Money World economy
Japanese shares made strong gains this morning trading after an overnight rise on Wall Street and a weakening of the yen.
The Nikkei 225 Stock Average rose 252.14 points, or 2.63 per cent, to trade at 9,855.38 while the broader Topix index was up 17.32 points, or 1.99 per cent, at 887.37.
On currency markets at 11 am (0200 GMT), the dollar traded at 92.08-10 yen, up from Wednesday's 5 pm quote of 91.60-62 yen. The euro traded at 1.2249-52 dollars, up from 1.2229-30 dollars Wednesday, and at 112.80-82 yen, up from 112.02-06 yen.
Oil prices also extended gains in Asian trade Thursday after positive US economic data sparked a rally in US and global stock markets, analysts said.
New York's main contract, light sweet crude for delivery in July rose 70 cents to 73.56 dollars a barrel while London's Brent North Sea crude for July was up 72 cents to 74.47 dollars.
"The market is really tracking the stronger economic news coming out of the United States," said Jason Feer, vice president and general manager with energy market analysts Argus Media. "Every time you get some good economic news from the US and some of the other major economies, oil has a tendency to follow it up on the assumption that a recovery in economic growth will lead to stronger demand for oil."
