Asian equity markets started 2017 on a positive note with Australian benchmark indices scaling an 18-month high.
The Euro Stoxx 50 Index gained 0.6 percent on Monday. That kept the benchmark in overbought territory for the 12th day, according to the relative-strength index. The U.S. dollar traded little changed while oil scaled the $54 per barrel mark.
Markets in Japan, Thailand, and New Zealand remain shut on account of the new year holiday.
Singapore's Economy Expands
Singapore's economy grew at its fastest pace in three years driven by a rebound in manufacturing and services.
The country's gross domestic product grew an annualized 9.1 percent in the October to December period, compared to a 1.9 percent decline in the previous quarter. The median estimate of economists in a Bloomberg survey forecast a 4 percent growth.
GDP expanded 1.8 percent year-on-year compared to a median estimate of 0.3 percent growth. The full year increase of 1.8 percent in 2016 was the slowest since 2009.
Oil Starts 2017 On A High
After closing 2016 with the biggest annual gain since 2009, oil kickstarted 2017 on a positive note. Kuwait reduced production by 130,000 barrels per day to 2.75 million barrels per day, according to a local news agency. OPEC (Organization of Petroleum Exporting Countries) and other non-member countries have agreed to trim production to stabilise the oversupplied market.
Drillers in the U.S. added active rigs for the ninth week in a row, raising the total count to the highest in almost a year, according to data from Baker Hughes Inc.
West Texas Intermediate Crude rose 0.74 percent to $54.12 after gaining nearly 45 percent in 2016.
Gold continued to edge higher, gaining in the fifth out of the last six trading sessions. The precious metal is now trading above the $1,155 per ounce mark.
Tepid Tuesday?
The SGX Nifty Index traded little changed at 8,178 as of 6:55 a.m., indicating a quiet start for Indian equities. Indian benchmarks dropped on the first trading day of 2017, with banks leading the way. Investors will react to the country's core sector data which showed a decline in output to 4.9 percent in November 2016 from 6.6 percent in October. The figure, however, was healthy as compared to the 0.6 percent registered in November 2015.
Also Read: Core Sector Grows 4.9% In November
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