Friday, June 19, 2009
Asian stocks rose, paring the MSCI Asia Pacific Index’s biggest weekly decline since March, as better-than-estimated U.S. economic reports boosted the dollar and Goldman Sachs Group Inc. upgraded Japanese banks.
Canon Inc., which gets 28 percent of its sales from the Americas, jumped 3.6 percent as a weaker yen lifted prospects for overseas earnings. WorleyParsons Ltd. climbed 6.7 percent, leading energy stocks higher, after forecasting “good growth” for fiscal 2009. Mitsubishi UFJ Financial Group Inc., the country’s biggest listed lender, climbed 3.4 percent after Goldman Sachs raised its recommendation to “buy.”
The MSCI Asia Pacific Index gained 0.8 percent to 101.43 as of 2:45 p.m. in Tokyo, with three stocks rising for every two that fell. The gauge has lost 3.6 percent this week, paring its rally from a five-year low on March 9 to 44 percent. The index is down 41 percent from its November 2007 record.
“It’s a tug of war between the bulls and bears,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “There’s the belief that this is the start of the upturn and that things will keep improving, and on the flip side that things have come too far too fast.”
Japan’s Nikkei 225 Stock Average rose 0.2 percent, paring earlier gains. Industrial-plant builder Chiyoda Corp. led the advance, rising 4.1 percent, after the Nikkei newspaper said the company won an order in Saudi Arabia. Elpida Memory Inc., Japan’s biggest maker of memory chips, jumped 3.4 percent after the Nikkei said the company may apply for funding from the Development Bank of Japan.
Treasuries Advance
Among stocks that fell, Jiangxi Copper Co. dropped 2.2 percent in Hong Kong after Zhejiang Honglei Copper Co. said prices of the metal are likely to fall. The Hang Seng Index gained 0.6 percent, while Singapore’s Straits Times Index climbed 1.3 percent.
Futures on the Standard & Poor’s 500 Index rose 0.2 percent, while Treasuries advanced as yields near the highest level in a week lured some investors.
The S&P 500 climbed 0.8 percent yesterday as the New York- based Conference Board said its leading economic index rose 1.2 percent last month, exceeding the 1 percent gain estimated by economists. The Federal Reserve Bank of Philadelphia’s general economic index jumped to the highest level in nine months.
(Bloomberg)
Asian stocks rose, paring the MSCI Asia Pacific Index’s biggest weekly decline since March, as better-than-estimated U.S. economic reports boosted the dollar and Goldman Sachs Group Inc. upgraded Japanese banks.
Canon Inc., which gets 28 percent of its sales from the Americas, jumped 3.6 percent as a weaker yen lifted prospects for overseas earnings. WorleyParsons Ltd. climbed 6.7 percent, leading energy stocks higher, after forecasting “good growth” for fiscal 2009. Mitsubishi UFJ Financial Group Inc., the country’s biggest listed lender, climbed 3.4 percent after Goldman Sachs raised its recommendation to “buy.”
The MSCI Asia Pacific Index gained 0.8 percent to 101.43 as of 2:45 p.m. in Tokyo, with three stocks rising for every two that fell. The gauge has lost 3.6 percent this week, paring its rally from a five-year low on March 9 to 44 percent. The index is down 41 percent from its November 2007 record.
“It’s a tug of war between the bulls and bears,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “There’s the belief that this is the start of the upturn and that things will keep improving, and on the flip side that things have come too far too fast.”
Japan’s Nikkei 225 Stock Average rose 0.2 percent, paring earlier gains. Industrial-plant builder Chiyoda Corp. led the advance, rising 4.1 percent, after the Nikkei newspaper said the company won an order in Saudi Arabia. Elpida Memory Inc., Japan’s biggest maker of memory chips, jumped 3.4 percent after the Nikkei said the company may apply for funding from the Development Bank of Japan.
Treasuries Advance
Among stocks that fell, Jiangxi Copper Co. dropped 2.2 percent in Hong Kong after Zhejiang Honglei Copper Co. said prices of the metal are likely to fall. The Hang Seng Index gained 0.6 percent, while Singapore’s Straits Times Index climbed 1.3 percent.
Futures on the Standard & Poor’s 500 Index rose 0.2 percent, while Treasuries advanced as yields near the highest level in a week lured some investors.
The S&P 500 climbed 0.8 percent yesterday as the New York- based Conference Board said its leading economic index rose 1.2 percent last month, exceeding the 1 percent gain estimated by economists. The Federal Reserve Bank of Philadelphia’s general economic index jumped to the highest level in nine months.
(Bloomberg)
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