Asian Shares Gain With S&P/ASX 200 Up In Busy Session
Investing.com – Asian shares mostly gained on Thursday with Down Under equities in a busy session.
Japan’s Nikkei 225 rose 0.81%, while the S&P/ASX 200 edged up 0.14%. Fairfax’s real estate classifieds unit, Domain, began to trade on the Australian Securities Exchange on Thursday under the “DHG” ticker. The unit had been spun off from Fairfax after shareholders voted for the move earlier this month. Fairfax shares were down 30.75% in early trade.
Shares of Santos popped 11.64% after the company said it was “not currently engaged in discussions” with Harbour Energy. The Australian oil and gas company was reportedly the target of a proposed 11 billion Australian dollar ($8.34 billion) takeover, Reuters reported earlier, citing the Australian Financial Review.
Australia reported employment change data for October at 3,700 jobs, compared with with 17,500 jobs seen an an unemployment rate that dipped to 5.4% from 5.5% under a participation rate of 65.1%.
Overnight, Wall Street closed sharply lower on Wednesday as better-than-expected economic data failed to lift sentiment amid the ongoing slump energy.
Energy was main laggard weighing on the broader index falling more than 1.2% as oil prices continued to plummet after data showed US crude and gasoline stockpiles rose last week against expectations for a draw.
Risk-off sentiment continued to weigh on equities as the VIX or so-called fear index jumped to its highest level since August before paring gains despite a duo of economic reports indicating that the U.S. economy remained on track for a solid fourth quarter of growth.
The Labor Department said on Wednesday its Consumer Price Index rose 0.1% last month after jumping 0.5% in September.
Retail sales increased 0.2% last month, the Commerce Department said Wednesday beating expectations for a 0.1% increase.
Also weighing on sentiment was ongoing uncertainty over the government’s ability to push through tax reform before year end as the House prepares to vote on its own tax bill on Thursday, while the Senate markup may take until the Thanksgiving recess.