Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

Asian stocks rally, Nikkei explodes

Photo: Getty Images

The week’s over for Asian markets, and the bloodletting appears to have stopped for now.

Stock markets rose in all the major centres after another highly volatile week that saw the Nikkei tip into an official bear market and the Shanghai Composite hit multi-year lows.

The Nikkei 225 staged a stunning rally and was up just over 6% at one point, finishing 16,965, up 5.8% for the day – a huge gain of 941 points. It was a stark contrast to Thursday’s horrendous reversal of price action in Japan, which saw the Nikkei erase a 2% gain to finish down 2.4% for the day.

European and US markets set the tone for an improved day of trading after oil prices rallied and ECB President Mario Draghi signalled that more monetary stimulus was a live option and that there were “no limits” to what policymakers would do in order to reach the Eurozone’s 2% inflation target.

Oil prices also continued to rally, with WTI futures up 4.4% through the day.

The PBOC also fixed the yuan rate for offshore trading against the US dollar slightly stronger today, at 6.5572 compared to Thursday’s level of 6.5585. Stonger yuan fixes have generally served to increase investor risk lately, as investors have been wary of the rate at which China has been devaluing its currency.

Chinese markets had an unusually stable trading session with the benchmark Shanghai Composite finishing up 1.3% for the day, to close at 2916. The CSI 300, comprised of the largest 300 companies on the Shanghai and Shenzhen exchanges, gained 1%.

In Australia, the ASX 200 was up just over 1% for the day. A star performer was global alcohol group Treasury Wine Estates, whose stock surged more than 15% after it upgraded profit guidance for the six months to December, based on improved performance in its Asian business.

Here’s the Asian markets scorecard as of 6pm AEDT:

Stocks

  • ASX 200 4915.95 , 51.95 , 1.07%
  • Nikkei 225 16958.53 , 941.27 , 5.88%
  • Shanghai Composite 2916.60 , 36.12 , 1.25%
  • Hang Seng 18999.05 , 456.90 , 2.46%
  • KOSPI 1879.43 , 38.90 , 2.11%
  • Straits Times 2577.81 , 45.11 , 1.78%
  • S&P 500 Futures 1878.00 , 17.00 , 0.91%

Forex

  • USD/JPY 118.07 , 0.39 , 0.33%
  • USD/CNH 6.6031 , 0.0016 , 0.02%
  • AUD/USD 0.7028 , 0.0032 , 0.46%
  • NZD/USD 0.6544 , 0.0020 , 0.31%
  • AUD/JPY 82.98 , 0.64 , 0.78%
  • EUR/USD 1.0823 , -0.0049 , -0.45%
  • GBP/USD 1.4226 , 0.0009 , 0.06%
  • USD INDEX 99.318 , 0.2620 , 0.26%

Commodities

  • Gold $1,098.13 , -$3.08 , -0.28%
  • Silver $14.07 , $0.01 , 0.07%
  • WTI Futures $30.83 , $1.30 , 4.40%
  • Copper Futures ¥35,150 , ¥150 0.43%
  • Iron Ore Futures ¥319.00 , ¥5.00 , 1.59%

10-Year Bond Yields

  • Australia 2.748%
  • New Zealand 3.270%
  • Japan 0.230%
  • Germany 0.466%
  • UK 1.675%
  • US 2.050%

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn