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July 25, 2017, 12:50 a.m. EDT

Aussie stocks lead a rebound for Asian markets as dollar steadies

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By Ese Erheriene


Bloomberg News
In Sydney, stocks were leading the way higher on Tuesday

Asian stock markets were mostly stronger in early trading Tuesday, with Australia leading the way higher after badly lagging regional peers a day earlier.

Helping sentiment has been stabilization for now in the U.S. dollar. Its recent weakness had been pressuring down stocks in Australia and Japan in particular. The WSJ Dollar Index /zigman2/quotes/210673925/realtime XX:BUXX +0.72%  finished flat on Monday and was up 0.1% early Tuesday.

Also helping Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.12%  rise 0.7% was an overnight rebound in oil prices, which has continued in Asia. Up 1% to start the week, U.S. and global benchmarks were each up an additional 0.6% Tuesday. The gains have helped Asian oil stocks, with Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL +0.82%  up 1.3% in Australia.

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Crude’s climb came on pledges from Saudi Arabia and Nigeria to curb exports and output, respectively. “It was a little bit of a surprise for the market as the market wasn’t expecting them to deliver such strong statements,” said Jingyi Pan, a market strategist at IG Group.

Technology stocks were also a bright spot, following the latest record closing high overnight for the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +2.06%  . Sharp /zigman2/quotes/203224600/delayed JP:6753 +0.66%   rose 1.3% in Japan while in Taiwan, Largan Precision /zigman2/quotes/210444196/delayed TW:3008 +0.71%   and HTX gained 1.4% and 0.6% respectively.

But headline stock indexes in both countries were muted, with the Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.74%  up 0.1% and the Taiex down that much.

Helping the Japanese benchmark was a pair of drugmakers. Shionogi /zigman2/quotes/202489631/delayed JP:4507 +1.03%  rose 2.9% after reporting successful final-stage trials for a single-dose influenza drug and Mitsubishi Tanabe climbed 1.9% following Monday’s after-the-bell announcement that it will buy Neuroderm  for $1.1 billion.

Other stock indexes were generally little changed early Tuesday, including in China /zigman2/quotes/210598127/delayed CN:SHCOMP +0.40%  . The injection of liquidity Monday by the central bank had little impact on markets there.

“The general liquidity conditions in onshore China are still tight as the bond yields barely moved after the central bank’s massive liquidity injection,” said Commerzbank. It added authorities’ deleveraging efforts have “raised concerns that the overall monetary-policy stance is biased to the hawkish side” for the rest of this year.

One market to watch Tuesday is South Korea, where the Kospi index /zigman2/quotes/210598069/delayed KR:180721 +1.43%  has posted a record closing high each of the past eight sessions. It was recently down 0.2% amid a 0.9% drop in index behemoth Samsung /zigman2/quotes/209800866/delayed KR:005930 +1.65%  .

Write to Ese Erheriene at ese.erheriene@wsj.com

/zigman2/quotes/210673925/realtime
XX : WSJ Index
91.20
+0.65 +0.72%
Volume: 0.00
June 5, 2020 4:23p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,998.70
+6.90 +0.12%
Volume: 946,415
June 5, 2020 5:15p
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/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 23.36
+0.19 +0.82%
Volume: 3.04M
June 5, 2020 4:10p
P/E Ratio
45.19
Dividend Yield
5.84%
Market Cap
$22.07 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,814.08
+198.27 +2.06%
Volume: 6.12M
June 5, 2020 4:23p
loading...
/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,221.00
+8.00 +0.66%
Volume: 1.40M
June 5, 2020 3:00p
P/E Ratio
39.34
Dividend Yield
1.47%
Market Cap
¥740.96 billion
Rev. per Employee
¥50.23M
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/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,270.00
+30.00 +0.71%
Volume: 602,101
June 5, 2020 1:30p
P/E Ratio
19.29
Dividend Yield
1.85%
Market Cap
NT$568.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,863.73
+167.99 +0.74%
Volume: 0.00
June 5, 2020 3:00p
loading...
/zigman2/quotes/202489631/delayed
JP : Japan: Tokyo
¥ 6,285.00
+64.00 +1.03%
Volume: 927,200
June 5, 2020 3:00p
P/E Ratio
16.02
Dividend Yield
1.69%
Market Cap
¥1857.49 billion
Rev. per Employee
¥67.69M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,930.80
+11.55 +0.40%
Volume: 21.74B
June 5, 2020 3:01p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,181.87
+30.69 +1.43%
Volume: 854,591
June 5, 2020 3:30p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
55,500.00
+900.00 +1.65%
Volume: 22.74M
June 5, 2020 3:30p
P/E Ratio
17.71
Dividend Yield
2.55%
Market Cap
₩370880.00 billion
Rev. per Employee
N/A
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