(MENAFN- Saudi Press Agency)
SEOUL, 18 Sha'ban,1437 AH, 25 May,2016 , SPA -- Asian stock markets rallied Wednesday as solid U.S. housing sales data and overnight gains on Wall Street raised expectations for a strong recovery in the world's largest economy, AP reported.
Japan's Nikkei 225 rose 1.6 percent to 16,757.35 and Hong Kong's Hang Seng index jumped 2.5 percent to 20,314.52. South Korea's Kospi gained 1.2 percent to 1,957.87 while Australia's S&P/ASX 200 advanced 1.5 percent to 5,372.50. Stocks in Singapore and Southeast Asia also gained.
The U.S. Commerce Department said Tuesday that new home sales leaped 16.6 percent last month to a seasonally adjusted rate of 619,000, the highest level since January 2008. Steady job gains and low mortgage rates have encouraged more Americans to buy new homes in a sign that the housing market and the broader economy are in good shape.
Benchmark U.S. crude gained 62 cents to $49.24 per barrel in New York. The contract finished 54 cents higher at $48.62 on Tuesday. Brent crude, used to price international oils, rose 74 cents to $49.34 a barrel in London.
The dollar fell to 110.05 yen from 110.06 yen. The euro strengthened to $1.1150 from $1.1143.
-- SPA
12:01 LOCAL TIME 09:01 GMT
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.