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Jump in oil prices gives a boost to Asia's markets Markets in Asia diverge in late trade on Thursday
(about 2 hours later)
A jump in oil prices overnight has given stock markets across Asia a boost at the start of trading on Thursday. Markets in Asia went in different directions in afternoon trade on Thursday, despite an earlier across-the-board boost from an overnight rise in the price of oil.
Brent crude, which is seen as the international benchmark, climbed 3.3% to $40.94 a barrel, while the price of West Texas crude rose 5% to $38.32. Brent crude, which is seen as the international benchmark, climbed 3.3% to $40.94 a barrel.
Expectations that the European Central Bank (ECB) may announce further stimulus measures later was also helping investor sentiment. And the price of West Texas crude rose 5% to $38.32 a barrel.
Japan's Nikkei 225 was up 1.11% to 16,826.94 points by mid-morning. Japan's Nikkei 225 closed up 1.26% to 16,852.35, supported by some of the country's big exporters.
Australia's benchmark S&P/ASX 200 was up 0.2% to 5,166.60, helped by energy-related stocks. Expectations that the European Central Bank (ECB) may announce further stimulus measures later on Thursday also helped buoy investor sentiment in parts of the region.
Sydney-listed shares in Santos and Oil Search Limited, Papua New Guinea's largest oil and gas producer, were both up about 2.5%. Shares in Origin Energy, which is involved in oil and gas exploration, were up 1.8%. Australia's benchmark S&P/ASX 200 was up in earlier trade, helped by energy-related stocks, but some lost ground later to close down 0.14% at 5,150.10.
In South Korea, the Kospi index rose 0.62% to 1,965.08. In South Korea, the Kospi index rose 0.84% to 1,969.33.
In ChinaIn China
Fresh numbers from Beijing showed China's consumer inflation rose to 2.3% in February, a positive sign for demand in the world's second-largest economy.Fresh numbers from Beijing showed China's consumer inflation rose to 2.3% in February, a positive sign for demand in the world's second-largest economy.
The National Bureau of Statistics figures showed that inflation had increased by the largest margin in nearly two years. The producer price index, however, fell 4.9% year-on-year.The National Bureau of Statistics figures showed that inflation had increased by the largest margin in nearly two years. The producer price index, however, fell 4.9% year-on-year.
Hong Kong's Hang Seng index was up 0.54% to 20,104.41 points. In late afternoon trade, Hong Kong's Hang Seng index was flat, up just 0.03% to 20,007.08, while the mainland's Shanghai Composite was down 2% to 2,804.35.
China's Shanghai Composite was bucking the regional trend however and was down 0.75% to 20,104.41.