Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian shares gain on growing hopes of China stimulus

Asian shares gained on Monday led by consumer stocks rose in a cautious start to the week with investors holding out hopes that China would take steps to stimulate its economy.

The MSCI Asia Pacific Index surged 0.4% to 137 as of 10:54 a.m. in Tokyo. Japan’s Topix index added 0.3% as the yen held last week’s losses versus the dollar and even as data showed industrial production unexpectedly declined 2.3% in February from January.

South Korea’s Kospi index was little changed as North Korea said it may conduct a “new form” of nuclear test if the US challenges its efforts to enhance deterrence through military drills.

Australia’s S&P/ASX 200 Index rose 0.8% and New Zealand’s NZX 50 Index slid 0.1%. Taiwan’s Taiex index was little changed and Singapore’s Straits Times Index added 0.3%.

Hong Kong’s Hang Seng Index rose less than 0.1%, while the Shanghai Composite Index fell 0.2%.

Stock markets declined last week as investors weighed the crisis in Ukraine. Federal Reserve Chair Janet Yellen speaks in Chicago today as investors await payrolls data due later in the week to assess the outlook for U.S. interest rates.

An official purchasing managers’ index of Chinese manufacturing due tomorrow is estimated to drop to 50.1 for March from 50.2 in February, a Bloomberg survey of economists shows.

In corporate news, Eclat Textile Co. rose 6.8% in Taiwan, the most among the MSCI Asia Pacific Index group tracking consumer discretionary shares.

China Construction Bank Corp., the nation’s second-largest lender by market value, surged 1.1% after posting profit growth that beat expectations.

Mazda Motor Corp., a Japanese automaker that gets about 30% of its revenue in North America, gained 3.6%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter