Asia energy firms track oil up but markets rally fades

AFP, HONG KONG: Energy firms rose in Asian trade Thursday tracking the previous day's surge in oil prices while investors judged Hillary Clinton to have won the final presidential debate with Donald Trump.
The US energy department said crude inventories fell almost twice as much as expected last week, fanning hopes about demand in the world's top economy and sending both main oil contracts rallying more than two per cent.
The report was the latest positive news for the oil market, which has been rallying since OPEC last month agreed to cut output in a bid to address a global glut.
While oil dipped Thursday, the previous day's gains provided support to energy companies across Asia, with Hong Kong-listed CNOOC up more than two per cent and PetroChina three per cent higher. In Sydney, BHP Billiton added 1.7 per cent and Japan's Showa Shell Sekiyu gained 0.8 per cent.
However, regional markets were unable to hold early gains as investors cashed out. Tokyo closed 1.4 per cent higher, while Hong Kong ended up 0.3 per cent and Sydney gained 0.1 per cent.
But Shanghai and Seoul each closed slightly lower while Singapore slipped 0.2 per cent in the afternoon.
In early European trade, London dipped 0.2 per cent but Frankfurt and Paris each rose 0.2 per cent.
In forex trade the Mexican peso rose against the dollar after the final US presidential debate between market favourite Clinton and her Republican opponent Trump. Trump has repeatedly said he will tear up a free-trade agreement with Mexico, build a wall between the two countries and remove illegal immigrants, initially hitting the peso on fears for the country's economy.
But the peso has rallied in recent weeks as Trump has fallen further behind in opinion polls following a series of campaign blunders and outbursts.
"The peso is slightly stronger, possibly implying there was nothing in the debate to significantly swing polling away from Clinton," Imre Speizer, a market strategist at Westpac Banking Corp. in Wellington, said. "Risk sentiment is likely to remain positive in the wake of the debate."

Asia energy firms track oil up but markets rally fades

AFP, HONG KONG: Energy firms rose in Asian trade Thursday tracking the previous days surge in oil prices while investors judged Hillary Clinton to have won the final presidential debate with Donald Trump. The US energy department said crude inventories fell almost twice as much as expected last week, fanning hopes about demand in the worlds top economy and sending both main oil contracts rallying more than two per cent. The report was the latest positive news for the oil market, which has been rallying since OPEC last month agreed to cut output in a bid to address a global glut. While oil dipped Thursday, the previous days gains provided support to energy companies across Asia, with Hong Kong-listed CNOOC up more than two per cent and PetroChina three per cent higher. In Sydney, BHP Billiton added 1.7 per cent and Japans Showa Shell Sekiyu gained 0.8 per cent. However, regional markets were unable to hold early gains as investors cashed out. Tokyo closed 1.4 per cent higher, while Hong Kong ended up 0.3 per cent and Sydney gained 0.1 per cent. But Shanghai and Seoul each closed slightly lower while Singapore slipped 0.2 per cent in the afternoon. In early European trade, London dipped 0.2 per cent but Frankfurt and Paris each rose 0.2 per cent. In forex trade the Mexican peso rose against the dollar after the final US presidential debate between market favourite Clinton and her Republican opponent Trump. Trump has repeatedly said he will tear up a free-trade agreement with Mexico, build a wall between the two countries and remove illegal immigrants, initially hitting the peso on fears for the countrys economy. But the peso has rallied in recent weeks as Trump has fallen further behind in opinion polls following a series of campaign blunders and outbursts. The peso is slightly stronger, possibly implying there was nothing in the debate to significantly swing polling away from Clinton, Imre Speizer, a market strategist at Westpac Banking Corp. in Wellington, said. Risk sentiment is likely to remain positive in the wake of the debate.