{"id":1731,"date":"2018-09-30T15:12:53","date_gmt":"2018-09-30T15:12:53","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1731"},"modified":"2018-09-30T15:12:53","modified_gmt":"2018-09-30T15:12:53","slug":"energy-firms-surge-on-asia-bourses-as-oil-prices-rise","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1731","title":{"rendered":"Energy firms surge on Asia bourses as oil prices rise"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>AFP Hong Kong<\/p>\n<\/div>\n<p>Most Asian markets rose yesterday, with energy firms surging along with oil prices, as traders await the conclusion of a key Federal Reserve policy meeting.<br \/>\nWhile worries about the China-US trade row continue to erode confidence, the strong US economy and healthy corporate outlook are providing some buoyancy for now.<br \/>\nThe weekend decision by major producers from inside and outside Opec to maintain crude output \u2014 despite Donald Trump\u2019s call for lower prices \u2014 has sent both main contracts sharply higher this week. Trump hit out at Opec in his United Nations General Assembly speech on Tuesday, accusing it of \u201cripping off the rest of the world\u201d.<br \/>\nBrent is sitting around four-year highs and WTI is heading close to that mark, with a stronger dollar and an expected output cut from Iran caused by US sanctions adding some lift.<br \/>\n\u201cOil prices remain in the bulls\u2019 domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November,\u201d said Stephen Innes, head of Asia-Pacific trading at OANDA.<br \/>\nThe two contracts edged up yesterday after losses the previous day that come on the back of a surprise gain in US stockpiles.<br \/>\nEnergy firms shot sharply higher in Asia. CNOOC added 4.4% and PetroChina piled on almost 5% in Hong Kong, while Sinopec jumped 2.4%. Inpex of Japan put on 2% and Australia\u2019s Woodside Petroleum added 1.5%.<br \/>\nThe gains boosted broader markets. Hong Kong jumped 1.2% and Shanghai ended 0.9% higher. Mainland Chinese traders were also cheered by news that global equities index compiler MSCI is considering quadrupling the weighting of Chinese large-cap shares in its benchmark Emerging Markets Index over the next two years.<br \/>\nTokyo closed 0.4% stronger, Sydney rose 0.1% and Singapore put on 0.7%, with Bangkok and Jakarta also up.<br \/>\nBut Taipei and Wellington were flat while Manila and Mumbai fell.<br \/>\nWith the Fed widely expected to raise interest rates, governor Jerome Powell\u2019s post-meeting statement will be closely watched for clues about its next move, with an eye on the increasingly bitter China-US trade dispute. \u201cThe US domestic economy is trotting along nicely; the rest of the world is not in the same place and there\u2019s no doubt that global investor caution is continuing to increase as the trade war between the US and China appears to be heating up,\u201d Nick Twidale, chief operating officer at Rakuten Securities Australia, said in a note. \u201cAnalysts will be watching closely to see if the Fed acknowledges this and its potential impact on the US.\u201d<br \/>\nIn Tokyo, Nikkei 225 closed up 0.4% to 24,033.79 points; Hong Kong \u2014 Hang Seng ended up 1.2% to 27,816.87 points and Shanghai \u2014 Composite closed up 0.9% to 2,806.81 points yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AFP Hong Kong Most Asian markets rose yesterday, with energy firms surging along with oil prices, as traders await the conclusion of a key Federal Reserve policy meeting. While worries about the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,57,90,96,107,137,139,160,174,184,201,202,209,232,233,244,246,249,256,267,277,279,288],"class_list":["post-1731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-gas","tag-gazprom","tag-international-maritime-disputes","tag-lebanon","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1731"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1734"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}