Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a647853
Asian stocks climb on U.S. budget hopes
by Himanshu Singh on Jan 02, 2013 at 03:50
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:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by Dylan Lobo on May 16, 2013 at 16:17