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Asian stocks gain profits following Wall Street recovery



SINGAPORE (AP) – An incredible day on Wall Street, with major indexes closing at least 5 percent higher, sparked early gains on Thursday as traders returned from a Christmas break.

SCORE: Japanese Nikkei Index 225 rallied 3.4 percent to 19,986.32. On Tuesday he fell more than 5 percent before recovering a bit later the day after. The South Korean Kospi rose 0.3 percent to 2,034.19 and the Shanghai Composite Index rose 0.7 percent to 2,514.45. The markets in Hong Kong and Australia, which reopened after Christmas, also climbed. The Hang Seng Index rose 0.7 percent to 25,819.22. The Australian S & P ASX 200 gained 1.5 percent to 5,575.60.

WALL STREET: On Wednesday, US markets had a four-day defeat and their best day in over 1

0 years. Investors have been reassured by an official signal that President Donald Trump, who has heavily criticized the Fed on Twitter, will not seek to oust Chairman Jerome Powell. The broad S & P 500 index rose 5 percent to 2,467.70. The Dow Jones Industrial Average scored over 1,000 points – the biggest daily gain – or 5 percent to 22,878.45. The Nasdaq composite rose 5.8 percent to 6,554.36. The Russell 2000 Small Business Share Index rose 5 percent to 1,329.81.

HOLIDAY SALES: Trading was supported by data showing that US holiday sales growth was at six-year high. Retail sales increased 5.1 percent year-on-year between November 1 and December 24, reported Mastercard SpendingPulse. It tracked spending online and across stores across all payment methods, including cash and checks. All in all, buyers spent more than $ 850 billion this year.

ANALYST'S TAKE: "The strong rebound of Wall Street on Wednesday is a gain for Asia, even though the market is thinking about the sustainability of this change with the small volume in mind," said Jingyi Pan of IG in a Market Commentary

US CHINA TALKS: According to Bloomberg, the US will send government delegations to trade talks with Chinese officials in Beijing during the week starting on January 7. It cited two people who are familiar with the matter, following a meeting between Trump and his Chinese counterpart Xi Jinping in Argentina earlier this month, with the two leaders agreeing to delay additional tariffs for 90 days to work on disagreements in trade and technology policy.

ENERGY: The US Crude oil fell 12 cents to $ 46.10 a barrel in electronic trading on the New York Mercantile Exchange The contract's biggest one-day gain in over two years was $ 46.22 a barrel in New York. Brent crude oil, used at the price of international oil, lost 13 cents to $ 54.34 a barrel.

CURRENCIES: The dollar fell from 111.37 yen to 111.04 yen on Wednesday. The euro rose from 1.1353 to 1.1382 USD.


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