Asian stocks jump led by exporters
Friday, 15 June 2007
SINGAPORE, June 14 (Bloomberg): Asian stocks rose Thursday led by exporters after US Fed Reserve said that the growth of US economy will not be hampered by rising inflation and retail sales in US, whose showing has been better than expected.
Toyota Motor and Samsung Electronics led gained amongst exporters to US.
BHP Billiton, Rio Tinto and Nippon Mining paced mining stocks higher after increase in copper prices.
Asian stocks rebounded from a two- week low after US retail sales rose more than expected and the Federal Reserve said the world's biggest economy is growing without stoking inflation.
Toyota Motor Corp. and Samsung Electronics Co. led exporters higher as the Fed's comments damped speculation the US will raise interest rates. Nippon Steel Corp. gained after saying it will increase its stake in Osaka-based Godo Steel Ltd.
``A resilient US economy gives consumers a reason to shop and investors an incentive to buy stocks,'' said Barro Liao, who helps manage $2.7 billion at PCA Securities Investment Trust Co. in Taipei. ``Exporters will benefit from good consumer appetite.''
China's CSI 300 Index fell after Premier Wen Jiabao said monetary policy needs a ``moderate tightening.'' Lotte Shopping Co. paced South Korea's Kospi index to a new high as Vice Finance Minister Chin Dong Soo said the nation's economic recovery would spur employment.
The Morgan Stanley Capital International Asia-Pacific Index added 0.8 per cent to 150.72 as of 7:11 p.m. in Tokyo, ending a two-day, 0.9 per cent decline sparked by a gain in bond yields. The Philippines benchmark also rose to a record as indexes climbed, except in New Zealand, Pakistan and Sri Lanka.
Japan's Nikkei 225 Stock Average gained 0.6 per cent to 17,842.29. Exporters including Nintendo Co. also climbed after the yen weakened to the lowest against the dollar since 2002, increasing the value of their dollar-denominated sales.
US stocks surged yesterday after retail sales rose 1.4 per cent in May, more than the 0.6 per cent economists expected in a Bloomberg News survey.
Toyota Motor and Samsung Electronics led gained amongst exporters to US.
BHP Billiton, Rio Tinto and Nippon Mining paced mining stocks higher after increase in copper prices.
Asian stocks rebounded from a two- week low after US retail sales rose more than expected and the Federal Reserve said the world's biggest economy is growing without stoking inflation.
Toyota Motor Corp. and Samsung Electronics Co. led exporters higher as the Fed's comments damped speculation the US will raise interest rates. Nippon Steel Corp. gained after saying it will increase its stake in Osaka-based Godo Steel Ltd.
``A resilient US economy gives consumers a reason to shop and investors an incentive to buy stocks,'' said Barro Liao, who helps manage $2.7 billion at PCA Securities Investment Trust Co. in Taipei. ``Exporters will benefit from good consumer appetite.''
China's CSI 300 Index fell after Premier Wen Jiabao said monetary policy needs a ``moderate tightening.'' Lotte Shopping Co. paced South Korea's Kospi index to a new high as Vice Finance Minister Chin Dong Soo said the nation's economic recovery would spur employment.
The Morgan Stanley Capital International Asia-Pacific Index added 0.8 per cent to 150.72 as of 7:11 p.m. in Tokyo, ending a two-day, 0.9 per cent decline sparked by a gain in bond yields. The Philippines benchmark also rose to a record as indexes climbed, except in New Zealand, Pakistan and Sri Lanka.
Japan's Nikkei 225 Stock Average gained 0.6 per cent to 17,842.29. Exporters including Nintendo Co. also climbed after the yen weakened to the lowest against the dollar since 2002, increasing the value of their dollar-denominated sales.
US stocks surged yesterday after retail sales rose 1.4 per cent in May, more than the 0.6 per cent economists expected in a Bloomberg News survey.