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.

Positive talks over fiscal cliff boost Asian markets

Positive talks over fiscal cliff boost Asian markets

Asian shares advanced on Monday in early trading in response to positive comments by lawmakers in the U.S. about talks relating to the fiscal cliff while sustained weakness in the yen helped the Japanese stocks rise to a two-month high.

The MSCI Asia Pacific Index rose 0.9% to 121 as of 10:20 a.m. in Tokyo. Japan’s Nikkei 225 Stock Average increased 1.4%, heading for its biggest four-day rally since March 2011. Australia’s S&P/ASX 200 Index added 0.2%, while South Korea’s Kospi Index rose 0.9%. Hong Kong’s Hang Seng Index gained 0.6%, while China’s Shanghai Composite Index lost 0.2%.

U.S. House Speaker John Boehner said negotiations over fiscal cliff were “constructive.” President Barack Obama, who is visiting Asia this week, said he is confident a deal can be achieved.

Meanwhile, the U.S. dollar continued to strengthen against the Japanese yen, the region's safe haven currency, bolstering Japanese stocks.

Exporters to the U.S. advanced the most. Toyota Motor Corp. rose 1.8% in Tokyo. Japan Tobacco Inc. jumped 6.5% as the government plans to postpone the sale of its stake in the cigarette maker.

Billabong International Ltd. surged 10% in Sydney after the surf-wear maker said it’s considering a takeover. Fanuc Corp. advanced 3%.

Li & Fung Ltd., a supplier of toys and clothes to retailers including Wal-Mart Stores Inc., gained 0.5% in Hong Kong. Samsung Electronics Co., Asia’s biggest exporter of consumer electronics, added 1.8%.

Kunlun Energy Co., a Chinese gas supplier controlled by PetroChina Co., added 4.2%.

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 Commodity conundrum, beleaguered bonds and a US dilemma

Commodity conundrum, beleaguered bonds and a US dilemma

This week’s episode of Investment Pulse looks at the impact of falling commodity prices on banks, dangers of negative yield curves and whether US equities can continue to deliver.

Play Mirabaud's Pyshkin: The US will continue to grow dividends

Mirabaud's Pyshkin: The US will continue to grow dividends

The global equity income manager has invested half of his fund here.

Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Wealth Manager on Twitter