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Asian shares rally on higher oil prices and ECB easing | |
(about 4 hours later) | |
Asian shares rallied on Friday, following a rise is US and European markets after the European Central Bank announced a huge stimulus programme. | |
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 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 118.58 yen compared with 118.52 yen in New York trade. | |
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, up from December's 49.6. | |
But, the reading is still below the 50-point mark that separates growth from contraction. | |
Shares in Australia hit a 10-week high, with the benchmark S&P/ASX 200 closing up 1.5% to 5501.8. | |
That marked its highest finish since 11 November, bringing its gains for the week to 4%. | |
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 from the previous quarter, less than half the 0.9% gain in the third quarter. | |
The benchmark Kospi index closed up 0.8% to 1,936.09 points. |