Reuters Australia
STOCKS NEWS ASIA-Shares seen higher as oil prices fall
Wednesday July 23, 11:10 AM
SYDNEY, July 23 (Reuters) - Asian shares are set to open higher on Wednesday, with a drop in oil prices seen boosting cost-sensitive transport and consumer stocks, while a rise in the U.S. dollar might lift exporters such as Honda Motor Co 7267.T.
The dollar rallied on Tuesday, boosted by a steep drop in oil prices and comments from a Federal Reserve official suggesting U.S. interest rates might have to rise even before financial markets recover.
Oil prices CLc1 fell by over $3 a barrel to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations a hurricane pushing through the Gulf of Mexico would spare most offshore oil production.
The fall in oil, however, may weigh on resource firms such as Japan's Inpex Holdings Inc 1605.T and Australia's Woodside Petroleum Ltd (ASX: WPL.ax) .
Asian stocks listed on Wall Street .BKAS rose 1.4 percent overnight, while the MSCI's measure of Asia Pacific stocks excluding Japan .MSCIAPJ dipped 0.15 percent on Tuesday.
HEADLINES: U.S. stocks up as oil's drop trumps earnings [nN22327368] Yahoo profit falls, CFO says 2008 outlook intact [nN22420840] Wachovia loses $8.86 bln; slashes jobs, dividend [nN22166848] WaMu has $3.33 bln loss, says needs no new capital[nN22322548] Charles Schwab founder stepping down
[nN22325109] Indian government wins confidence vote [nISL288787] GSE rescue gets big price tag as House vote looms [nN22271686] Oil hits six-week low, storm fears ease [nSP151179] China's SMIC jumps 16 pct on stake sale report [nSHA307114] HSBC says to keep KEB listed if deal goes through [nSEO266879] Nippon Life to take stake in Russell - sources [nT267135] Toshiba to sell $750 mln real estate unit stake [nT289825]
KEY INDEXES pct change
Bank of New York Asia ADR index .BKAS 1.41
Dow Jones Industrial Average .DJI 1.18
Nasdaq Composite Index .IXIC 1.07
MSCI Asia Pacific ex-Japan .MSCIAPJ -0.15
Nikkei futures in Chicago 2NKc1 1.02
Nikkei futures in Osaka JNIc1 -0.45
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC TSM.N2330.TW -4.43
Infosys Tech INFY.OINFY.BO 4.70
UMC UMC.N2303.TW 1.40
ICICI Bank IBN.NICBK.BO 13.12
Mitsubishi UFJ MTU.N8306.T 2.17
Top 5 performers: pct change
ICICI Bank IBN.NICBK.BO 13.12
Novogen NVGN.O(ASX: NRT.ax) 11.83
SMIC SMI.N0981.HK 11.57
HDFC Bank HDB.NHDBK.BO 9.82
Telkom Indonesia TLK.NTLKM.JK 9.80
Bottom 5 performers: pct change
Alumina AWC.N(ASX: AWC.ax) -7.27
APT Satellite ATS.N1045.HK -6.72
James Hardie JHX.N(ASX: JHX.ax) -4.78
TSMC TSM.N2330.TW -4.43
Webzen WZEN.O069080.KQ -4.03
TOP ASIA EVENTS:
For more Asian company earnings, see [ASIA/EQTY]
JAPAN - Takeda Pharmaceutical 4502.T President speaks
at the Foreign Correspondents' Club of Japan
SYDNEY - Consumer price index June quarter
Macquarie Group MQG.AX annual shareholders
meeting
BHP Billiton Ltd (ASX: BHP.ax) fourth-quarter
production report
SEOUL - KT&G 033780.KS to report Q2 results
TAIPEI - June export orders, industrial output data (Reporting by Geraldine Chua; Editing by Anshuman Daga)
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