Reuters logo
GLOBAL MARKETS-Asia shares look to break losing streak
November 3, 2015 / 12:22 AM / 2 years ago

GLOBAL MARKETS-Asia shares look to break losing streak

* Asia shares try to rally higher after run of losses

* Oil, commodities dogged by poor demand, ample supply

* RBA meets on rates, market lengthens odds on cut

By Wayne Cole

SYDNEY, Nov 3 (Reuters) - Asian share markets crept ahead on Tuesday after the benchmark for U.S tech stocks hit its highest in 15 years, while a holiday in Japan kept currencies tethered within recent tight ranges.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.4 percent after losing ground for five straight sessions. Australian stocks bounced 1.2 percent, recouping a little ground after a vicious run of selling.

Wall Street had boasted gains across all sectors, led by increases in the beaten-down energy group and the acquisition-driven healthcare industry.

The Dow ended Monday with gains of 0.94 percent, while the S&P 500 added 1.19 percent and the Nasdaq rose 1.45 percent to its highest close since 2000.

While data showed U.S. manufacturing activity ticked lower for a fourth month, a rise in new orders offered hope for better times ahead. Also, construction spending rose in September to the highest in 7-1/2 years.

In contrast government bonds were pressured by improving economic data in Europe and comments from European Central Bank officials that cast doubt on the need for more stimulus.

Governing Council member Ewald Nowotny said the ECB was right to consider stepping up its bond buying to boost inflation but had to think very carefully before doing so.

That pushed up yields across the euro zone while yields on U.S. 10-year Treasuries reached their highest in five weeks at 2.189 percent.

Activity was much lighter in currencies where investors are awaiting clarity on whether the Federal Reserve will start hiking rates in December.

The dollar index was barely changed at 96.889 after drifting between 96.635 and 96.965. The euro was hemmed in a tight $1.1000-$1.1053 range and last stood at $1.1015.

Against the yen, the greenback was equally restrained at 120.78.

The Australian dollar held at $0.7154 ahead of the outcome of a central bank policy meeting that could deliver the first rate cut since May.

A majority of analysts polled by Reuters doubt the Reserve Bank of Australia (RBA) will ease this week, and the market has been slowly lengthening the odds of a move. A decision will be announced at 0330 GMT.

In commodities, oil was weighed by the prospect of weak Chinese demand and record-high Russian production.

Brent lost 77 cents on Monday to $48.79 a barrel, while U.S. crude was quoted 14 cents higher on Tuesday at $46.28 a barrel. (Reporting by Wayne Cole; Editing by Shri Navaratnam)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below