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Oil prices fell to a seven-week low below $125 a barrel Thursday as U.S. energy demand was seen reaching a tipping point, sending investors back into Asian stocks for the fourth consecutive day. Both Japan and South Korea closed 2% higher.
Asian markets strengthened Wednesday, as a drop in oil prices boosted cost-sensitive transport and consumer stocks, while a rise in the U.S. dollar lifted exporters. Both South Korea and Australia climbed 2 percent.
Asian stocks outside of Japan slipped Tuesday after a landslide of lower-than-expected U.S. corporate results sparked fears of a pullback in consumer demand, boding ill for the region's exporters. But Tokyo rallied 3% higher.
Asian markets surged Monday, helped by a smaller-than-expected loss at Citigroup that provided comfort about the financial sector's stability ahead of more results this week from banks and industrial companies. Both South Korea and Australia gained over 3%.
Asian markets fell Friday, hurt by resource-related shares stung by oil's 10% decline this week and by weaker-than-expected results from Merrill Lynch, which deflated hopes for a recovery in the financial sector.
Asian markets rebounded but were off their highs Thursday, boosted by Wall Street's rally Wednesday and a decline in oil prices, providing some relief from fears about the global credit crisis spiraling out of control. Japan closed 1% higher.
Malaysian opposition figure Anwar Ibrahim has been freed on police bail, his lawyers said , but Anwar could still be charged for sodomy at a later date. As a condition of the bail, Anwar has to report to police on Aug. 18 unless the authorities decide otherwise.
Asian markets seesawed Wednesday with investors uncertain about global growth prospects, the state of the financial sector and volatile oil prices. Japan finished flat, South Korea fell but Australia gained over 1%.
Malaysian opposition leader Anwar Ibrahim has been arrested by police, his lawyer said. Anwar had agreed to meet authorities later Wednesday on a sodomy complaint lodged by a former aide. Police had warned they would arrest him if he did not show up.
Asian markets tumbled Tuesday with Japan and Australia losing 2% and South Korea tumbling 3%. Investor confidence waned in the region's financial sector, which faces high inflation, a stricter lending environment and massive volatility from overseas markets.
Asian markets were mostly weaker Monday after Washington unveiled an emergency plan to rescue the top U.S. mortgage finance companies, offering to buy shares if necessary. Japan and South Korea both closed slightly lower.
Malaysian police vowed to crack down on an opposition-led rally on Monday, seeking to subdue growing dissent, as opposition figure Anwar Ibrahim prepared to meet police over sodomy accusations against him.
Most Asian markets made a sharp turn into positive territory after the New York Times reported that the U.S. government is considering taking over the two top U.S. mortgage finance companies.
Asian stocks were mixed Thursday with South Korea finishing over 1% higher in a volatile session which saw markets seesawing between negative and positive territory.
Malaysian Prime Minister Abdullah Ahmad Badawi will announce plans to retire in June 2010, a move aimed at ending months of political uncertainty that have unnerved investors, a news website said on Thursday.
Asian markets pared back gains Wednesday, on news that Iran has test-fired missiles. The report, which came in the afternoon, prompted many investors to lock in profits, sending South Korea down almost 1% and taking back most of the Nikkei's earlier gains.
Malaysian annual inflation in June probably exceeded 6.0 percent, the central bank chief said on Wednesday, breaching a mark not seen in 26 years and reinforcing expectations of an interest rate hike.
Asian markets took a beating Tuesday, weighed by the financial sector after sharp declines in shares of Fannie Mae and Freddie Mac in the U.S. on funding concerns reminded investors about the fragility of global credit markets.
Asian markets ended mixed Monday, with Sydney down 1.6 percent while Shanghai jumped 4.6 percent. However, sentiment remained weak after credit concerns pushed European indexes lower. The market lacked direction overall as investors waited for the U.S. to reopen after the Independence Day long holiday weekend.
Asian markets painted a mixed picture Friday, with exporters moving higher on a stronger U.S. dollar while record high oil prices weighed on oil distributors and airliners. Trade was cautious with U.S. markets closed for the Independence Day holiday.