Asian stocks, copper climb as economy improves, euro weakens
Thursday, 7 January 2010
TOKYO, Jan 6 (Bloomberg): Asian stocks advanced, the risk of defaults in the region fell and copper rose to the highest level in more than 16 months on signs the global economy is improving. The euro weakened on concerns about support for Greece.
The MSCI Asia Pacific Index rose 0.6 per cent to 124.30 as of 5:50 pm Tokyo time. Copper increased 1.6 per cent and the cost of protecting bonds in Asia and Australia from default fell to the lowest level since May 2008, CMA DataVision prices show.
Europe's Dow Jones Stoxx 600 rose 0.3 per cent to 258.29 and US futures declined. The euro dropped after an Italian newspaper cited European Central Bank (ECB) policy maker Juergen Stark as saying markets can't assume the region will bail out Greece.
US auto sales rose 15 per cent in December from declines in November and October. Economists surveyed project the US government will say on January 8 that payrolls were unchanged in December, the first month employment didn't contract since the recession began two years ago. German unemployment unexpectedly fell in December, the government said yesterday, as exports rose.
"Demand is on a steady recovery worldwide," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees $94 billion. "The market and economy will be better in 2010 than last year."
About two stocks advanced for every one that fell in the MSCI Asia Pacific Index. The gauge has climbed 37 per cent in the past 12 months. The Topix Index climbed 1.3 per cent. Futures on the Standard & Poor's 500 Index lost 0.2 per cent. The index added 0.3 per cent yesterday after factory orders rose 1.1 per cent in November, more than twice what economists estimated.
Toyota Motor Corp rose 2.5 per cent to 3,900 yen after its December US sales jumped 32 per cent. Nintendo Co climbed 6.9 per cent to 24,500 yen after US sales of its Wii game console rose to more than 3 million last month, the Kyoto-based company estimated on its Web site.
Hynix Semiconductor Inc gained 5.1 per cent to 24,550 won. The United Arab Emirates offered in November to buy a stake in the company, the Electronic Times reported today. Sumitomo Mitsui Financial Group Inc jumped 5.5 per cent to 2,800 yen, leading an advance among Japanese banks on expectations further capital raising needs will be limited.
Japan Airlines Corp sank 6.7 per cent to 84 yen. The Development Bank of Japan, the company's biggest creditor, and the finance ministry favour bankruptcy proceedings to restructure the airline, Nikkei English News reported.
The MSCI Asia Pacific Index rose 0.6 per cent to 124.30 as of 5:50 pm Tokyo time. Copper increased 1.6 per cent and the cost of protecting bonds in Asia and Australia from default fell to the lowest level since May 2008, CMA DataVision prices show.
Europe's Dow Jones Stoxx 600 rose 0.3 per cent to 258.29 and US futures declined. The euro dropped after an Italian newspaper cited European Central Bank (ECB) policy maker Juergen Stark as saying markets can't assume the region will bail out Greece.
US auto sales rose 15 per cent in December from declines in November and October. Economists surveyed project the US government will say on January 8 that payrolls were unchanged in December, the first month employment didn't contract since the recession began two years ago. German unemployment unexpectedly fell in December, the government said yesterday, as exports rose.
"Demand is on a steady recovery worldwide," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees $94 billion. "The market and economy will be better in 2010 than last year."
About two stocks advanced for every one that fell in the MSCI Asia Pacific Index. The gauge has climbed 37 per cent in the past 12 months. The Topix Index climbed 1.3 per cent. Futures on the Standard & Poor's 500 Index lost 0.2 per cent. The index added 0.3 per cent yesterday after factory orders rose 1.1 per cent in November, more than twice what economists estimated.
Toyota Motor Corp rose 2.5 per cent to 3,900 yen after its December US sales jumped 32 per cent. Nintendo Co climbed 6.9 per cent to 24,500 yen after US sales of its Wii game console rose to more than 3 million last month, the Kyoto-based company estimated on its Web site.
Hynix Semiconductor Inc gained 5.1 per cent to 24,550 won. The United Arab Emirates offered in November to buy a stake in the company, the Electronic Times reported today. Sumitomo Mitsui Financial Group Inc jumped 5.5 per cent to 2,800 yen, leading an advance among Japanese banks on expectations further capital raising needs will be limited.
Japan Airlines Corp sank 6.7 per cent to 84 yen. The Development Bank of Japan, the company's biggest creditor, and the finance ministry favour bankruptcy proceedings to restructure the airline, Nikkei English News reported.