Asia stocks swing higher, Google jumps

Asia stocks swing higher, Google jumps

Asia stocks swing higher, Google jumps

Written by Staff Writer

11 Aug, 2015 | 9:57 am

Asian stocks swung higher on Tuesday as a periodic revival in investor risk appetite led to a bounce in beaten-down commodities and a small step back for the U.S. dollar.

Shares in Google jumped over 5%, adding $25 billion to its market value, after announcing a new holding company called Alphabet which will separate the core web advertising business from newer ventures.

The sudden mood swing in global markets saw MSCI’s broadest index of Asia-Pacific shares outside Japan rise 0.4%.

Investors were also hopeful Greece and its international lenders could seal a multi billion-euro bailout deal on Tuesday so it can get parliamentary and other approvals.

On Wall Street, the Dow had ended Monday with gains of 1.39 percent, while the S&P 500 climbed 1.28 percent and the Nasdaq 1.16 percent.

In currency markets, the major mover was the Canadian dollar which logged its biggest one-day gain since early June thanks to the bounce in oil prices.

The Canadian currency was up at C$1.3008 to the greenback, after rising 1% on Monday.

The euro had nudged up to $1.1019, away from last week’s trough at $1.0847 but well within ranges that have lasted more than five weeks now. The dollar was a touch firmer on the safe-haven yen at 124.60.

Brent crude was quoted 27 cents lower at $50.13 a barrel, but that followed Monday’s 3.7 percent rise, the largest gain since late May. U.S. crude was off 22 cents at $44.74 a barrel.

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