Asian shares soar as oil prices go up
On Wednesday, financial markets ascended following oil’s overnight leap boosted energy stocks.
Japanese Nikkei Stock Average led Asia, demonstrating a 2.6% soar at the level of 16349.82.
Obviously, the yen’s strength heavily hurts the overall competitiveness of Japan’s exporters. This week the main Japanese currency has achieved its 17-month high, while keep sagging against the greenback.
The Hang Seng Index acquired 2%, the S&P/ASX 200 surged 1.2%. As for South Korean markets, they closed for Korea’s national holiday.
Prices of American crude oil ascended 4.5% overnight, coming up to its highest value since November. The surge was powered by expectations that key oil producers would come to a long-awaited compromise as for an output freeze soon.
It gave a decent boost to lifted energy stocks. On Wednesday, in Hong Kong, Tokyo-energy shares soared 4.5%, led by such well-known names as PetroChina Co.Ltd and China Oilfield Services, which grew 6% and 7.2% respectively. Apart from that, energy stocks in Australia leapt 3.2%.