Asian shares bounce back on strong Japan factory data

Published: October 24, 2018 13:46:44 | Updated: October 26, 2018 12:50:09

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Asian share markets have bounced back from their retreat after the report of strong preliminary manufacturing data in Japan.

Japan’s Nikkei 225 index jumped 0.5 per cent to 22,130.30 as a private survey suggested a recovery in manufacturing in October. The Shanghai Composite index jumped 1.5 per cent to 2,634.50.

Hong Kong’s Hang Seng index surged 0.9 per cent to 25,565.27. The Kospi in South Korea picked up 0.2 per cent to 2,109.66.

Australia’s S&P-ASX 200 lost 0.1 per cent to 5,839.10. Shares were higher across the region apart from in Thailand, reports AP.

US indexes fell on Tuesday following a broad-sell off on softening growth in China and fears that tariff hikes are beginning to hurt corporate earnings.

The S&P 500 index dropped 0.6 per cent to 2,740.69. The Dow Jones Industrial Average shed 0.5 per cent to 25,191.43 and the Nasdaq composite fell 0.4 per cent to 7,437.54.

The Russell 2000 index of smaller-company stocks was 0.8 percent lower at 1,526.59.

Oil futures rose after the opening of a high-profile investment conference in Saudi Arabia, amid controversy surrounding the killing of a dissident journalist.

Benchmark US crude added 13 cents to $66.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 7 cents to settle at $66.43 a barrel in New York.

Brent crude, used to price international oils, gained 30 cents to $76.74 per barrel. In the previous session, it dropped $3.39 to $76.44 a barrel.

The dollar strengthened to 112.56 yen from 112.42 yen on Tuesday. The euro eased to $1.1472 from $1.1473.

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