China fore­cast-beat­ing num­bers pushes most Asian mar­kets up

The Myanmar Times - - International Business -

HONG Kong led most ma­jor Asian mar­kets higher yes­ter­day, with data in­di­cat­ing fore­cast-beat­ing growth in Chi­nese fac­tory ac­tiv­ity pro­vid­ing a boost but un­cer­tainty over the US pres­i­den­tial race keep­ing in­vestors on edge.

“The mar­ket has turned more pos­i­tive and con­fi­dent that China’s econ­omy will sta­bilise in the fourth quar­ter,” Li­nus Yip, a Hong Kong-based strate­gist at First Shang­hai Se­cu­ri­ties, told Bloomberg News.

“Af­ter a cor­rec­tion in Hong Kong and be­ing at a rel­a­tively low level, the mar­ket needed some stim­u­lus to gain power and the China fig­ures helped trig­ger that.”

Hong Kong stocks closed up 0.9 per­cent, hav­ing re­treated al­most 3pc in the pre­vi­ous five days. Shang­hai ended up 0.7pc and Tokyo re­versed early losses to end 0.1pc higher. Sin­ga­pore put on 0.4pc in late trade.

But Syd­ney shed 0.5pc and Seoul was slightly lower while Welling­ton and Taipei also fin­ished lower. Con­fi­dence is still fragile af­ter the bomb­shell news that with just un­der two weeks to the elec­tion, the FBI was in­ves­ti­gat­ing ad­di­tional emails con­nected to Demo­cratic nom­i­nee Hil­lary Clin­ton, Wall Street’s pre­ferred can­di­date.

“There is a lot of un­cer­tainty,” Tony Farn­ham, a Syd­ney-based strate­gist at Pater­sons Se­cu­ri­ties, said. “There’s plenty hap­pen­ing over the next week and there’s a de­gree of cau­tion around the key events.”

The dol­lar edged up later in the day against the yen af­ter the Bank of Japan once again pushed back its in­fla­tion time­line.

The cen­tral bank now ex­pects prices to move “to­wards” 2pc by March 2019 – four years later than its orig­i­nal goal, which was set by gov­er­nor Haruhiko Kuroda in 2013. An­a­lysts said the move could mean the BoJ will hold off new eas­ing un­til late next year to give prices time to pick up.

In­vestors were also keep­ing an eye on a string of pos­si­ble mar­ket-moving events this week, in­clud­ing gath­er­ings of the Fed­eral Re­serve and Bank of Eng­land. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.