Source: www.asiaecon.org |
ASIAN STOCK SHOWED OPTIMISM TODAY
The Japanese optimism is a fact. It is showed in Asian stocks, especially automakers and companies specialized in finance. Also, China's banks will gain lending.Nader Naeimi, a strategist at AMP Capital Investors said: “Judging by the quality of this rally so far, and how broad-based it’s been, I don’t see this as a bear-market rally. It’s a cyclical bull market,”
The MSCI Asia Pacific Index grew 14 percent in 2009. The world Bank predicted world’s growth in a report. MSCI rose 0.5 percent to 101.99, The gauge has rallied 45 percent from a more than five-year low on March 9 on optimism the global economy is recovering.
The Australian Index (S&S/ASX 200) rose 0.5 percent as a consequence of National Australia Bank Ltd agreeded to purchase Australian wealth management and life insurance Aviva Plc.
Also, Sapporo holding Ltd., the fourth biggest beermaker, rose 18 percent after the Credit Suisse Group AG spread recommendations. The beermaker company influenced the Japanese Nikkei 225 Stock Average to gain 0.4 percent.
Japanese manufacturers increased 13.2 points compared with a record low of 66 three months ago. The tertiary index of money spent on services from phone calls to dining out climbed 2.2 percent in April from March, the Trade Ministry said.
Nissan climbed 5.6 percent to 599 yen. The company and electronics maker NEC Corp. plan to invest as much as $1 billion in a U.S. electric car plant, Nikkei English News reported over the weekend. Fred Standish, a U.S.-based spokesman for Nissan, said the automaker has applied for a loan under the U.S. government program to support fuel-efficient cars, declining to comment further on the Nikkei report.
NEC added 3.2 percent to 391 yen.
Taiwan’s HTC gained 3.9 percent to NT$444 after saying handset shipments will climb as awareness of its brand picks up in Europe and the U.S. HTC is the world’s largest maker of handsets that use Microsoft Corp.’s Windows and Google Inc.’s Android operating systems.
Industrial & Commercial Bank gained 3.3 percent to HK$5.36 as Premier Wen called for a “moderately loose” monetary policy. Bank of China Ltd., the country’s third-biggest lender, climbed 2 percent to HK$3.56.
Bank stocks also rallied as the Shanghai Securities News reported new loans in June will exceed lending in May. The nation had 5.83 trillion yuan of new loans in the first five months of this year, the Shanghai-based newspaper reported.
Utilities advanced today on expectations their fuel expenses will decline. Crude oil futures lost 2.6 percent on June 19, the most since June 3. Oil fell 0.4 percent today.
Kansai Electric climbed 2.4 percent to 2,130 yen. Tokyo Electric Power Co. advanced 0.6 percent to 2,500 yen.
The acquisition is expected to add to earnings per share and return on equity in the first full year following the purchase, the Melbourne-based bank said in a statement to the stock exchange today.
Oil slipped in Asia, with benchmark crude for July delivery dropping 42 cents to $69.13 a barrel. On Friday, it fell $1.82 to $69.55.
In currencies, the dollar fell to 96.01 yen from 96.26 yen late Friday in New York. The euro declined to $1.3864 from $1.3936.
Source: www.asiaecon.org |