View the article online at http://citywire.co.uk/money/article/a647853
Asian stocks climb on U.S. budget hopes
Australia’s S&P/ASX 200 Index gained 1.2% and South Korea’s Kospi Index added 1.4% in the first session of 2013.
Asian markets gained in the first session of 2013 on Tuesday as U.S. Republican lawmakers gave up opposition to a budget compromise and Japan’s yen weakened.
The MSCI Asia Pacific excluding Japan Index climbed 1.6% as of 11:30 a.m. in Hong Kong, heading for its highest close since August 2011. Australia’s S&P/ASX 200 Index gained 1.2% and South Korea’s Kospi Index added 1.4%. Hong Kong’s Hang Seng Index advanced 1.8% while a gauge of Chinese companies listed in the city increased 2.1%.
Equity markets in Japan and mainland China are closed today and tomorrow for public holidays.
House Republicans abandoned their effort to add spending cuts to the Senate’s budget legislation amid hopes the measure will be passed tonight.
In Asia, China will work towards bolstering global growth this year, President Hu Jintao said in a New Year’s Eve address. While South Korean manufacturing expanded for the first time since May in December, a private survey showed today.Techtronic Industries Co., a maker of power tools that counts North America as its biggest market, rose 2.9% in Hong Kong. BHP Billiton Ltd., the world’s biggest mining company, advanced 1.6% in Sydney, leading gains among raw-material producers.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.