1.3 percent for the week, snapping its nine-week gaining streak.
The U.S. House of Representatives approved a broad package of tax cuts sought by Trump, passing its first, if smallest, hurdle and providing a catalyst for fresh buying in risk assets.
The tax debate now moves to the U.S. Senate, where that chamber’s separate plan has already encountered resistance from some Republicans. No decisive Senate action is expected until after next week’s Thanksgiving holiday on Nov. 23.
Wall Street’s main indexes rose sharply on Thursday, boosted by strong gains in Wal-Mart (WMT.N) and Cisco (CSCO.O) following their earnings.
The S&P 500 .SPX advanced 0.82 percent to turn positive for the week, a day after hitting a three-week low, while the Nasdaq Composite .IXIC added 1.3 percent to a closing record high of 6,793.29.
The dollar skidded 0.4 percent to 112.57 yen JPY=, hitting its lowest level in almost a month. It was down 0.9 percent for the week against its Japanese counterpart.
The euro EUR= gained 0.3 percent to $1.1808, edging back towards its one-month peak of $1.1862 touched on Wednesday and up 1.2 percent for the week.
Bitcoin BTC=BTSP hit a record high of $7,997, quickly recovering from its 30-percent plunge last week.
Oil prices were on track for weekly losses, slipping from two-year highs hit last week on signs that U.S. supply is rising and could potentially undermine OPEC’s efforts to tighten the market. [O/R]
U.S. light crude CLc1 stood at $55.35 a barrel, up 21 cents or 0.4 percent on the day but still within its trading range in the past couple of days. It was down 2.5 percent on the week.
Brent futures LCOc1 hit a two-week low of $61.08 a barrel and last stood at $61.24, down 12 cents or 0.2 percent on the day. It was down 3.6 percent for the week.
The dollar fell after the Wall Street Journal reported Special Counsel Robert Mueller’s team last month subpoenaed President Donald Trump’s campaign for documents containing specified Russian keywords from more than a dozen officials.
Futures portended mostly solid openings for markets in Europe, with European stock futures STXEc1 and DAX futures FDXc1 each up 0.1 percent, and CAC futures FCEc1 marginally higher. FTSE futures FFIc1 were down 0.1 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.6 percent in late afternoon trade. But it was down 0.1 percent for the week.
Japan's Nikkei .N225 gained 0.2 percent, extending its recovery from a near three-week intraday low hit on Thursday. But it was down 1.3 percent for the week, snapping its nine-week gaining streak.
The U.S. House of Representatives approved a broad package of tax cuts sought by Trump, passing its first, if smallest, hurdle and providing a catalyst for fresh buying in risk assets.
The tax debate now moves to the U.S. Senate, where that chamber’s separate plan has already encountered resistance from some Republicans. No decisive Senate action is expected until after next week’s Thanksgiving holiday on Nov. 23.
Wall Street’s main indexes rose sharply on Thursday, boosted by strong gains in Wal-Mart (WMT.N) and Cisco (CSCO.O) following their earnings.
The S&P 500 .SPX advanced 0.82 percent to turn positive for the week, a day after hitting a three-week low, while the Nasdaq Composite .IXIC added 1.3 percent to a closing record high of 6,793.29.
The dollar skidded 0.4 percent to 112.57 yen JPY=, hitting its lowest level in almost a month. It was down 0.9 percent for the week against its Japanese counterpart.
The euro EUR= gained 0.3 percent to $1.1808, edging back towards its one-month peak of $1.1862 touched on Wednesday and up 1.2 percent for the week.
Bitcoin BTC=BTSP hit a record high of $7,997, quickly recovering from its 30-percent plunge last week.
Oil prices were on track for weekly losses, slipping from two-year highs hit last week on signs that U.S. supply is rising and could potentially undermine OPEC’s efforts to tighten the market. [O/R]
U.S. light crude CLc1 stood at $55.35 a barrel, up 21 cents or 0.4 percent on the day but still within its trading range in the past couple of days. It was down 2.5 percent on the week.
Brent futures LCOc1 hit a two-week low of $61.08 a barrel and last stood at $61.24, down 12 cents or 0.2 percent on the day. It was down 3.6 percent for the week.
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