Asian stocks rise to one-year high
Friday, 18 September 2009
TOKYO, Sept 17 (Bloomberg): Asian stocks rose, driving the MSCI Asia Pacific Index to a one-year high, as growing investor confidence in the global recovery sent commodity prices higher and prompted Japanese steelmakers to start idled plants.
BHP Billiton Ltd., the world's largest mining company, rose 1.5 per cent in Sydney after saying steel demand will double in the next 15 years. Nippon Steel Corp., the world's No. 2 producer of the alloy, rallied 4.1 per cent after saying it will reopen a furnace. Nissan Motor Co., which gets 34 per cent of its revenue in North America, jumped 3.4 per cent after U.S. industrial production increased more than forecast.
"The flow of good economic news has become an avalanche," said Shane Oliver, head of investment strategy with AMP Capital Investors Ltd., which manages about $75 billion. "Six months ago, investors were allowing for a Great Depression-type of scenario. Instead, we're seeing clear evidence of a recovery."
BHP Billiton Ltd., the world's largest mining company, rose 1.5 per cent in Sydney after saying steel demand will double in the next 15 years. Nippon Steel Corp., the world's No. 2 producer of the alloy, rallied 4.1 per cent after saying it will reopen a furnace. Nissan Motor Co., which gets 34 per cent of its revenue in North America, jumped 3.4 per cent after U.S. industrial production increased more than forecast.
"The flow of good economic news has become an avalanche," said Shane Oliver, head of investment strategy with AMP Capital Investors Ltd., which manages about $75 billion. "Six months ago, investors were allowing for a Great Depression-type of scenario. Instead, we're seeing clear evidence of a recovery."