Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a699348
Asian shares gain as US housing data eases
by Himanshu Singh on Aug 26, 2013 at 03:36
Asian shares increased for a second day after a steep drop in US new home sales eased speculation the Federal Reserve will reduce economic stimulus next month.
The MSCI Asia Pacific Index advanced 0.3% to 132 as of 10:55 a.m. in Tokyo. Japan’s Topix index added 0.2%. Australia’s S&P/ASX 200 rose 0.5% and New Zealand’s NZX 50 Index gained 0.4%. South Korea’s Kospi Index increased 0.8%.
Hong Kong’s Hang Seng Index advanced 0.9%. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.5%.
Data out on Friday showing sales of new US single-family homes declined to their lowest in nine months raised doubts about whether the Fed afford to start to pull back next month and gave investors an excuse to buy back severely beaten-down assets.
In corporate news, China Petroleum & Chemical Corp., Asia’s biggest refiner, added 1.2% after unveiling a 24% increase in first-half net income.
Newcrest Mining Ltd. jumped 7.2%, leading a surge in Australian gold producers after the price of the precious metal rose above $1,400 an ounce last week.
On the negative side, Tokyo Electric Power Co. plunged 8.5% in Tokyo after eight tonnes of filtered water leaked at its crippled Fukushima Dai-Ichi nuclear power plant.
News sponsored by:
Today's top headlines
More about this:
On the road
by Alex Steger on Dec 11, 2013 at 10:19