Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Asian stocks rebound on Wall Street surge

Asian stocks rebound on Wall Street surge

Asian shares gained on Monday in morning session led by Japanese shares after Wall Street rallied on an easing of tensions in Ukraine, although conflicts in other geopolitical hotspots such as Iraq limited gains.

The MSCI Asia Pacific Index advanced 0.8% to 145 as of 10:32 a.m. in Tokyo. Japan’s Topix jumped 1.3% today, rebounding from a 2.4% slump on 8 August after a report the nation’s pension fund freed itself to buy more domestic equities.

South Korea’s Kospi index climbed 0.4%. Australia’s S&P/ASX 200 Index added 0.6%, while New Zealand’s NZX 50 Index was little changed. Markets in Thailand are closed through tomorrow for holidays.

Hong Kong’s Hang Seng Index added 0.8% after mainland inflation data signaled policy makers still have room for monetary easing amid a lack of pressure on prices. China’s Shanghai Composite Index gained 0.4%. Taiwan’s Taiex Index added 0.5%. Singapore’s Straits Times Index rose 0.4%.

In geopolitical news, Ukraine’s military has demanded pro-Russia rebels in the former Soviet republic’s east surrender, dismissing the insurgents’ offer of a cease-fire as they push ahead with their campaign.

In the Middle East, Israel and Gaza Strip militants began to observe another Egypt-brokered truce, giving negotiators time to craft a more enduring accord after a month of violence in the Hamas-ruled territory

China’s consumer inflation remained below the government’s goal in July and factory-gate deflation persisted, a report showed over the weekend.

In company news, Mitsui Mining & Smelting Co., a maker of lead and copper alloys, jumped 7.4% in Tokyo after raising its full-year profit forecast. Japan Tobacco Inc. gained 3.1%, providing the biggest boost to the Topix index. Malaysian Airline System Bhd. soared 8.3% after sovereign wealth fund Khazanah Nasional Bhd. offered to take the carrier private.

SK Hynix Inc., a South Korean maker of semiconductors, gained 1.7% after Eugene Investment & Securities Co. said higher estimated chip prices will boost second-half earnings.

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter