An investor takes pictures of an electronic screen showing stock information at a brokerage house in Fuyang, Anhui province. Shanghai stocks shed 0.7% and Tokyo shares gave up early advances to end 0.5% lower on profit-taking following recent rallies.

AFP
Tokyo

Energy firms climbed in Asian trade yesterday after a surge in oil prices sent US and European markets flying ahead of the Christmas break.
A jump in US crude inventories raised hopes that a sell-off in the commodity, which has seen the Brent contract plumb 11-year lows, may be nearing an end.
Adding to the upbeat tone on trading floors was another round of economic data from Washington reinforcing the view that the world’s number one economy is in rude health.
Yesterday’s gains were underpinned by a third straight rise in oil prices after the US Department of Energy said stockpiles tumbled in the week ending December 18, while imports fell about 13% week on week.
US benchmark West Texas Intermediate climbed 0.6% yesterday and Brent gained 0.8%, each extending gains of more than 3.5% on Wednesday.
WTI has also been supported by US lawmakers’ decision last week to lift a 40-year ban on crude exports, leading to hopes of a fall in supplies at home.
The news lit a fire under energy firms in Europe and the US, with big-name firms including Anglo American, Glencore, ExxonMobile and Chevron all surging. That in turn led to sharp gains on stock markets in Frankfurt, Paris, London and New York.
In Asia, Sydney-listed BHP Billiton soared 5.3% and Rio Tinto more than 4%, while Inpex in Tokyo climbed 2% and CNOOC in Hong Kong added 3%.
Among regional markets Hong Kong jumped 0.4% by the close and Sydney rallied 1.3%. The two markets saw just half-day trading ahead of the Christmas break.
There were also gains for Singapore, Wellington and Taipei.
However, Shanghai shed 0.7% and Tokyo gave up early advances to end 0.5% lower on profit-taking following recent rallies.
“Equity markets look keen to have a good Christmas break and deal with the hangover of ongoing systemic issues in the new year,” said Angus Nicholson, a Melbourne-based market analyst at IG, told Bloomberg News.
US personal income “was yet another data point that further underlines the improving employment situation”.
However, he warned: “The bounce in commodity stocks is only ephemeral; the ongoing issues for these industries are far from solved.”
Crude prices have slumped more than 60% from levels above $100 in summer 2014 owing to scant demand, a global economic malaise — particularly in China — a supply glut and surging output.