Oil prices are booming on expectations that output in Libya could be disrupted
Asian markets closed higher today, as
oil prices rebounded and fears that the Federal Reserve will raise interest rates at its policy meeting this week eased -- despite last Friday's
bigger-than-expected rise in U.S. consumer inflation. Booming property stocks helped lift Hong Kong's Hang Seng to a 0.9% win, after a report showed home prices in China rose the most in six years last month. Likewise, China's Shanghai Composite tacked on 0.8%.
Elsewhere in the region, South Korea's Kospi added 0.8%, led by strength in Samsung shares following a
Wall Street Journal report that the beleaguered
Galaxy Note 7 producer is divesting some of its tech shares to fund its recall efforts. Markets in Japan, meanwhile, were closed for holiday, ahead of Wednesday's highly anticipated policy announcement from the Bank of Japan.
A rally in energy stocks is helping to buoy European markets at midday, as escalating tensions in Libya spark concerns the country's crude output could temporarily be halted. Additionally, Venezuelan President Nicolas Maduro reportedly waxed optimistic that a potential deal will be reached by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to stabilize output. At last check, the French CAC 40 is up 1.5%, London's FTSE 100 is enjoying a 1.4% lead, and the German DAX has popped 0.8%.
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