Asian shares rise on outlook for global economy

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GMT - 3 Hours Asian shares rise on outlook for global economy

Post by εﺓз• » ιη∂αġι яσ¢χ « • on Thu Sep 15, 2011 4:22 pm

HONG KONG: Asian markets extended their new year gains on Tuesday as dealers welcomed further data pointing to a recovery in the United States as well as strong manufacturing data around the world.

With all major markets reopening after public holidays on Monday Tokyo added 1.42 percent by the break, Hong Kong rose 0.49 percent and Shanghai was 0.97 percent higher while Singapore gained 0.52 percent and Seoul lifted 0.44 percent. However, Sydney's advances were capped to just 0.07 percent in early afternoon trade as insurance firms were hit due to deadly floods that have battered Australia.

The markets were given a strong lead from Wall Street on Monday, where the Dow jumped 0.81 percent to a two-year high following figures showing US manufacturing had picked up for the 17th straight month in December.

The Institute for Supply Management index rose to 57.0 from 56.6 in November, slightly below most analysts' expectations. A figure above 50 percent denotes growth and a figure below indicates contraction.

Also on Monday the eurozone's Markit indicator of industrial and services activity showed a rebound to 57.1 in December against 55.3 in November and 54.6 in October. That followed similar advances in Taiwan and South Korea, while two purchasing managers' indexes in China said last week that growth had continued last month, albeit at a slower pace.

The US figures boosted the dollar, which climbed to 81.87 yen in Tokyo morning trade from 81.70 yen in New York late Monday. The euro fell to 1.3341 dollars from 1.3356 dollars but rose to 109.22 yen from 109.07 yen.

"An overnight rise in New York stocks and strong US economic data supported the dollar," said Nobuaki Tani, a dealer at Resona Bank. "Dollar-positive sentiment on expectations of US economic recovery is likely to persist as the market awaits upcoming data such as a US employment report later this week," he told.

Dealers on Sydney's ASX sold off insurers amid concerns over the impact of the floods that have hit parts of Queensland and expected to continue with more rain forecast. The extent of the floods' damage, described by Queensland Treasurer Andrew Fraser as being "of biblical proportions", and cost to insurers is unlikely to be known until the floodwaters start to recede.

Insurance Australia Group was down 2.8 percent and QBE Insurance Group fell 2.2 percent.
On oil markets New York's main contract, light sweet crude for delivery in February, dipped 14 cents to 91.41 dollars per barrel and Brent North Sea crude for February delivery was down three cents to 94.81 dollars. Gold opened at 1,414.00-1,415.00 US dollars an ounce in Hong Kong, down from Monday's close of 1,418.50-1,419.50.
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