AIRLINE STOCKS RECOVER AS OIL FALLS BACK TO AROUND $100

Asian stock markets were mostly higher today with shares in Sydney and Tokyo erasing early losses and airlines gaining after oil prices retreated from multiyear highs. Airlines, hard-hit by the recent oil-price surge, were mostly higher around the region. Seoul-listed Korean Air Lines added 4.1%, Hong Kong’s Cathay Pacific tacked on 4.0%, Australia’s Qantas rose 1.7%, Tokyo-listed All Nippon Airways was up 0.3% and Thai Airways gained 2.1%. Malaysian low cost carrier AirAsia jumped 6.0%.