Asian stocks mixed after Wall Street, oil gains

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Source:   —  April 07, 2016, at 7:08 AM

KEEPING SCORE: The Shanghai Composite Index shed 0.9 % to 3.023.56 points while Tokyo'south Nikkei two hundred twenty-five lost 0.3 % to 15.642.81. Hong Kong'south Hang Seng dropped 0.1 % to 20.194.41 and Seoul'south Kospi retreated 0.2 % to 1.967.71.

Asian stocks mixed after Wall Street, oil gains

Asian stock markets were mixed Thursday after Wall Str rebounded from a losing streak and oil prices surged.

KEEPING SCORE: The Shanghai Composite Index shed 0.9 % to 3.023.56 points while Tokyo'south Nikkei two hundred twenty-five lost 0.3 % to 15.642.81. Hong Kong'south Hang Seng dropped 0.1 % to 20.194.41 and Seoul'south Kospi retreated 0.two % to 1.967.71. Australia'south south&P-ASX two hundred added 0.2 % to five.036.60 and benchmarks in New Zealand, Singapore and Jakarta also advanced. Taiwan and Kuala Lumpur declined.

WALL STREET: Stocks broke a two-day losing streak as investors bought drug makers and other health care companies. Stocks have wavered as investors await quarterly earnings, and many are bracing for another shaky quarter. The Dow Jones industrial average gained 112.73 points, or 0.6 percent, to 17.716.05. The Standard & Poor's five hundred index rose 21.49 points, or 1.1 percent, to 2.066.66. The Nasdaq composite index picked up 76.78 points, or 1.6 percent, to 4.920.72.

ANALYST'south TAKE: Following stronger-than-forecast German factory output figures and Wall Street'south overnight gains, "improved sentiment is likely to spread to Asia markets today," said Margaret Yang of CMC Markets in a report.

PFIZER-ALLERGAN: Biotech drug companies made their biggest gains in nearly five years after Pfizer dropped a map to purchase Botox maker Allergan for $160 billion. That led investors to ponder whether it'll see for other possible acquisitions. Pfizer and Allergan walked far from a proposed merger after the U. S. Treasury Dept announced rules that made the deal less appealing. Pfizer rose $1.57, or 5 percent, to $32.93, its biggest gain since 2011.

ENERGY STOCKS: Energy companies gained ground as crude prices rose. Chinese oil producer CNOOC Ltd. advanced 2.4 percent. Chevron picked up 2.3 % and Exxon Mobil added 1.3 percent. Oilfield services companies Halliburton and Baker Hughes also traded higher after the U. S. government sued to obstruct their $34 billion map to combine.

FED WATCH: Minutes of the March 15-16 meeting of the U. S. Federal Reserve'south board showed members split over how to reply to slowing global growth. The Fed ended up voting 9-1 to leave its key rate unchanged. Ian Shepherdson of Pantheon Macroeconomics said the minutes showed a clear split over how quick inflation will rise toward the Fed'south 2 % target and badly global weakness may damage the economy.

ENERGY: Benchmark U. S. crude added thirty-seven cents to $38.11 per barrel in electronic trading on the NY Mercantile Exchange. The contract soared $1.86 on Wednesday to near at $37.75. Brent crude, used to price international oils, gained twenty-seven cents to $40.11 in London. It jumped $1.97 the previous session to $39.84.

CURRENCY: The dollar weakened to 109.24 yen from Wednesday'south 109.16 yen. The euro was unchanged at $1.1399.

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