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Asian shares gain on Fed stimulus outlook
by Himanshu Singh on Oct 21, 2013 at 04:10
Asian shares gained on Monday in morning trade amid speculation the US Federal Reserve will delay stimulus cuts.
The MSCI Asia Pacific Index added 0.2% to 144 as of 10:15 a.m. in Tokyo. Japan’s Topix index advanced 0.4%. The country’s exports increased 11.5% in September from a year earlier, according to a government report today. That was less than a median 15.6% growth estimate in a Bloomberg survey.
Australia’s S&P/ASX 200 Index added0.7% and New Zealand’s NZX 50 Index added 0.9%. Hong Kong’s Hang Seng Index increased 0.6% and China’s Shanghai Composite Index advanced 0.2%.
Singapore’s Straits Times Index gained 0.3%, while South Korea’s Kospi index was little changed. Taiwan’s Taiex index lost 0.2%.
According to the Bloomberg survey, the Fed is unlikely to taper its bond-purchasing programme until March next year because the shutdown probably slowed fourth-quarter US growth and also interrupted the flow of data.
In company news, Canon Inc., the world’s biggest camera maker, rose 1% as a weaker yen boosted the earnings outlook for Japanese exporters.
Naver Corp. gained 4.8% to a record in Seoul after KB Investment & Securities Co. raised its price target for the Internet company.
Qantas Airways Ltd. fell 4.7%, extending losses for a second day, after Australia’s largest carrier said last week it expects the lowest yields in more than a decade for passenger flights.Investors are looking forward to the payrolls data due tomorrow in the US, which will probably show employers added 180,000 workers in September, the most since April, according to a Bloomberg survey.
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