Asia shares rally with oil, wary of China trade data

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Source:   —  April 13, 2016, at 5:07 AM

Whether sentiment hangs together could depend on China trade data due later in the session ECONCN. Forecasts favor some improvement in exports and imports in March after a dire February, which would likely underpin commodities.

Asian share markets rallied on Wednesday as a revival in risk appetite knocked back the yen and oil ran into only modest profit-taking after reaching a major chart milestone that augured well for further gains ahead.

Whether sentiment hangs together could depend on China trade data due later in the session ECONCN. Forecasts favor some improvement in exports and imports in March after a dire February, which would likely underpin commodities.

Japan'south Nikkei led the bounce with a rise of 1.6 % to reach its highest in eight sessions. MSCI'south broadest index of Asia-Pacific shares exterior Japan . MIAPJ0000PUS added 0.5 % and Australia gained 0.9 percent.

After a barnstorming performance on Tuesday, oil pulled back a small as concern over a larger-than-expected construct in U. south. crude stocks offset reports that Russia and Saudi Arabia may have reached consensus on an oil output cap. [O/R]

Brent crude LCOc1 was down thirty-eight cents at $44.32 barrel, while U. south. crude CLc1 eased forty-three cents to $41.74.

Yet prices had hit four-month highs overnight and made a key technical breakthrough that could signal a further rally.

Analysts at Citi well-known U. south. crude finished over its 200-day emotional average since its long downtrend first started in two thousand-fourteenth. "It suggests that the low is in and higher levels should continue to be seen in two thousand-sixteenth," wrote Citi.

A rally in energy stocks helped the Dow finish Tuesday 0.94 % firmer, while the S&P five hundred gained 0.97 % and the Nasdaq 0.8 percent. The S&P five hundred energy sector . SPNY jumped 2.8 percent.

All ten S&P sectors closed higher and the Dow industrials posted their best day in about a month.

The lift in energy boosted the oil-sensitive Canadian dollar to close a nine-month peak while nudging the safe-haven yen back from its recent peaks.

Canada'south loonie stood at C$1.2769 per USD , not distant from the overnight top of C$1.2750 - a level latest seen in July.

The greenback was back over 108.50 yen , having climbed from a close 18-month trough around 107.63 set on Monday. The euro rose to 123.60 yen EURJPY=R, putting further distance from a three-year low of 122.085 set last month.

Against the dollar, the euro eased to $1.1384 after turning around from a six-month peak of $1.1465. That helped the dollar index . DXY climb back over 94.000, from a close eight-month low of 93.627.

In product markets, copper and iron ore sat on large gains while gold XAU= held firm at $1.255.66 an ounce, having climbed to a three-week high of $1.262.60 on Tuesday.

(Reporting by Wayne Cole; Editing by Eric Meijer)

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