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Asian shares up on higher oil prices and ECB easing Asian shares rally on higher oil prices and ECB easing
(about 4 hours later)
Asian shares rose on Friday encouraged by a rise in oil prices following news of the death of Saudi Arabia's King Abdullah. Asian shares rallied on Friday, following a rise is US and European markets after the European Central Bank announced a huge stimulus programme.
The price of US oil was up nearly 2% to $47.19 a barrel in after-hours trade, while Brent crude rose 2% to $49.58. In Japan, the Nikkei 225 closed up 1.05% to 17,511.75, while the Shanghai Composite rose 0.5% to 3,360.19.
In Japan, the Nikkei 225 rose 0.8% to 17,472.79 in the wake of Europe's stimulus move on Thursday. In Hong Kong, the Hang Seng index rose 1.1% to 24,796.66.
Markets were also bolstered by a rise in the price of oil, with US crude up nearly 2% to $47.21 a barrel, while Brent crude rose 2% to $49.55.
The European Central Bank is injecting more than 1.1tn euros ($1.15tn; £834bn) into the stagnant eurozone economy.The European Central Bank is injecting more than 1.1tn euros ($1.15tn; £834bn) into the stagnant eurozone economy.
The announcement of 60bn euros per month in quantitative easing until September 2016 exceeded market expectations.The announcement of 60bn euros per month in quantitative easing until September 2016 exceeded market expectations.
The dollar was at 118.43 yen compared with 118.52 yen in New York trade. The dollar was at 118.58 yen compared with 118.52 yen in New York trade.
China manufacturing China manufacturing stalls
Chinese shares traded higher despite preliminary data showing the country's manufacturing growth stalled for the second consecutive month in January.Chinese shares traded higher despite preliminary data showing the country's manufacturing growth stalled for the second consecutive month in January.
The HSBC/Markit Flash manufacturing purchasing managers' index (PMI) was at 49.8, little changed from December's 49.6. The HSBC/Markit Flash manufacturing purchasing managers' index (PMI) was at 49.8, up from December's 49.6.
The reading is just below the 50-point mark that separates growth from contraction. But, the reading is still below the 50-point mark that separates growth from contraction.
The benchmark Shanghai Composite Index rose 0.8% to 3,369.53, while in Hong Kong, the Hang Seng index was up 1.5% to 24,878.99. Shares in Australia hit a 10-week high, with the benchmark S&P/ASX 200 closing up 1.5% to 5501.8.
Shares in Australia were also higher, with the benchmark S&P/ASX 200 up 1.4% to 5,493.4. That marked its highest finish since 11 November, bringing its gains for the week to 4%.
In South Korea, shares were higher despite data showing the economy slowed sharply in the fourth quarter to a near six year low. In South Korea, shares hit a one month high despite data showing the economy slowed sharply in the fourth quarter to a near six year low.
The economy grew a seasonally adjusted 0.4% in the October-December period on the quarter, less than half the 0.9% gain in the third quarter. The economy grew a seasonally adjusted 0.4% in the October-December period from the previous quarter, less than half the 0.9% gain in the third quarter.
The benchmark Kospi index was up 0.9% to 1,937.49 points. The benchmark Kospi index closed up 0.8% to 1,936.09 points.