Asian shares climb, tracking gains in US stocks, oil prices

FILE - This July 15, 2013, file photo, shows the New York Stock Exchange. Global stocks were mixed Thursday, Aug. 11, 2016, and the price of oil was volatile after a report forecast slower global demand growth for crude. (AP Photo/Mark Lennihan, File)

TOKYO — Asian shares rose Friday, tracking the rally in U.S. stocks that was driven by strong gains by energy companies and retailers. Rising oil prices also lifted sentiment. The retailers' earnings fueled optimism for the U.S. government's latest monthly tally of retail sales Friday.

KEEPING SCORE: Japan's Nikkei 225 stock index rose 0.7 percent to 16,856.27 and Hong Kong's Hang Seng gained 0.8 percent to 22,757.22. The Shanghai Composite index added 0.4 percent to 3,015.62 and Australia's S&P/ASX 200 rose 0.3 percent to 5,522.10. Shares in Southeast Asia were mostly higher.

WALL STREET: The Dow Jones industrial average climbed 0.6 percent to 18,613.52, up 0.1 percent from its last record high set July 20. The S&P 500 index added 0.5 percent to 2,185.79, up 0.13 percent the high it set on Friday. The Nasdaq composite index gained 0.5 percent to 5,228.40, up 0.1 percent from its previous high. Energy stocks led the rally, getting a boost from a surge in oil prices. Investors also welcomed some better-than-expected quarterly results from Macy's and Kohl's, which spurred gains for several other big retail chains.

ANALYST VIEWPOINT: "Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors. Industrial commodities rose, led by oil, and overnight trading displayed "risk on" characteristics despite the lack of an obvious trigger," Michael McCarthy, chief market strategist for CMC Markets said in a daily commentary.

OIL RALLIES: An industry report released Thursday projected a more even balance in the supply and demand for oil this year. "It's been such an oversupplied market for a long period of time, to get that supply-demand closer to being in balance, or to be in balance, is a huge driver," said David Chalupnik, head of equities for Nuveen Asset Management. "That should at least support the commodity price."

OIL PRICES: Benchmark U.S. crude rose 19 cents to $43.68 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.78, or 4.3 percent, to close at $43.49 a barrel in New York. Brent crude, used to price international oils, advanced 14 cents to $46.18. It gained $1.99, or 4.3 percent, to close at $46.04 in London.

CURRENCIES: The dollar strengthened to 101.97 yen from 101.86 on Thursday. The euro rose to $1.1144 from $1.1137.

Similar News

Clinton knocks 'outlandish Trumpian ideas' in policy speech

Aug 11, 2016

Hillary Clinton sought to undercut Donald Trump's claim to working class voters Thursday, portraying her Republican rival as untrustworthy on economic issues, and pushing policies that would only benefit the super-wealthy _ himself included

Global oil demand to cool, oversupply is ending, agency says

Aug 11, 2016

Global demand for oil will grow less than previously expected next year due to a weaker economy, though the oversupply of the market is ending, the International Energy Agency said Thursday

Average US 30-year mortgage rate ticks up to 3.45 percent

Aug 11, 2016

Long-term U.S. mortgage rates edged higher this week, though rates remain at historically low levels. Mortgage giant Freddie Mac says the average for the benchmark 30-year fixed-rate mortgage ticked up to 3.45 percent from 3.43 percent last week.