Asia stocks gain amid U.S. easing speculation; Nikkei flat
Investing.com
Published Aug 31, 2011 02:45AM ET
During late Asian trade, Hong Kong's Hang Seng Index climbed 0.9%, Australia’s ASX/200 Index rose 0.45%, while Japan’s Nikkei 225 Index eased up 0.01%.
Minutes of the Federal Reserve’s August policy setting meeting revealed that some Fed policy makers favored more aggressive action to stimulate the U.S. economy, including buying more government debt.
Shares in Japanese exporters with high exposure to the U.S. were initially boosted by the news, however a stronger yen led to some profit taking.
Consumer electronics giant Sony saw shares drop 1.75%, digital camera maker Canon edged 0.55% higher, while shares in Honda gained 1.5%.
Meanwhile, shares in industrial-machinery firms came under pressure after official preliminary data released earlier showed that Japanese industrial production rose 0.6% in July, below expectations for a 1.6% gain.
Shares in Toshiba dropped 2.35%, Kawasaki Heavy Industries slumped 1.1%, while shares in industrial-robot maker Fanuc edged 0.5% lower.
Meanwhile, in Hong Kong, shares in oil producers led gains as crude oil prices traded above USD88 a barrel on the New York Mercantile Exchange, boosting earnings prospects for energy explorers.
Oil and gas giant PetroChina saw shares jump 2%, offshore oil producer CNOOC saw shares gain 3.4%, while Sinopec shares added 1.85%.
Lenders were also higher, extending their recent run of gains, amid easing concerns over further monetary tightening in China.
China Construction Bank saw shares gain 1.95%, shares in Bank of China Hong Kong advanced 1.85%, while China’s largest lender Industrial and Commercial Bank of China added 1%.
Elsewhere, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.45%, France’s CAC 40 futures rose 0.6%, the FTSE 100 futures edged 0.2% higher, while Germany's DAX futures indicated a gain of 0.35%.
Later in the day, payroll processing firm ADP was to release a report on U.S. non-farm payrolls. The U.S. was also to publish data on manufacturing activity in the Chicago area and factory orders.
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Written By: Investing.com
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