Asian miners and oil firms rise but Nikkei slips
Friday, 28 December 2007
SINGAPORE, Dec 27 (Reuters): Asian stocks rose, galvanised by resources companies such as BHP Billiton and CNOOC as oil and commodities prices firmed, but Japan's Nikkei index fell and was on course to end the year as the world's worst performing big stock market.
European markets were expected to open little changed, with Britain's FTSE 100 index and France's CAC-40 seen flat. Germany's DAX is expected to open 1 per cent higher.
As many stayed away for the holiday, the dollar held steady in thin year-end trade after sliding overnight against the euro and a basket of major currencies. Investors were waiting on durable goods orders later and new U.S. home sales on Friday for clues on how far the subprime mortgage crisis had spread.
Treasuries rose in Asian trade, with the benchmark 10-year bonds up 4/32 in price to yield 4.265 per cent ahead of the U.S. data.
"The market is still under pressure which emerged after the liquidity injection measures by central banks eased concerns about a year-end credit squeeze," said Ryuji Shimai, a market analyst at Shinko Securities.
Oil traded around $96 a barrel, having risen 2 per cent on Wednesday ahead of a U.S. government report expected to show crude stocks had fallen and as Turkish war planes bombed Kurdish guerrilla targets in northern Iraq, a reminder to investors of risks to crude supplies in the Middle East.
Gold traded near a one-month high at around $824 an ounce due to rising oil prices and the escalating Turkish-Kurdish conflict, while platinum changed hands at around $1,527 an ounce, supported by supply concerns.
Copper prices in Shanghai rose after China scrapped a 2 per cent import tax.
Strength in oil and metals fed through to stocks in Australia, where the benchmark S&P/ASX 200 index had gained 0.4 per cent. Most of the the stocks that posted the biggest per centage gains were miners such as Fortescue Metals or oil companies.
The index is about 10.5 per cent below its Nov. 1 record, but is still up by a third as the year draws to a close. The gain is more than three times that for the MSCI All-Country World Index so far this year.
Taiwan saw the biggest gains, with the main TAIEX share index up 1.9 per cent, recouping all the ground it lost in the previous session. Technology shares were among the top gainers after the Nasdaq Composite Index rose 0.4 per cent on Wednesday after online retailer Amazon.com Inc said this holiday season was its strongest yet.
European markets were expected to open little changed, with Britain's FTSE 100 index and France's CAC-40 seen flat. Germany's DAX is expected to open 1 per cent higher.
As many stayed away for the holiday, the dollar held steady in thin year-end trade after sliding overnight against the euro and a basket of major currencies. Investors were waiting on durable goods orders later and new U.S. home sales on Friday for clues on how far the subprime mortgage crisis had spread.
Treasuries rose in Asian trade, with the benchmark 10-year bonds up 4/32 in price to yield 4.265 per cent ahead of the U.S. data.
"The market is still under pressure which emerged after the liquidity injection measures by central banks eased concerns about a year-end credit squeeze," said Ryuji Shimai, a market analyst at Shinko Securities.
Oil traded around $96 a barrel, having risen 2 per cent on Wednesday ahead of a U.S. government report expected to show crude stocks had fallen and as Turkish war planes bombed Kurdish guerrilla targets in northern Iraq, a reminder to investors of risks to crude supplies in the Middle East.
Gold traded near a one-month high at around $824 an ounce due to rising oil prices and the escalating Turkish-Kurdish conflict, while platinum changed hands at around $1,527 an ounce, supported by supply concerns.
Copper prices in Shanghai rose after China scrapped a 2 per cent import tax.
Strength in oil and metals fed through to stocks in Australia, where the benchmark S&P/ASX 200 index had gained 0.4 per cent. Most of the the stocks that posted the biggest per centage gains were miners such as Fortescue Metals or oil companies.
The index is about 10.5 per cent below its Nov. 1 record, but is still up by a third as the year draws to a close. The gain is more than three times that for the MSCI All-Country World Index so far this year.
Taiwan saw the biggest gains, with the main TAIEX share index up 1.9 per cent, recouping all the ground it lost in the previous session. Technology shares were among the top gainers after the Nasdaq Composite Index rose 0.4 per cent on Wednesday after online retailer Amazon.com Inc said this holiday season was its strongest yet.