Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Asian shares rally as trade fears ease; Nikkei jumps over 2%
Published in Amwal Al Ghad on 06 - 03 - 2018

Asian stocks rallied as concerns over a potential trade war faded on Tuesday, with gains in the region led by Japan's benchmark Nikkei.
Japan's Nikkei 225 jumped 2.14 percent, or 450.83 points, with the dollar extending gains against the yen as trade-related fears abated. The dollar fetched 106.31 yen at 12:44 p.m. HK/SIN after falling as low as 105.34 in the overnight session.
Exporters gained on the firmer dollar, with automakers, technology and manufacturers higher for the most part. Other large caps also recorded significant gains, with Fast Retailing up 3.03 percent.
Over in South Korea, the benchmark Kospi advanced 1.32 percent, with gains seen across sectors, including chipmakers. Tech heavyweight Samsung Electronics jumped 3.76 percent and SK Hynix was up 5.24 percent.
Hong Kong's Hang Seng Index gained 1.39 percent after the index slipped below the 30,000 level in the last session. Shares of Tencent, the most heavily weighted stock on the index, were up 2.82 percent, as other large caps also put in a strong showing. Insurer AIA rose 2.24 percent and China Construction Bank tacked on 1.41 percent.
Gains on the mainland were smaller, with the Shanghai composite edging up by 0.21 percent and the Shenzhen composite adding 0.67 percent. Elsewhere, the S&P/ASX 200 rose 1.13 percent, with all 12 of its sub-indexes trading in positive territory.
The energy and materials sectors were among the best-performing sectors, rising 1.83 percent and 1.75 percent, respectively, while the heavily weighted financials sub-index gained 0.87 percent.
In individual stocks, Japan's Kobe Steel rose 0.63 percent. The company's Chief Executive Officer Hiroya Kawasaki is slated to step down after a data falsification scandal that erupted last year, Reuters reported, citing Nikkei.
Meanwhile, energy-related stocks and oil producers in the region rose as oil prices held onto gains after settling 2.2 percent higher in the last session. Australia's Woodside Petroleum went up 1.61 percent and Japan's JXTG Holdings advanced 4.02 percent, while shares of CNOOC listed in Hong Kong popped 4.44 percent.
U.S. West Texas Intermediate edged up 0.16 percent to trade at $62.67 after settling 2.2 percent higher on Monday. Brent crude futures climbed 0.15 percent to trade at $65.64.
Stateside, the Dow Jones industrial average gained after four straight days of losses, which came after Donald Trump's announcement last week that tariffs would be implemented on steel and aluminum imports.
The tariffs encountered push back from Republican House Speaker Paul Ryan, who said he was "extremely worried" about the plan. In response, Trump indicated he would not back down from his decision.
Trump on Monday also appeared to signal those tariffs could be open to negotiation, tweeting that the tariffs will not be implemented if a "fair" NAFTA agreement is reached.
U.S. stock indexes recorded gains of more than 1 percent, with the Dow closing up 336.70 points, or 1.37 percent. Elsewhere, European markets appeared to shrug off concerns over the prospects of a hung parliament in Italy.
"Investors were relieved that China did not retaliate over the weekend but with President Trump singling out China by calling them ‘the biggest problem,' it's only a matter of time before the Asian giant responds," Kathy Lien, managing director of FX strategy for BK Asset Management, wrote in a note.
The dollar index, which tracks the greenback against a basket of currencies, slipped to trade at 89.950 at 12:37 p.m. HK/SIN after climbing above the 90 handle in the last session.
Meanwhile, the Australian dollar last traded at $0.7778, above Monday's close of $0.7761. Reactions in the currency to the Reserve Bank of Australia's decision to hold rates steady, a move widely expected by markets, was fairly muted.
Source: CNBC


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