Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Asian Shares Rise, Sydney Hits Multi-Year High

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/18/2013 | 02:45am CEST

--Japan stocks soar after G20 meeting

--Earnings help Australia hit fresh multi-year high

--Shanghai flat on first day trading in year of the snake

Asian markets were mostly higher Monday, with Japanese stocks surging after Japan avoided criticism over the weakening yen at the Group of Twenty meeting over the weekend, while strong earnings helped the Australian market touch a fresh multi-year high.

The Group of Twenty meeting, held in Moscow, ended with its members pledging to refrain from targeting their currency policies to gain a competitive advantage. Most significantly for Asia, Japan was not singled out for the recent volatility in the yen's exchange rate. The Japanese yen started to depreciate sharply late last year on expectations that the new government would implement aggressive monetary policy.

The G-20 meeting "doesn't seem to have done anything to prevent Japan from stimulating its economy," said Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney.

Elections in Italy, to be held on February 24th and 25th, are "probably the next big event on the horizon that might disrupt markets," said Mr. Oliver, adding that the worry is that no single party wins a strong mandate or a victory by Silvio Berlusconi could put a halt to Italy's reform agenda.

The U.S. dollar strengthened against the yen, and was recently at Y94.11 compared with Y93.51 late Friday in New York.

The latest data from the International Monetary Market suggests a decrease in enthusiasm for shorting the yen. Non-commercial short positions on the yen against the U.S. dollar decreased for the second straight week, with 61,306 contracts as of February 12th, compared to 68,413 a week before.

The weaker yen gave Japanese stocks a strong start, with the Nikkei Stock Average up 2.3%.

Banks and real estate firms led gains with Mitsubishi UFJ Financial Group rising 4.9% and real estate firm Mitsui Fudosan adding 3.4%. Exporters were also higher with Honda Motor climbing 2.5% and Toyota Motor Corp. gaining 2.4%.

Australia's S&P/ASX 200 was up 0.5% at 5059.20 after hitting a fresh four-and-a-half year high of 5070.5 earlier Monday.

The market was helped by more strong earnings reports, which extended Australia's positive reporting season. Bluescope Steel, the country's largest steelmaker by market value, jumped 16.2% after reporting a smaller loss in the first half of the fiscal year, benefiting from a restructuring that included more than 1,800 job cuts.

Bendigo & Adelaide Bank advanced 3.3% after releasing better-than-expected results, while packaging company Amcor, climbed 3.1% after releasing its interim report.

The reporting season will continue in Australia, with more major companies due to release results this week including BHP Billiton, Woodside Petroleum and QBE Insurance Group.

Stocks in mainland China were flat on the first day of trading in the year of the snake with the Shanghai Composite Index just one point higher, after closing for a week long public holiday. In Hong Kong the Hang Seng Index, which started trading again last Thursday, was down 0.4%.

South Korea's Kospi Composite fell 0.3%.

Write to Daniel Inman at daniel.inman@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
03:51a IFC INTERNATIONAL FINANCE : Investment in TienPhong Bank Increases Access to Finance for SMEs in Vietnam
03:46a GOLDEN AGRI RESOURCES : Sustainability Report 2014/2015
03:46a SUMITOMO ELECTRIC INDUSTRIES : Releases Industry-Leading 3456F Ultra-High-Fiber-Count Ribbon Cables
03:46a WANG YI : China to Enter a Busy "Season of Multilateral Diplomacy" with the Upcoming G20 Summit
03:41a YNH PROPERTY BHD : Changes In Sub. S-hldr's Int. (29B) - Mitsubishi UFJ Financial Group, Inc ("MUFG")
03:37a Volunteers work to fill a need in Manatee County through 'Stuff The Bus' food drive
03:36aDJHEWLETT PACKARD : HP, HP Enterprise Accused of Age Discrimination in Suit
03:36aDJSpain's Ruling Party Strikes Deal With Centrists
03:36aDJGENERAL ELECTRIC : China Sets Up Aircraft-Engine Maker
03:36aDJPressure Mounts on South Africa's President Zuma After Twin Shocks
Latest news
Advertisement
Hot News 
-10.63%GAMESTOP : quarterly revenue misses on weak video game sales
4.35%TATA MOTORS : India's Tata Motors first-quarter net profit halves on forex loss post-Brexit vote
-2.31%HERBALIFE : Ackman approached to buy Herbalife shares owned by Icahn
-6.63%DONGFENG MOTOR : 1st Half Net Profit Falls 1.8% to CNY6.76 Billion
3.58%RESTAURANT : to sell or close 33 outlets
Most Read News
07:35p BHP BILLITON : U.S. SEC paid $3.75 million to BHP Billiton whistleblower - report
06:53p HERBALIFE : may have misled investors, SEC on impact of FTC deal, one short-seller says
06:11p AUSTAL : Dividend/Distribution - ASB
07:36p THOMSON RESOURCES LTD (ASX : TMZ) Awarded Drilling Grants
08:11p ACONEX : FY16 Financial Results teleconference transcript
Most recommended articles
09:36pDJHEWLETT PACKARD : HP, HP Enterprise Accused of Age Discrimination in Suit
09:36pDJGENERAL ELECTRIC : China Sets Up Aircraft-Engine Maker
09:36pDJIran Accuses Man Involved in Nuclear Deal Talks of Spying
09:16pDJCHINA PACIFIC INSURANCE : 1st Half Net Profit Down 46% at CNY6.14 Billion
08:54pDJCHINA SHENHUA ENERGY : 1st Half Net Profit Down 19.3% to CNY10.83 Billion