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October 6, 2008 9:19:15 PM CDT

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Oil, Steel Fuel Surge in Asian Markets

Posted Sep 11, 07 4:14 AM CDT in World,  Business 

(Newser) – Crude climbed within 50 cents of a record today, and that meant Asian stock indexes were climbing as well with the Nikkei rising 0.3% and the Asia-Pacific index up 0.1% after big losses Friday. Steel joined oil as a big mover when South Korean producers announced a price increase. Those prices, coupled with demand from China, are outweighing fears about a US slowdown.

Japanese real estate also surged, as investors saw a bottom and scooped up undervalued stocks. But news was not so good in China, where the CSI 300 index declined over fear of a rate hike. It would be the fifth straight hike for China since March, but inflation rates are at a 10-year high, the government said.

Source Bloomberg

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isks of stock investment. (AP Photo/Andy Wong)   (Associated Press)
An ironworker walks on a beam in the roof structure of the Lucas Oil Stadium in Indianapolis, Thursday, Aug. 30, 2007. The stadium will be the new home of the Indianapolis Colts. Construction activity...   (Associated Press)
oothing investors' frayed nerves. (AP Photo/Yonhap, Sung Yeon-jai)   (Associated Press)
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China  • Japan  • South Korea  • crude oil  • Asian markets  • Asian stocks  • steel  • Nikkei 225 Stock Average


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