Asian Markets Rise On U.S. Economic Data

October 15th, 2007

It’s nice to hear that phrase…

Asian stocks rose on Monday with exporters such as Sony Corp boosted by strong U.S. retail sales data, while gains in resource shares helped drive the Australian market to a record high.

Data last Friday showed retail sales in Asia’s top export market rose solidly in September, while inflation pressures were largely muted, easing recession fears for the world’s biggest economy.

The upbeat report also underpinned base metals prices, while mounting tensions between Turkey and northern Iraq further drove U.S. crude above $84 a barrel to a record high on Friday. Oil was at $83.64 in early Asian session.

“It looks likely that we’ll see gains thanks to gains in U.S. markets and recent stronger-than-expected U.S. economic reports.

“Stronger-than-expected U.S. economic reports”. Nice.

Technorati Tags: markets, asia, U.S. economy

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