Asian Stocks at 13-Month High
1 Mensagem
|Página 1 de 1
Asian Stocks at 13-Month High
Reuters
Asian Stocks at 13-Month High
Monday July 28, 2:47 am ET
By Richard Baum
SINGAPORE (Reuters) - Asian stocks jumped on Monday, lifting a regional index to its best level in over a year on increasing confidence in a U.S. economic rebound, but Philippine markets were shaken following a mutiny by nearly 300 soldiers.
A surprisingly strong U.S. durable goods order report bolstered expectations of a recovery in Asia's main export market, although the dollar's gains on the data were limited as traders awaited more economic indicators out this week.
Oil fell before an OPEC (News - Websites)meeting and gold dropped. Japanese government bond (JGB) yields hit four-week lows.
Tokyo stocks jumped two percent to their best level in more than two weeks following the U.S. data, which lifted blue chips on Wall Street to a five-week high on Friday.
"Today's rise is partly the result of New York, but it's also based on the fact that there's a relative lack of worry about corporate earnings in Japan," said Hiroshi Sato, deputy director at Cosmo Securities.
The Nikkei average closed up 1.99 percent at 9,839.91, its strongest finish since July 10, with electronics maker Toshiba Corp climbing 3.3 percent ahead of its earnings announcements later in the week.
Shares elsewhere in the region were looking even better in historical terms, with an MSCI index of Asia Pacific stocks ex-Japan up one percent at its highest level since June 2002.
"People are caught up with the good economic data from the United States," said Frederick Tsang, research director at China Everbright Group in Hong Kong, where the Hang Seng Index ended morning trade 1.9 percent higher.
PHILIPPINE MARKETS ROCKED
Philippine stocks closed down 2.1 percent at a two-week low following a failed mutiny by soldiers who seized a complex in Manila and wired it with explosives.
But the market halved its opening loss after the 19-hour stand-off ended peacefully and some investors focused on recently improved economic fundamentals and prospects for strong second-quarter earnings.
"The initial sell-off was really just a panic reaction to yesterday but there seems to be a more sober reaction now. The siege ended without bloodshed but more importantly the outlook for stocks overall is still upbeat," said Oliver Plana, head of sales at AB Capital Securities.
The peso fell more than one percent to 54.60 per dollar, its weakest in four months, before paring its loss to around 54.25 versus 54.01 on Friday. Spreads on Philippine sovereign dollar bonds blew out by 20-60 basis points.
In other stocks markets, South Korea advanced 1.8 percent, Taiwan gained 1.1 percent, Singapore added 1.1 percent and Australia rose two-thirds of a percent.
The euro slipped from three-week highs of around $1.1550 hit on Friday ahead of a key German business sentiment survey due at 0800 GMT. It was quoted at $1.1470, against $1.1512 late on Friday.
The dollar also firmed versus the yen but most traders stayed on the sidelines ahead of U.S. indicators this week, including jobs data on Friday. The dollar stood at 119.11 yen, against 118.71 yen in late U.S. trade on Friday.
NYMEX crude oil futures fell, but trading was thin ahead of an OPEC meeting on Thursday that is expected to leave output levels unchanged.
U.S. light crude dropped 0.7 percent to $29.96 per barrel. Gold dropped to $360.50 an ounce from $362.45 at the U.S. close on Friday.
JGB prices posted solid gains as confidence improved that a rout of the market earlier in the month was over. The key five-year JGB yield hit a four-week low of 0.3 percent and 10-year future prices reached a four-week high.
Asian Stocks at 13-Month High
Monday July 28, 2:47 am ET
By Richard Baum
SINGAPORE (Reuters) - Asian stocks jumped on Monday, lifting a regional index to its best level in over a year on increasing confidence in a U.S. economic rebound, but Philippine markets were shaken following a mutiny by nearly 300 soldiers.
A surprisingly strong U.S. durable goods order report bolstered expectations of a recovery in Asia's main export market, although the dollar's gains on the data were limited as traders awaited more economic indicators out this week.
Oil fell before an OPEC (News - Websites)meeting and gold dropped. Japanese government bond (JGB) yields hit four-week lows.
Tokyo stocks jumped two percent to their best level in more than two weeks following the U.S. data, which lifted blue chips on Wall Street to a five-week high on Friday.
"Today's rise is partly the result of New York, but it's also based on the fact that there's a relative lack of worry about corporate earnings in Japan," said Hiroshi Sato, deputy director at Cosmo Securities.
The Nikkei average closed up 1.99 percent at 9,839.91, its strongest finish since July 10, with electronics maker Toshiba Corp climbing 3.3 percent ahead of its earnings announcements later in the week.
Shares elsewhere in the region were looking even better in historical terms, with an MSCI index of Asia Pacific stocks ex-Japan up one percent at its highest level since June 2002.
"People are caught up with the good economic data from the United States," said Frederick Tsang, research director at China Everbright Group in Hong Kong, where the Hang Seng Index ended morning trade 1.9 percent higher.
PHILIPPINE MARKETS ROCKED
Philippine stocks closed down 2.1 percent at a two-week low following a failed mutiny by soldiers who seized a complex in Manila and wired it with explosives.
But the market halved its opening loss after the 19-hour stand-off ended peacefully and some investors focused on recently improved economic fundamentals and prospects for strong second-quarter earnings.
"The initial sell-off was really just a panic reaction to yesterday but there seems to be a more sober reaction now. The siege ended without bloodshed but more importantly the outlook for stocks overall is still upbeat," said Oliver Plana, head of sales at AB Capital Securities.
The peso fell more than one percent to 54.60 per dollar, its weakest in four months, before paring its loss to around 54.25 versus 54.01 on Friday. Spreads on Philippine sovereign dollar bonds blew out by 20-60 basis points.
In other stocks markets, South Korea advanced 1.8 percent, Taiwan gained 1.1 percent, Singapore added 1.1 percent and Australia rose two-thirds of a percent.
The euro slipped from three-week highs of around $1.1550 hit on Friday ahead of a key German business sentiment survey due at 0800 GMT. It was quoted at $1.1470, against $1.1512 late on Friday.
The dollar also firmed versus the yen but most traders stayed on the sidelines ahead of U.S. indicators this week, including jobs data on Friday. The dollar stood at 119.11 yen, against 118.71 yen in late U.S. trade on Friday.
NYMEX crude oil futures fell, but trading was thin ahead of an OPEC meeting on Thursday that is expected to leave output levels unchanged.
U.S. light crude dropped 0.7 percent to $29.96 per barrel. Gold dropped to $360.50 an ounce from $362.45 at the U.S. close on Friday.
JGB prices posted solid gains as confidence improved that a rout of the market earlier in the month was over. The key five-year JGB yield hit a four-week low of 0.3 percent and 10-year future prices reached a four-week high.
Abraços
Figas
Sempre a aprender
Figas
Sempre a aprender
-
- Mensagens: 420
- Registado: 3/12/2002 17:45
- Localização: Portugal
1 Mensagem
|Página 1 de 1
Quem está ligado: