Asian stocks bounce back as yen falls

A weaker Japanese currency and rising oil prices boosted trading sentiment.

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By :  ,  Financial Analyst

Asian stocks recovered earlier losses today (January 15th) as the yen weakened against the dollar after a significant rebound in oil prices.

However, concern about global growth remained after copper prices tumbled 5.3 per cent overnight. However, the benchmark LME copper was up 1.6 per cent today to $5,639 (£3,708) a tonne.

Chinese shares rallied on hopes the government will support growth, with the Shanghai Composite Index jumping 3.5 per cent. Shanghai Securities News reported the central bank broadened the definition of loan-to-deposit ratios, possibly giving lenders more scope to extend credit.

Japan’s Topix index added 1.4 per cent after the yen fell 0.4 per cent to 117.76 to the dollar. Australia’s S&P/ASX 200 Index declined 0.4 per cent, while New Zealand’s NZX 50 Index edged down 0.1 per cent. 

Hong Kong’s Hang Seng Index rose one per cent and South Korea’s Kospi index remained flat. 

Learn about the Asian markets and CFD trading at City Index.

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