Overseas Trading: Oil Stocks Lead Asia Higher

Japan's Nikkei reversed afternoon losses after the Bank of Japan opted to stand pat on monetary policy

Elizabeth Harrow
Oct 7, 2015 at 8:25 AM
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Stocks in Asia gained ground today, as a bounce in oil prices pushed energy names higher. Crude rallied as the U.S. Energy Information Administration (EIA) issued a healthy demand growth forecast for 2016, amid signs that Russia and Saudi Arabia will collaborate to curb global oversupply. However, a stronger yen kept a lid on Tokyo's gains, as the Bank of Japan opted against further easing measures. By the close, Hong Kong's Hang Seng surged 3.1%, while Japan's Nikkei and South Korea's Kospi added nearly 0.8% each. Traders on the Chinese mainland are set to return from holiday tomorrow.

European benchmarks are also capitalizing on oil's bounce, with strength in resource names offsetting a downturn for airlines. Among individual equities, Volkswagen shares are on the upswing after new CEO Matthias Mueller detailed the automaker's recall plans, while Rio Tinto is pacing a rally for miners on the heels of a bullish sector note from Morgan Stanley. At last check, the German DAX is up 1.1%, the French CAC 40 has added 0.8%, and London's FTSE 100 is 0.6% higher.

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