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Asian shares up as oil price rise boosts sentiment Asian shares subdued as investors remain wary
(about 1 hour later)
Asian shares have followed US and European markets higher as a rise in the price of oil boosted investor sentiment. Asian shares were subdued on Tuesday, drawing little support from a strong performance by US and European stock markets.
Brent crude jumped almost 6% to $32.30 a barrel during Wall Street trade, before easing back. Japan's Nikkei 225 rose by 2.6% to 17,147.92 after shedding a hefty 2.4% on Tuesday.
Asia in turn also opened higher with solid gains following yesterday's severe losses. But Chinese shares were mixed with Hong Kong's Hang Seng up 1% to 19,063.48 points, but mainland shares fell.
Japan's Nikkei 225 rose by 3.1% to 17,233.20 after shedding a hefty 2.4% on Tuesday. The Shanghai Composite dropped 0.9% to 2,725.18, adding further to Tuesday's rout of more than 6%.
Shares in carmaker Toyota rose by 3.2% on media speculation that it was exploring a partnership with fellow car manufacturer Suzuki. Shares in carmaker Toyota rose by 3.8% on media speculation that it was exploring a partnership with fellow car manufacturer Suzuki.
Suzuki denied the reports, but its shares rose by 12.7%. Suzuki denied the reports, but its shares rose by 9.4%.
Oil volatilityOil volatility
Oil made gains on hopes that both Opec and non-Opec producers would take action to tackle oversupply, after the oil cartel on Monday called for co-operation from oil producing nations outside the cartel. A sharp rise in oil during US trade had boosted investor sentiment on hopes that both Opec and non-Opec producers would take action to tackle oversupply, after the oil cartel on Monday called for co-operation from oil producing nations outside the cartel.
But the price of Brent crude later lost most of its gains, trading just 1.4% higher at $30.92.But the price of Brent crude later lost most of its gains, trading just 1.4% higher at $30.92.
"The positive sentiment stemmed from strong US corporate earnings and talk of OPEC and Russia considering production cuts. We consider the likelihood of any agreement between these parties as extremely low," ANZ bank said in a note on Wednesday."The positive sentiment stemmed from strong US corporate earnings and talk of OPEC and Russia considering production cuts. We consider the likelihood of any agreement between these parties as extremely low," ANZ bank said in a note on Wednesday.
Chinese shares also followed the regional and US leads and started the day higher, recovering some of the losses of Tuesday's rout of more than 6%.
The mainland Shanghai Composite opened 0.7% up at 2,768.23 while Hong Kong's Hang Seng also went up, climbing 1.8% to 19,189.42 points.
Australia inflationAustralia inflation
Australian markets reopened Wednesday after a national holiday and the ASX 200 fell by 0.6% to 4,978.20 points, still tracking Tuesday's sell-off elsewhere in Asia. Australian markets reopened Wednesday after a national holiday and the ASX 200 fell by 0.7% to 4,970.00 points, still tracking Tuesday's sell-off elsewhere in Asia.
Latest economic data from Australian showed consumer prices had edged up only modestly in the last quarter. The latest economic data from Australia showed consumer prices had edged up only modestly in the last quarter.
Core inflation slowed to the lower end of the central bank's target range which could be an incentive for the central bank to cut interest rates further.Core inflation slowed to the lower end of the central bank's target range which could be an incentive for the central bank to cut interest rates further.
"As December quarter inflation was in line with RBA forecasts it is probably not low enough to bring on another rate cut from the RBA on its own," analyst Shane Oliver of AMP capital said in a note.
"But with inflation running at the bottom of the 2-3% inflation target it leaves plenty of room for another rate cut and helps reinforce the RBA's easing bias."
In Korea, the benchmark Kospi index, rose by 1.5% to 1,900.00 points.In Korea, the benchmark Kospi index, rose by 1.5% to 1,900.00 points.