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 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 Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter