Most Asian mar­kets up but early dol­lar rally fades

The Myanmar Times - - International Business -

SHANG­HAI led a broad rally across Asian stock mar­kets yes­ter­day on hopes China will un­veil fresh econ­omy boost­ing mea­sures, while the dol­lar waned through the day.

Chi­nese growth has lev­elled out this year af­ter a painful slow­down, but there are hopes of­fi­cials will push on with spend­ing mea­sures, par­tic­u­larly of state-owned firms.

“Sta­bil­i­sa­tion in [China’s] thirdquar­ter eco­nomic data has pro­vided sup­port to the broader mar­ket,” Wang Zheng, Shang­hai-based chief in­vest­ment of­fi­cer at Jingxi In­vest­ment Man­age­ment, told Bloomberg News.

“Some big state-owned en­ter­prises are do­ing well as there is spec­u­la­tion that the gov­ern­ment will ac­cel­er­ate their con­sol­i­da­tion to im­prove ef­fi­ciency and boost spend­ing to fur­ther bol­ster eco­nomic growth.”

The up­beat out­look helped push Shang­hai up 1.2 per­cent by the close, while Hong Kong was 1pc higher.

Tokyo ended up 0.3pc, Seoul gained 0.7pc and Sin­ga­pore was 0.7pc higher, while Syd­ney dipped 0.4pc.

On cur­rency mar­kets the dol­lar re­treated af­ter a promis­ing start that was fu­elled by grow­ing ex­pec­ta­tions of a US in­ter­est rate rise by year-end.

With the US econ­omy show­ing in­creas­ing signs of re­cov­ery, ex­perts say a Fed­eral Re­serve in­crease in De­cem­ber is all but cer­tain. –

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