Oil, Steel Fuel Surge in Asian Markets

Near-record crude prices outweigh fears of US skid
By Kevin Spak,  Newser Staff
Posted Sep 11, 2007 4:14 AM CDT
isks of stock investment. (AP Photo/Andy Wong)   (Associated Press)
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(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.