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So maybe not because of some rumor of tomorrow's data in the States ... got to be careful still ...
Asian Stocks Rise as China Manufacturing, Australia Growth Gain
From Bloomberg.com
By Ron Harui and Clyde Russell
Sept. 1 (Bloomberg) -- Asian stocks rose, with the regional benchmark index rebounding from the worst monthly performance since May, after China’s manufacturing quickened and Australia’s economy grew faster than economists estimated. The won appreciated while the yen weakened.
The MSCI Asia Pacific Index gained 0.4 percent to 117.05 as of 11:28 a.m. in Tokyo, led by materials stocks. The gauge slumped 2.2 percent last month. Futures on the Standard & Poor’s 500 Index increased 0.8 percent after rising less than 0.1 percent yesterday. The won appreciated the most in two weeks to 1,1993 per dollar, while the yen declined to 106.95 per euro.
China’s manufacturing expanded at a faster pace in August, damping concerns that growth in the engine of the world’s economic recovery is slowing. Australia, the biggest supplier of iron to China, reported gross domestic product growth of 1.2 percent, beating the median estimate of 0.9 percent in a Bloomberg News survey of 23 analysts.
“Faster growth in Australia’s economy and China’s manufacturing are likely to support risk-taking sentiment,” said Yuji Saito, director of the foreign-exchange department at Credit Agricole Corporate and Investment Bank in Tokyo. “This will probably lead to selling of the yen.”
Japan’s Nikkei 225 Stock Average climbed 0.5 percent as the yen erased gains against the dollar following the China manufacturing data. Australia’s S&P/ASX 200 Index advanced 1.8 percent. South Korea’s Kospi Index gained 1.1 percent.
BHP, Rio Jump
Mining companies BHP Billiton Ltd. and Rio Tinto Group, which get at least a quarter of their sales from China, climbed more than 2 percent in Sydney. Toyota Motor Corp., which derives 30 percent of its sales in the U.S., declined 1.5 percent after the yen earlier traded near a 15-year high versus dollar. Panasonic Corp. fell 0.8 percent after saying it may fail to meet its sales target for 3-D television sets.
China’s Purchasing Managers’ Index rose to 51.7 in August from 51.2 in July, the Federation of Logistics and Purchasing said on its website today. The reading was more than the median estimate of 51.5 in a Bloomberg News survey of economists. A reading above 50 shows an expansion.
“Asian growth is still much better than the rest of the world,” said Manpreet Gill, Singapore-based Asian strategist at Barclays Wealth, which has $229 billion in assets. “Investors still need to be selective when buying equities as the global economic picture still looks tentative. The U.S. is still as significant market for Asian exporters.”
South Korea’s won climbed 0.6 percent, the most since Aug. 17, to 1,191.40 per dollar after the nation’s exports increased for a 10th consecutive month in August.
Yen Slips
The yen fell for the first time in three days against the euro and the dollar on signs the Asian economic recovery is picking up, underpinning demand for higher-yielding assets. It fell to 84.41 per dollar from 84.20 after reaching 83.60 on Aug. 24, the strongest since June 1995. The dollar was at $1.2677 per euro from $1.2680.
The Australian dollar rose to 89.74 U.S. cents in Sydney from 89.49 cents before the GDP report. The two-year government bond yield advanced five basis points to 4.325 percent, according to data compiled by Bloomberg.
Australia’s exports advanced 5.6 percent in the quarter, adding 1.1 percentage points to GDP. Household spending increased 1.6 percent, adding 0.9 percentage point to growth.
Oil rose from a one-week low, gaining 0.3 percent to $72.15 a barrel in New York, on optimism fuel demand will be boosted by the gain in Chinese manufacturing. Crude fell 3.7 percent yesterday, capping the worst month since May.
To contact the reporters for this story: Ron Harui in Singapore at rharui@bloomberg.net; Clyde Russell in Singapore at crussell7@bloomberg.net
Last Updated: August 31, 2010 22:29 EDT |
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发表于 2010-8-31 09:29 PM
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发表于 2010-8-31 09:47 PM
