InfoAnda - Oil, US stocks ease pressure on Asian markets

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Oil, US stocks ease pressure on Asian markets AFP - 1 hour 1 minute ago Send IM Story Print Oil, US stocks ease pressure on Asian markets HONG KONG (AFP) - – Asian stock markets have edged higher, with Tokyo and Hong Kong buoyed by easing world oil prices and gains on Wall Street, although Shanghai took a breather from a three-day advance. Tokyo's Nikkei Index ended the session up 0.61 percent, or 64.31 points, at 10,589.50, while Hong Kong was 0.53 percent higher. Shanghai was flat and Sydney fell 0.84 percent, or 40.40 points, to 4,767.80. New York crude oil fell below $105 after Saudi Arabia promised it could offset any supply disruption caused by political turmoil in parts of the Middle East and North Africa. Crude prices have hit two-and-a-half-year highs in recent days due to the upheavals, with some analysts fretting that Saudi Arabia could itself see a rise in unrest. However Oil Minister Ali Naimi said his country's spare capacity was sufficient to make up any supply shortfalls and the kingdom was also developing a "special mix" of oil that resembled Libya's light sweet crude. "Current supplies in the market are very adequate, and there is an extra output capacity that could be used if needed," the state SPA news agency quoted him as saying. New York's main contract, light sweet crude for April delivery, fell 80 cents to $104.22 per barrel. Brent North Sea crude for April dropped 46 cents to $112.60. Wall Street was buoyed by the Saudi minister's words and a survey showing more upbeat small-business sentiment. The Dow Jones Industrial Average surged 1.03 percent, the S&P 500 index rose 0.89 percent and the tech-rich Nasdaq Composite climbed 0.73 percent. Reflecting the improved sentiment, prices of safe-haven gold dipped, with gold opening at $1,427.00-$1,428.00 an ounce in Hong Kong, compared with Tuesday's close of $1,428.00-$1,429.00. Tokyo was lifted by news that core private-sector machinery orders, a top indicator of corporate capital spending, rose a stronger-than-expected 4.2 percent in January from the month before. The positive data, which excluded volatile demand from power companies and for ships, followed a 1.7 percent rise in December and marked the biggest increase since August. In Hong Kong, Cathay Pacific shares jumped as the company said its profits had nearly tripled last year to HK$14.05 billion ($1.80 billion) and that it would buy 25 new planes from Airbus and Boeing. Shanghai's Composite Index trod water however after rising 3.3 percent over the previous three sessions. Chinese coal and gold producers led losses as world oil and gold prices slipped. There was a note of caution from Jian Wei, senior dealer at City Index Australia, in Sydney, where weaker commodity prices were dragging down mining company stocks. "The longer the Libyan crisis hangs around the more there will be concern amongst investors. At this stage, there are already speculations that if this persists further, it may impact the recovery in some economies," he told Dow Jones Newswires. On Asian currency markets the dollar rose against the euro as oil prices eased and worries increased about eurozone debt problems. The euro retreated to $1.3889 in Tokyo afternoon trade from 1.3905 in New York late Tuesday. The single European currency rose to 115.07 yen from 114.91 yen. The dollar firmed to 82.85 yen from 82.64 yen. In other markets: -- Seoul closed 0.26 percent higher, with the benchmark KOSPI gaining 5.15 points to 2,001.47. -- Manila rose 0.72 percent, or 27.99 points, to 3,926.86. Conglomerate Alliance Global rose 1.37 percent to 11.86 pesos, Philippine Long Distance Telephone advanced 0.89 percent to 2,260 pesos, while Megaworld climbed 1.90 percent to 2.15 pesos. -- Wellington fell 0.20 percent, or 6.75 points, 3,414.42. -- Taipei edged up 0.03 percent, or 2.27 points, to 8,750.02. Ruentex Industries rose 1.89 percent to Tw$75.3, while Taiwan Semiconductor Manufacturing Co was 0.14 percent lower at Tw$71.4. Send IM Story Print News Search Top Stories Cathay Pacific to buy, lease 27 new planes Oil, US stocks ease pressure on Asian markets Spider-Man comic nets US$1.1 million dollars Lack of sleep can make you overly optimistic: study Japan core machinery orders up 4.2% in January More Top Stories » ADVERTISEMENT Most Popular Most Viewed NASA scientists in row over 'alien microbes' Mass fish death in California harbor Lack of sleep can make you overly optimistic: study Oil prices ease as Saudi downplays supply fears Libya: live report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! 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