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China's surge pushes oil prices to fresh three-week highs

News Date: 15/8/2016 05:10:29
Chinese shares surged on Monday as investors hope for a bout of government stimulus following weak data last week, which lifted shares in Asia and Europe and pushed commodities higher en masse.

China's Shanghai index rallied 2.44%, while the CSI index surged over three percent. Australian shares added 0.16%, but Japan's Nikkei index bucked the trend, falling 0.30% after downbeat GDP data for the second quarter.

Commodities had a field day on the other hand, with Brent crude futures rising 42 cents, or 0.87% to trade at $47.38 a barrel, after hitting a three-week high at $47.65, while U.S. crude futures gained 40 cents to hover around $44.90 a barrel.

Gold's gains were more subdued as risk appetite recovered, with the precious metal's futures up a little over a dollar, or 0.10% to trade at $1,344 an ounce, while silver futures gained 13 cents, or 0.65% to $19.83 an ounce.

Investors await for some U.S. data later today, with the Empire State Manufacturing Index expected to rise to 2.1 in August from July's 0.6, which would indicate strong growth in the important manufacturing sector.

Another index tracking the U.S. house market is forecast to have inched up to 60 in August from July's 59, which would be another piece of modestly good news for the greenback.

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