{"id":45531,"date":"2017-10-03T06:38:44","date_gmt":"2017-10-03T06:38:44","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=45531"},"modified":"2017-10-03T06:38:44","modified_gmt":"2017-10-03T06:38:44","slug":"asian-shares-shrug-off-energy-blues-dollar-firms","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/asian-shares-shrug-off-energy-blues-dollar-firms.html","title":{"rendered":"Asian shares shrug off energy blues dollar firms"},"content":{"rendered":"

Asian shares shrug off energy blues dollar firms<\/span><\/strong><\/span><\/p>\n

Asian shares shrug off energy blues dollar firms: Asian shares rose on Tuesday, taking heart from record closes on Wall Street and upbeat economic data that lifted U.S. Treasury yields and the dollar, even as weaker oil prices took their toll on energy stocks.<\/span><\/h2>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.3 percent higher, clawing back losses from earlier in the Asian day.<\/span><\/p>\n

Japan’s Nikkei stock index .N225 added 0.9 percent as a tailwind from a weaker yen helped it sail to its highest levels since August 2015.<\/span><\/p>\n

Australian shares slipped 0.5 percent, pressured by consumer and energy shares. The energy index .AXEJ skidded 1.2 percent in line with weaker crude prices.<\/span><\/p>\n

As widely expected, the Reserve Bank of Australia kept interest rates on hold at a record low of 1.5 percent. The RBA said a stronger local currency would slow the economy and restrain price pressures.<\/span><\/p>\n

The dollar index, which tracks the greenback against a basket of six major rivals, added 0.3 percent to 93.856 .DXY, after nudging up to its highest levels since Aug. 17.<\/span><\/p>\n

The euro eased 0.2 percent to $1.1706 EUR=, facing pressure from Spain’s biggest constitutional crisis in decades, after Sunday’s violence-marred independence referendum in Catalonia opened the door for its wealthiest region to move for secession as early as this week.<\/span><\/p>\n

The dollar added 0.3 percent against its Japanese counterpart to 113.13 yen JPY=, within sight of last week’s two-month high of 113.26 yen.<\/span><\/p>\n

Proposed U.S. tax code changes as well as the possibility that U.S. President Donald Trump will appoint a more hawkish Fed Chair also gave the dollar a lift.<\/span><\/p>\n

Crude oil futures extended losses after tumbling on Monday, as a rise in U.S. drilling and higher OPEC output put the brakes on their recent rally and rekindled concerns about oversupply.<\/span><\/p>\n

Brent crude LCOc1 slipped 0.4 percent to $55.88 a barrel, after marking a third-quarter gain of about 20 percent. U.S. crude CLc1 fell 0.3 percent to $50.43.<\/span><\/p>\n

\u201cThe fourth quarter is not too kind to the price of oil, as we switch from summer demand to expectations of winter demand,\u201d said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.<\/span><\/p>\n

On Wall Street on Monday, U.S. stocks started the fourth quarter on a strong note, with all three major indexes closing at record highs after data underscored strength in the economy. [.N]<\/span><\/p>\n

A measure of U.S. manufacturing activity surged to a near 13-1\/2-year high in September. Disruptions to the supply chains caused by Hurricanes Harvey and Irma resulted in factories taking longer to deliver goods and boosted raw material prices.<\/span><\/p>\n

The Institute for Supply Management index rose to 60.8 in September, from 58.8 in August, exceeding expectations for a reading of 58.<\/span><\/p>\n

U.S. construction spending also rebounded in August after two straight months of declines, boosted by increases in both private and public outlays.<\/span><\/p>\n

The dollar stood tall, hoisted by rising U.S. Treasury yields. The yield on the benchmark 10-year note US10YT=RR hit its highest since mid-July on Monday after the upbeat data reinforced expectations that the Federal Reserve will increase U.S. interest rates in December for a third time this year.<\/span><\/p>\n

\u201cThere are strengthening expectations about what the Fed will do for the balance of the year, namely one more rate increase and balance sheet reduction,\u201d said Bill Northey, chief investment officer at U.S. Bank Private Client Group in Helena, Montana.<\/span><\/p>\n

Due to the impact of the recent hurricanes, Northey said, \u201cwe\u2019re going to get some data anomalies over the next few months, but as you step back and take a broader context around trends that exist right now, it is clear the U.S. economy is performing very well, and it will continue to be on an improving path.\u201d<\/span><\/p>\n

Spot gold XAU= edged down 0.1 percent to $1,269.40 per ounce, plumbing its lowest since Aug. 16 as the dollar continued to strengthen. [GOL\/]<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-global-markets\/asian-shares-shrug-off-energy-blues-dollar-firms-idUSKCN1C802R<\/span><\/p>\n

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