Major U.S. indices ended last week with gains close to 3%. The Dow Jones Industrial Average closed 341 points, or 1.94%, higher at 17,824, the S&P 500 ended 36 points, or 1.75%, up at 2,089, while the Nasdaq was 121 points, or 2.65%, higher to finish at 4686.35.
Investors were encouraged by comments from the head of the European Central Bank on last Friday that it "will not hesitate" to expand stimulus if needed to support a recovery. Mario Draghi's speech at a banking forum in Frankfurt reinforced earlier statements taken by markets as a green light for the bank to take action at the Dec. 3 meeting of its governing council. And he highlighted there could be changes to the asset purchase program and deposit rate. Draghi had made it clear in last post meeting press conference that policy makers will re-examine the current stimulus program in the upcoming meeting. Economic activity in the 19 countries that use the euro currency grew at a slower-than-expected 0.3% in the third quarter from the previous quarter.
Among Asian bourses
Australia market extends gain for fifth day in row
The Australian share market finished the session higher for fifth straight session, as investors risk sentiments swooped on persistent takeover rumours swirling around Woolworths after several private equity firms were considering buying all or part of the supermarket chain. The benchmark S&P/ASX 200 index ended 20.30 points, or 0.39%, higher at 5276.40 points, while the broader All Ordinaries index climbed up 21 points, or 0.4%, to 5326.50 points.
Shares of food chain companies were sharp higher, led by Woolworths shares, up 3.9% to A$24.63, on reports that global private equity giants TPG and The Blackstone Group have teamed up to consider a joint bid for the retailer's Big W division. Other retail stocks followed Woolworths higher. Wesfarmers, owner of Woolworths rival Coles, gained 1.1% to A$39.42. Department store firm Myer firmed 4.1% to A$1.072.
Resources stocks were whacked amid plunge in commodity prices. Copper and nickel tumbled to multi-year lows and oil extended losses. BHP Billiton shares dipped 2.2% to A$20.04 amid concerns about an environmental disaster at a mine it half owns in Brazil, and the possibility that the company would abandon its progressive dividend policy. Rio Tinto fell 1.1% to A$48.09.
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China market trades lower in afternoon trade
The Mainland China stock market was trading down in afternoon trade, amid caution ahead of upcoming new share sales. The Shanghai Composite Index declined 0.8%, or 29.26 points, to 3601.24 points late afternoon.
China's securities regulator said on Friday that 10 companies have completed preparations for initial public offerings (IPOs) as a five-month freeze on new share sales ends. The China Securities Regulatory Commission (CSRC) has restarted IPOs for five companies to list on the Shanghai Stock Exchange and five in Shenzhen, according to official statement. Ten companies are expected to freeze more than 960 billion yuan.
Shares of mainland China lenders were mostly down, with ICBC, Agriculture Bank, Bank of China, CCB, and Bank of Commerce remained in negative territory.
Airline shares were also down on the back of prolonged global security threats affecting travel. In Europe, Belgian capital Brussels remains in an extended period of lockdown as police hunt one of the perpetrators believed to be behind the Paris attacks, according to reports. In Asia, a Singapore Airlines flight from San Francisco was plagued with a bomb threat but has since landed safely in the city-state. Shares of Air China, China Southern Airlines, China Eastern Airlines, and Hainan Airlines were all down over 0.5%.
Chinese energy plays, Sinopec, PetroChina, and China Oilfield Services, also traded in the red as oil prices remain just above the $40 a barrel mark.
HK stocks little changed at midday
Hong Kong stock market ended marginally down in morning session despite the rally of the Dow on Friday. The benchmark index opened up 5 points at 22,760 and gradually retreated. It briefly fell as much as 122 points to an intra-day low of 22,632. By midday, the Hang Seng Index ended down 6 points or 0.03% to 22,748
Shares of lenders were weak, with StanChart down 2.2% to HK$68.6 after Morgan Stanley issued a research report, rating Standard Chartered (02888) "underweight" with a target price of HK$60.14, in view of likely weak returns even in 2018. CLSA also rated the stock "sell" with a target price of HK$58. Other banking stocks were mixed. HSBC (00005) and Hang Seng Bank (00011) edged down 0.3%and 0.6% to HK$62.75 and HK$143.3. Bank of East Asia (00023) put on 1.2% to HK$28.85.
Macau gaming players were also lower. Galaxy Ent (00027) and Sands China (01928) slipped 2.7% and 2.4% to HK$26.5 and HK$23.4.
Shanxi Province abolished all restrictions on purchases of commercial housing. COLI (00688) added 1.1% to HK$26.85. Hopson (00754) gained 1.6% to HK$8.87.
Evergrande (03333) jumped 5.4% to HK$6.81 after it has agreed to buy a 50% stake in Great Eastern Life Assurance. Its unit Evergrande Health Industry (00708) soared 9.5% to HK$2.19.
Sensex trades in a narrow range
Indian benchmark indices were hovering in a tidy range a tad above the flat line in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 3.84 points or 0.01% at 25,872.33. The Nifty 50 index was up 1.30 points or 0.02% at 7,857.85.
SeQuent Scientific jumped 6.23% after the company announced that its subsidiary Alivira Animal Health (Alivira) will acquire Turkish firm Topkim. The acquistion will be made through Provet Veterinary Products, Turkey, a subsidiary of Alivira. The transaction has been valued at an enterprise valuation of Turkish Lira (TL) 20.7 million (about $7 million). The announcement was made before market hours today, 23 November 2015.
Suzlon Energy rose 0.75% after the company announced that it has won its maiden order from Hero Future Energies, an Independent Power Producer company. The company made the announcement during market hours today, 23 November 2015.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index added 0.2% to 8485.73. South Korea's KOPSI grew 0.7% to 2003.70. Malaysia's KLCI added 0.7% to 1672.91. Singapore's Straits Times index fell 0.2% at 2912.73. Indonesia's Jakarta Composite index rose 0.24% to 4572.91. New Zealand's NZX50 added 1.2% to 6077.62. The Japanese market closed for Labor Thanksgiving day.
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