World stocks gain amid positive China, Japan data
Thursday, 12 November 2009
TOKYO, Nov 11 (AP): Asian stock markets were mostly higher Wednesday after figures from China and Japan showed the region's two biggest economies were on track to recovering from the global downturn. European shares also traded higher.
But Asia's advance, its fourth in a row, appeared to slow as investors tread cautiously following recent gains and a lackluster session on Wall Street. The dollar was weaker against the euro and flat against the yen.
The Chinese government said the slump in the country's exports eased last month as industrial output and retail sales rose sharply, with inflation still tame. Together, the figures showed China's economy, with the help of massive stimulus spending, would meet or surpass this year's economic growth target of 8 per cent.
"Data showed the economy has real good growth prospects," said Ellie Chan, senior analyst at Tanrich Securities in Hong Kong.
Adding to positive signs in Asia, Japan's core machinery orders, a closely watched indicator of corporate capital spending, jumped 10.5 per cent in September, marking the second straight month of gains.
As trading got under way in Europe, benchmarks in Britain, Germany and France rose nearly 1 percent. Wall Street was poised for a higher open, with Dow futures up 0.4 per cent and S&P futures gaining 0.5 per cent.
In Asia, Japan's Nikkei stock average was higher in the morning before closing virtually unchanged at 9,871.68. Hong Kong's Hang Seng rose 1.6 per cent to 22,627.21.
Elsewhere, South Korea's market added 0.8 per cent, with markets in Australia, Taiwan and Singapore also gaining.
China's Shanghai index fell after eight days of gains, falling 0.1 per cent to 3,175.19. Analysts said the market was lackluster as the data came as no surprise.
"There's no question on the economy, so the figures were dull to investors," said Wen Lijun, an analyst for Nanjing Securities.
In the US, the Dow wavered but continued to rise to a new annual high, adding 20.03, or 0.2 per cent, to 10,246.97, its highest close since Oct 3, 2008.
The broader Standard & Poor's 500 index fell 0.07, or less than 0.1 per cent, to 1,093.01, after six days of gains.
Oil prices fell below $79 in Asia as investors mulled rising US oil inventories and a weaker dollar. Benchmark crude for December delivery down 14 cents to $78.91 a barrel. The contract fell 38 cents to settle at $79.05 Tuesday.
Gold added $11.3, or 1 per cent, to $1,113.8 an ounce.
The dollar was unchanged at 89.81 yen. The euro rose to $1.5030 from $1.4095.
But Asia's advance, its fourth in a row, appeared to slow as investors tread cautiously following recent gains and a lackluster session on Wall Street. The dollar was weaker against the euro and flat against the yen.
The Chinese government said the slump in the country's exports eased last month as industrial output and retail sales rose sharply, with inflation still tame. Together, the figures showed China's economy, with the help of massive stimulus spending, would meet or surpass this year's economic growth target of 8 per cent.
"Data showed the economy has real good growth prospects," said Ellie Chan, senior analyst at Tanrich Securities in Hong Kong.
Adding to positive signs in Asia, Japan's core machinery orders, a closely watched indicator of corporate capital spending, jumped 10.5 per cent in September, marking the second straight month of gains.
As trading got under way in Europe, benchmarks in Britain, Germany and France rose nearly 1 percent. Wall Street was poised for a higher open, with Dow futures up 0.4 per cent and S&P futures gaining 0.5 per cent.
In Asia, Japan's Nikkei stock average was higher in the morning before closing virtually unchanged at 9,871.68. Hong Kong's Hang Seng rose 1.6 per cent to 22,627.21.
Elsewhere, South Korea's market added 0.8 per cent, with markets in Australia, Taiwan and Singapore also gaining.
China's Shanghai index fell after eight days of gains, falling 0.1 per cent to 3,175.19. Analysts said the market was lackluster as the data came as no surprise.
"There's no question on the economy, so the figures were dull to investors," said Wen Lijun, an analyst for Nanjing Securities.
In the US, the Dow wavered but continued to rise to a new annual high, adding 20.03, or 0.2 per cent, to 10,246.97, its highest close since Oct 3, 2008.
The broader Standard & Poor's 500 index fell 0.07, or less than 0.1 per cent, to 1,093.01, after six days of gains.
Oil prices fell below $79 in Asia as investors mulled rising US oil inventories and a weaker dollar. Benchmark crude for December delivery down 14 cents to $78.91 a barrel. The contract fell 38 cents to settle at $79.05 Tuesday.
Gold added $11.3, or 1 per cent, to $1,113.8 an ounce.
The dollar was unchanged at 89.81 yen. The euro rose to $1.5030 from $1.4095.