Asian stocks win after Chinese guarantees on deceleration
Asian stocks win after Chinese guarantees on deceleration
Asian markets were mostly higher on Monday, as Chinese benchmarks rebounded after officials took a positive turn for the country's economic slowdown.
KEEP THE SCORE: The Shanghai Composite Index rose 4.2 percent to 2,656.87 and the Hang Seng in Hong Kong rose 2.4 percent to 267,178.16. JapanThe Nikkei 225 index reversed early losses, gaining 0.6 percent to 22,659.52 and the Kospi in South Korea added 0.3 percent to 2,162.01. AustraliaThe S & P-ASX 200 of S counteracted the trend, losing 0.5 percent to 5,912.00. Stocks rose in Taiwan, Singapore, Indonesia and the Philippines.
WALL STREET: Earnings reports better than expected from companies such as Procter & Gamble, American Express and PayPal gave the US indices. UU An advance hike on Friday. But the momentum was lost when the data showed that US home sales fell for the sixth consecutive month. The S & P 500 index was 0.1 percent lower at 2,767.78. The Dow Jones industrial average finished 0.3 percent higher at 25,444.34, while the Nasdaq compound fell 0.5 percent to 7,449.03. The Russell 2000 index of shares of smaller companies fell 1.2 percent to 1,542.04, its lowest level in nearly six months, in part because of concerns about rising interest rates.
CHINESE GROWTH: China's economy grew at an annual rate of 6.5 percent, the slowest since 2009 in the quarter that ended in September, according to official data. Officials moved quickly to calm the nerves surrounding the growth that has been easing even before Washington raised tariffs of hundreds of billions of dollars on Chinese goods. The Chinese stock market has fallen 30 percent since January. China's economic czar, Deputy Prime Minister Liu He, said the decline was "creating good investment opportunities" and central bank governor Yi Gang insisted that "the current economic fundamentals are good."
ANALYST TAKEN: "The official voices that pledge their support have helped calm Chinese markets, some investors are looking for bargains based on limited handicaps," said Song Seng Wun, economist at CIMB Private Banking. "There has also been a hint of state support later, as state-linked funds come to buy weakened markets, giving investors reason to believe that markets would stabilize," he added.
ENERGY: US benchmark crude rose 26 cents to $ 69.38 per barrel in electronic transactions on the New York Mercantile Exchange. The contract added 0.7 percent to $ 69.12 per barrel in New York. Brent crude, used to quote international oils, rose 21 cents to $ 79.99 per barrel. In the previous session, it gained 0.6 percent to $ 79.78 per barrel.
CURRENCY: The dollar strengthened to 112.62 yen from 112.56 yen on Friday. The euro fell to $ 1.1515 from $ 1.1516.
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