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6 years ago

Asian shares rise after Wall Street gains

File Photo (Collected)
File Photo (Collected)

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Asian shares were mostly higher on Tuesday following an upbeat finish on Wall Street, while oil prices fell back from a three-year high.

Chinese benchmarks surged after Beijing reported that exports rebounded in April, jumping nearly 22 per cent from a year earlier.

Japan's Nikkei 225 stock index added 0.2 per cent to 22,508.24 and Hong Kong's Hang Seng index climbed 1.2 per cent to 30,345.95. The Shanghai Composite index jumped 0.9 per cent to 3,165.08.

South Korea's Kospi rose 0.2 per cent to 2,466.86 and Australia's S&P ASX 200 also picked up 0.2 per cent to 6,098.70. Shares were higher in Singapore and Taiwan but fell 2.0 per cent in Indonesia.

US stocks closed modestly higher Monday, extending gains from last week, with advances for technology companies and banks outweighing losses for consumer goods companies.

The S&P 500 index rose 0.3 per cent to 2,672.63, while the Dow Jones industrial average gained 0.4 per cent to 24,357.32. The Nasdaq added 0.8 percent to 7,265.21.

Oil prices fell back after a rally that had them closing above $70 a barrel for the first time since November 2014.

On Monday, oil futures climbed to their highest level since November 2014 as a May 12 deadline approached for the US to decide whether to remain in the nuclear agreement with Iran.

Tuesday in Asia, benchmark US crude oil dropped 84 cents to $69.89 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, which is used to price international oils, lost 74 cents per barrel to $75.43 per barrel.

The dollar edged lower to 109.05 yen from 109.07 yen on Monday. The euro weakened to $1.1914 from $1.1924.

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