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Asian shares advance on Fed stimulus bets
by Himanshu Singh on Oct 28, 2013 at 03:19
Asian shares gained on Monday in late morning trade after weaker than estimated US consumer confidence increased hopes the Federal Reserve will maintain stimulus.
The MSCI Asia Pacific Index gained 0.7% to 142 as of 10:49 a.m. in Tokyo. Japan’s Topix index gained 0.7%. Australia’s S&P/ASX 200 Index (AS51) rose 1.2%, to the highest level since June 2008.
South Korea’s Kospi index added 0.1% after a Bank of Korea survey showed consumer sentiment rose this month to the highest level since May 2012.
Hong Kong’s Hang Seng Index increased 0.5% and China’s Shanghai Composite rose 0.2%. Taiwan’s Taiex Index and Singapore’s Straits Times Index both gained 0.2%.
Investors are awaiting industrial production data today from the world’s largest economy, the next barometer for clues as to whether the Federal Reserve will delay scaling back U.S. monetary stimulus.
Komatsu Ltd. and China Telecom Corp. are among Asian companies scheduled to report results today, while Apple Inc. reports in the U.S.
Investors are awaiting industrial production figures today from the US, the next signal for clues as to whether the Fed will delay scaling back monetary stimulus.
In corporate news, CSL Ltd. (CSL), a maker of blood-derived therapies that gets more than a third of its sales in the US, jumped 2.9% in Sydney.
Toyota Motor Corp. added 1% in Tokyo as the yen weakened against the dollar, boosting the earnings outlook for Asia’s largest carmaker.
Kingsgate Consolidated Ltd. fell 4.7% in Sydney as the gold miner reported an 18% drop in quarterly output.
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