Asian stocks rise to record
Tuesday, 9 October 2007
LONDON Oct 8 (Bloomberg): Asian stocks rose to a record after a pickup in U.S. hiring stoked optimism the world's biggest economy will avoid a recession.
BHP Billiton Ltd., the world's largest resources company, led raw-materials producers higher. Hon Hai Precision Industry Co., which produces iPhone handsets and PlayStation 3 game consoles, gained on speculation U.S. consumer spending will strengthen. China's CSI 300 Index advanced to a new high, paced by China Vanke Co., on speculation a strengthening yuan will boost overseas demand for local-currency assets such as property.
The data ``points to a soft landing in the U.S., which is the best scenario that investors could hope for,'' said Leslie Phang, who helps manage $1 billion at Commonwealth Private Bank in Singapore. ``We're seeing a very favorable market outlook. If global economies continue to perform alright, Asian companies will do very well.''
Japan's market is closed for a holiday. The Morgan Stanley Capital International Asia-Pacific excluding Japan Index added 0.4 per cent to 550.09 as of 6:27 p.m. in Hong Kong, exceeding its Oct. 2 record close of 549.66.
BHP Billiton Ltd., the world's largest resources company, led raw-materials producers higher. Hon Hai Precision Industry Co., which produces iPhone handsets and PlayStation 3 game consoles, gained on speculation U.S. consumer spending will strengthen. China's CSI 300 Index advanced to a new high, paced by China Vanke Co., on speculation a strengthening yuan will boost overseas demand for local-currency assets such as property.
The data ``points to a soft landing in the U.S., which is the best scenario that investors could hope for,'' said Leslie Phang, who helps manage $1 billion at Commonwealth Private Bank in Singapore. ``We're seeing a very favorable market outlook. If global economies continue to perform alright, Asian companies will do very well.''
Japan's market is closed for a holiday. The Morgan Stanley Capital International Asia-Pacific excluding Japan Index added 0.4 per cent to 550.09 as of 6:27 p.m. in Hong Kong, exceeding its Oct. 2 record close of 549.66.