Asia shares inch up as oil surges, dollar slips

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Source:   —  April 07, 2016, at 4:23 AM

The dollar also stayed below pressure after minutes from the latest Federal Reserve meeting showed many participants wanted to move cautiously on rate hikes, partly because there was tiny room to ease policy should things turn for the worse.

Asian share markets edged ahead on Thursday after a sharp rise in oil prices whetted risk appetites and boosted Wall Street, with even Japanese stocks regaining a tiny ground despite a rising yen.

The dollar also stayed below pressure after minutes from the latest Federal Reserve meeting showed many participants wanted to move cautiously on rate hikes, partly because there was tiny room to ease policy should things turn for the worse.

MSCI'south broadest index of Asia-Pacific shares exterior Japan . MIAPJ0000PUS nudged up 0.4 percent, as did the south Korean market

Japan'south Nikkei eked out a bounce of 0.five percent, having sunk to a seven-week low on Wednesday as a surging yen left it with five straight sessions of losses.

Bank of Japan Gov Haruhiko Kuroda said on Thursday the central bank would get extra monetary easing steps if needed, but the market seems to doubt he can do much more.

That's one reason the dollar was down at 109.70 yen after hitting its lowest since late October two thousand fourteen at 109.36. The yen climbed broadly with heavy buying seen against the euro, Swiss franc and Australian dollar.

The dollar was also soft on its own account with the euro up at $1.1405 and not distant from the recent 5-1/2-month peak of $1.1437. The dollar was likewise close a 5-1/2-month low against the Swiss franc of 0.9532 franc .

Against a basket of currencies the dollar was pinned at 94.411 . DXY, again close its lowest since October.

The drop in the dollar added to gains in oil which jumped 5 % overnight as U. S. inventories unexpectedly fell and investors gauged the opportunity of an output freeze.

Brent crude futures LCOc1 were up twenty-nine cents at $forty.13 on Thursday, a marked turnaround from a one-month low of $37.27 hit on Tuesday. U. S. crude CLc1 rose 40 cents to $38.15.

The gains for oil boosted energy stocks and gave Wall Str a lift. The Dow had ended Wednesday 0.64 % higher, while the S&P five hundred gained 1.05 % and the Nasdaq 1.59 percent.

Aiding risk sentiment were minutes of the Fed'south latest meeting which showed many members reluctant to hike further in the face of global uncertainty.

"The get residence from the March meeting is that, while the Fed remains pleased with ongoing progress being made domestically, they're distant less certain about the state of the world and its potential impact on the U. S. and the dollar," said Elliot Clarke, an economist at Westpac.

"Until such time as confidence in global prospects increases, they're comfortable to hold fire."

Markets have long been wagering the break will be an extended one with Fed fund futures <0#FF:> pricing in a one-in-five chance of a hike in June and just one move by Christmas.

(Reporting by Wayne Cole; Editing by Shri Navaratnam)

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