Asian markets trimmed their early gains on Monday as investors took a breather following a rally in financial stocks. But many remained optimistic that the banking sector may finally be putting the credit crunch behind it.
A bounce in the U.S. dollar lifted some Asian stock markets on Friday, while crude oil sank further from its recent $120 a barrel record, dragging energy firms down but boosting airline counters. Japan finished at a two-month high.
Asian stocks were mixed in the afternoon session Thursday with Japan and Australia closing lower. But the Shanghai market took centerstage, surging as much as 9.5 percent at one point after a stamp duty tax cut gave flagging Chinese stocks a boost.
Asian markets were stronger Wednesday, shrugging off the burden of near $120-a-barrel oil and a record high euro, to continue a rally that has recovered all the ground lost last month. Shanghai surged over 4 percent, while Australia gained 1.6 percent.
Asian markets came under pressure on Tuesday after U.S. stocks pulled in a mixed performance. Investors sold financials following weak earnings from Bank of America.
Asian stocks rose to their highest level in seven weeks on Monday, as investors cheered upbeat earnings from U.S. bellwethers which triggered a rally in U.S. stocks last Friday.
Asian markets eked out some gains Friday. Stocks spent the better part of the session dipping below and above the line. Japan and South Korea pulled ahead at the close, finishing higher, but China and Australia closed weaker.
Asian stock indexes made firm gains Thursday, with the exception of the Shanghai Composite Index, boosted by financial and technology stocks with Japan, South Korea and Australia all closing stronger.
Asian markets moved forward Wednesday, with high-tech exporters buoyed by a reassuring outlook from industry leader Intel and energy shares underpinned by record high oil prices. Japan and Australia both closed over 1 percent higher
Asian markets wavered between losses and gains Tuesday, but closed broadly higher, as oil and gold prices gained. The U.S. dollar struggled to attract buyers due to signs of a weak earnings season for banks, which could expose yet more subprime losses and punish stocks worldwide.
Asian markets dropped sharply Monday as a nasty earnings surprise from General Electric and a 26-year low in U.S. consumer sentiment drowned out the Group of Seven nation's support for the U.S. dollar. Japan shed 3% while China was down over 5%.
Asian stocks rose Friday, with Japan's Nikkei closing almost 3 percent higher, led by chipmakers on expectations a slump in the sector may soon end, while oil prices retreated after testing a record high above $112 a barrel.
Asian markets closed mixed Thursday while the U.S. dollar remained weak on concerns about the impact of a credit crisis on the global economy and as record oil prices fuel inflation worries.
Asian markets took a turn into negative territory while the U.S. dollar stayed weak Wednesday as worries resurfaced about the economy and a global financial crisis. Japan closed 1.1% lower.
Most Asian markets sagged Tuesday, led by financials as news of a possible capital injection at Washington Mutual failed to eliminate concerns about more bank writedowns.
Asian markets rose Monday, with resource companies benefiting from stronger metals and oil prices, while the dollar rose, shrugging off worse-than-expected U.S. job losses. But concerns about the impact of the credit crisis on the financial system lingered, driving banking shares lower. Japan closed over 1 percent higher.
Asian markets closed near one-month highs Friday, with investors trading cautiously ahead of U.S. jobs report that is expected to raise fresh concerns that the economy is closer to a recession. Japan finished lower, but South Korea and Australia closed almost unchanged.
Asian stocks rose to their highest in a month Thursday as a rally in gold and oil lifted resource shares. Japan and Australia both finished over 1% higher.
Markets surged Wednesday after a Lehman Brothers securities offering in the U.S. met strong demand, raising hopes in Asia that the worst of the credit crisis might be over. Japan closed over 4% higher, while Australia and South Korea both added 2%.
Asian stocks closed mixed Tuesday as markets pared back gains ahead of a raft of economic indicators due out this week. Investors are wary over the prospect of a serious global economic slowdown.