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

by Elizabeth Harrow

Published on Oct 7, 2015 at 8:25 AM

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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