Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a703131
Asian shares gain as Summers withdraws from Fed race
by Himanshu Singh on Sep 16, 2013 at 04:11
Asian shares gained on Monday in late morning trade after Lawrence Summers withdrew from consideration to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favour a slower reduction in US stimulus.
The MSCI Asia Pacific excluding Japan Index increased 1.2% to 462 as of 10.00a.m. in Hong Kong. South Korea’s Kospi index rose 0.7% and New Zealand’s NZX 50 Index gained 0.5%. Australia’s S&P/ASX 200 Index gained 0.7%.
Taiwan’s Taiex index and Singapore’s Straits Times Index both advanced 1.3%. Hong Kong’s Hang Seng Index climbed 1.3%, while China’s Shanghai Composite Index added 0.2%.
Japanese markets are closed for a holiday.
Summers withdrew his nomination to lead the US central bank, before a two-day policy meeting starting tomorrow at which the central bank is forecast to reduce quantitative easing.In corporate news, Newcrest Mining Ltd. (NCM), Australia’s biggest gold producer, surged 5.2% as the bullion’s price rose. SK Hynix Inc., the world’s No. 2 maker of computer-memory chips, gained 2.2% in Seoul after a report that US rival Micron Technology Inc. is cutting its production by about 30%. Tencent Holdings Ltd., China’s biggest Internet company, rose 1.5% in Hong Kong, on course for a record close.
News sponsored by:
Today's top headlines
More about this:
On the road
by Danielle Levy on Dec 12, 2013 at 09:03