Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Asian shares creep higher on US growth data

Asian shares creep higher on US growth data

Asian markets gained on Monday in morning trade in response to faster-than-estimated economic growth in the US and after the International Monetary Fund said it’s raising its outlook for the world’s largest economy.

The MSCI Asia Pacific excluding Japan Index climbed 0.4% to 461 as of 9:40 a.m. in Hong Kong. Australia’s S&P/ASX 200 Index climbed 0.3%, with trading volume 27% below its 30-day average for the time of day. New Zealand’s NZX 50 Index gained 0.6%. South Korea’s Kospi index increased 0.6%.

Hong Kong’s Hang Seng Index rose 0.3%. Singapore’s Straits Times Index climbed 0.2% and Taiwan’s Taiex Index added 0.7%.

Shares advanced after data showed the rate of US growth in the third quarter was faster than previously estimated as consumers increased spending on services such as health care and companies invested more in software.

Gross domestic product climbed at a 4.1% annualised rate, the strongest since the final three months of 2011 and up from a previous estimate of 3.6%, Commerce Department figures showed 20 December.

Meanwhile, the IMF said that it is raising its outlook for the US economy, as a budget deal in Washington and the Federal Reserve’s plan to taper its bond buying ease doubts about the future.

In corporate news, Hyundai Merchant Marine Co., Korea’s second-largest shipping company, surged 15% in Seoul after Hyundai Group said it plans to offload assets including financial units and its hotel business for at least 3.3 trillion won ($3.1 billion).

Echo Entertainment Group Ltd. advanced 3.7% in Sydney after a managing director of its Star casino resigned.

China Mobile Ltd. added 1.1% in Hong Kong after striking a deal with Apple Inc. to sell the iPhone in the world’s largest wireless market.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter