BSS, Hong Kong :
Asian markets rose Tuesday with energy stocks tracking a surge in oil prices, while Tokyo hit a fresh 10-month high after recovering from an early sell-off caused by a huge earthquake off Japan’s northeast coast.
The quake struck around dawn in the same region as the deadly 2011 tremor, sparking worries of another tragedy. But while it caused some tsunamis they were not as high as five years ago.
The yen strengthened against the dollar after the quake as investors sought out safe haven assets but gave up most of the gains as it emerged there was no major damage.
The dollar fell to as low as 110.27 yen before bouncing back to sit at 110.84 yen in the afternoon, with expectations it will extend gains on bets for higher US interest rates under Donald Trump’s presidency.
Japan’s Nikkei rebounded to end 0.3 percent up at its highest mark since January.
Hopes that the OPEC oil cartel and Russia will be able to hammer out an agreement to cut production have lit a fire under crude prices and in turn energy stocks.
With OPEC’s twice-yearly gathering set for November 30, speculation is mounting that officials are close to a deal that would address a global supply glut.
“Market players are positioning themselves for higher prices, and oil will be in the $50 to $55 range if there is a deal,” Giovanni Staunovo, an analyst at UBS Group AG in Zurich, told Bloomberg News.
