http://www.ft.com/fastft/2016/01/26/fas ... l-rebound/
Fast Asia Open: Markets mull another oil rebound
10 minutes ago
US and European shares bounced higher on Tuesday as the price of oil recovered overnight and as Wall Street took comfort from solid consumer confidence data.
That helped investors look beyond a late dive for Chinese markets that saw the mainland benchmarks close more than 6 per cent lower amid concerns about greater capital flight from the country.
Futures tip Japan’s Nikkei to open 2.4 per cent higher this morning and for Hong Kong’s Hang Seng to gain 1.8 per cent. Australia’s S&P/ASX 200 is down 0.3 per cent within the first half-hour of trading as investors return from yesterday’s Australia Day public holiday.
That follows a gain of 1.4 per cent for the S&P 500 in the US overnight, while the Dow Jones Industrial Average added 1.8 per cent and the Nasdaq Composite rose 1.1 per cent. European stocks rose by about 1 per cent.
Global equities continue to track moves in the oil price. On Tuesday, oil retreated below the $30 a barrel level during Asian trading, partly undoing a strong rally in the previous session and spurring declines among regional equities benchmarks.
But a bout of short covering on both sides of the Atlantic saw oil prices surge, at one point by more than 6 per cent to above $32. Brent crude, the international benchmark, closed 4.3 per cent higher at $31.80 a barrel. West Texas Intermediate, the US benchmark, was down 2.8 per cent in early Asian trade at $30.56, but gained 3.7 per cent on Tuesday.
As for the economic calendar today, Australia and China are at the centre of the action (all times Hong Kong):
08.30: Australia December quarter CPI
09.30: China December industrial profits
09.45: China January Westpac-MNI consumer sentiment index
10.00: South Korea December department and discount store sales
13.00: Japan January small business confidence index
And at some point today, we should receive the December unemployment rate for Macau.
