Asian Stocks Up amid Higher Commodity Prices

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Asian stock markets posted gains Thursday amid higher commodity prices and G20 summit in South Korea and Japan.

 

President Barack Obama insisted on the importance of a strong U.S. for wider international recovery. The president called on world leaders at the Group 20 summit to work to together to craft a new economic order.

 

America flooded its fragile economy with $600 billion of Treasurys. Its move has triggered an alarm in export-reliant countries including China. Several analysts speculate that China would let its currency to strengthen at a faster pace.

 

At the G20 meeting, major economies struggled to break a standstill on how to tackle problems cramping the world economy. The G20 summit has become the centerpiece of top-level efforts to revitalize the economy.

 

Meetings of world leaders will take place in South Korea on Thursday and Friday and in Japan on the weekend.

 

Most of Asian stock markets climbed, with Japan\'s Nikkei 225 stock average advancing 0.3 percent, to 9,861.98 and Singapore\'s benchmark rising 0.3 percent to 3,299.57.

 

Hong Kong\'s Hang Seng gained 1.1 percent to 24,767.53. China\'s Shanghai Composite Index rose 1.4 percent to 3,159.59.

 

In midday trading Thursday, Aluminum Corp. of China rose 0.5% in Hong Kong.  Shares of Jiangxi Copper Co. climbed 4.4%, and Zijin Mining Group Co rose 1.3%.

 

China reported declines in imports for some commodities while analysts expected to see more robust demand for resources.

 

In Australia, S&P/ASX 200 was up 0.6 percent to 4,728.60. Mining giant BHP Billiton (ASX: BHP) was up 1%.

 

Other indexes in Indonesia, the Philippines and Malaysia were down.

 

Asia’s advance followed modest gains in the U.S with the Dow Jones Industrial average rising 0.1 percent to 11,357.04, the Standard & Poor\'s 500 index climbing 0.4 percent to 1,218.71, and the Nasdaq composite up 0.6 percent to 2,578.78.

 

Benchmark oil for December delivery rose 50 cents at $88.31 a barrel in electronic trading on the New York Mercantile Exchange.

 

The Energy Department said Wednesday that U.S. commercial crude inventories slid 3.3 million barrels to 364.9 million barrels for the week that ended on November 5.

 

Oil price rose Wednesday despite the strengthened dollar.

 

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Emma Murphy has 398 articles online and 4 fans

Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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Asian Stocks Up amid Higher Commodity Prices

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This article was published on 2010/11/11