Asian Markets Rally on Resolution Hopes

Eagle River, WI 10/17/2011 (PennyPayDay) – The Nikkei jumped 1.3% on Monday on optimism that European leaders are getting to grips with the region's debt crisis.

Hopes were lifted after G20 finance leaders urged the eurozone leaders to resolve the crisis as soon as possible.

Better than expected US retail sales data out Friday also improved buyer appetite at the start of the week.

The Nikkei advanced 131 points to settle at 8,880 in Tokyo.

Japanese exporters pushed ahead with shares of Sony up 5% and Fujitsu adding 3.7%. Sharp rallied 2.8% andAdvantest Corp tacked on 2.5%.

A jump in crude oil futures sent shares of with Inpex 2.9% higher while Japan Petroleum Exploration surged over 4% in Tokyo.

Shares of optical equipment Olympus went into freefall, plunging 24%, after a string of broker downgrades following Friday’s dismissal of Michael Woodford.

The group’s former chief executive said in an interview with the Wall Street Journal that he may have been fired because he raised questions about some of the firm's accounting practices.

The Hang Seng raced 2.03% ahead on Monday with momentum provided by hopes of a resolution to the eurozone debt crisis.

Resource plays were mostly higher in Hong Kong with share of Jiangxi Copper rising over 6%, Aluminum Corp of China or Chalco gained 6.7% while Cnooc advanced 3.3%.

Clothing giant Esprit vaulted 8% after a German press report said the company may close its North American stores in the next year and a half if it fails to find a buyer for them.

Banks put in a strong performance with shares of HSBC adding 2.1%, Bank of China gained 2.2% while ICBCincreased 1.42%.

The Hang Seng index closed up 375 points at 18,877 in Hong Kong.

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Asian Stocks Rise On EU Bank Plan

Eagle River, WI 10/13/2011 (PennyPayDay) – Asian stocks extended recent gains on Thursday, heartened by new efforts by European leaders to strengthen weak European banks and lower Greece's debt burden.

U.S. stocks finished with strong gains overnight despite a disappointing start to the earnings season and reports suggested that political rivals in Slovakia have agreed to support a crucial bill on ratifying a eurozone agreement for the extension of European Financial Stability Facility, boosting investor sentiment.

Also, risk appetite returned after European Commission President Jose Manuel Barroso set out proposals to solve the euro zone's sovereign-debt crisis, including an outline of measures to shore up the region's banks. However, commodities such as copper and crude fell after trade data from China pointed to slowing global growth.

All eyes are now on the latest weekly U.S. jobless claims data that will be released later today. On the earnings front, JP Morgan Chase will report its results before the bell, while Google is slated to announce its earnings after the closing bell.

Tokyo stocks rose, as a weaker yen against both the dollar and the euro prompted investors to lap up shares of export-related shares. The Nikkei average rose a percent after a 0.4 percent fall the day before, wile the broader Topix index ended up 0.7 percent. Among exporters, Kyocera, Sony, TDK and Advantest rose 2-6 percent. Olympus climbed 4.6 percent on a brokerage upgrade. Brokerage Nomura Holdings jumped 5.7 percent and Daiwa Securities Group rallied 3.6 percent as recession fears eased.

Meanwhile, minutes of the September 6-7 Bank of Japan policy meeting released today showed that more monetary easing steps could be necessary, if economic conditions warrant them. Many members of the committee felt the slowdown in the U.S. economy may be prolonged, and that instability in the financial market may not be resolved soon. The minutes also showed a number of members saw a need to promote asset-based lending.

China's Shanghai Composite index rose 0.8 percent, with caution ahead of tomorrow's September consumer price index data limiting the upside. Investors shrugged off weak trade numbers from the top metals consumer, which showed that China's trade surplus shrank more than expected in September, as export growth eased to a seven-month low, reflecting slackening global demand and dwindling confidence levels amid the debt crisis in Europe. The year-over-year growth in exports eased to 17.1 percent in September from 24.5 percent in the previous month. The consensus forecast called for a slowdown to 20.8 percent.

Hong Kong's Hang Seng index climbed 2.3 percent, extending gains for a sixth consecutive session, as mainland property developers climbed after Evergrande Real Estate Group reported a 79.4 percent jump in property sales in September from a year earlier.

Australia's benchmark S&P/ASX 200 gained a percent, with miners gaining ground after Rio Tinto said it posted record iron ore sales and steelmaking coal output in the third quarter. Shares of Rio Tinto closed up 2.8 percent, while fellow mining giant BHP Billiton gained 1.5 percent. The broader All Ordinaries index rose 0.9 percent. Linc Energy added 1.5 percent after the company which finalized a deal to buy oil fields in Texas from ERG Resources said it is studying two or three more deals in the Gulf coast. AMP added 2.2 percent after appointing a new chief financial officer.

In economic news, Australia's unemployment rate declined for the first time in six months in September as employers stepped up hiring after shedding jobs in the past two months, data released by the Australian Bureau of Statistics showed. The seasonally adjusted jobless rate fell to 5.2 percent in September from 5.3 percent in August. Economists expected the rate to remain steady at 5.3 percent.

South Korea's Kospi average closed 0.8 percent higher on foreign fund buying, as optimism grew that Europe will tame its debt crisis. Automaker Hyundai Motor rose 2.2 percent and its parts maker Hyundai Mobis posted a modest 0.3 percent gain after the U.S. Congress ratified a free trade agreement with South Korea.

Hana Financial Group jumped 7 percent after U.S. private equity firm Lone Star decided not to appeal a Korean court verdict on stock-price manipulation against it. Air carriers Korean Air Lines and Asiana Airlines soared around 10 percent each as an appreciating South Korean won pointed to lower jet fuel costs.

The Bank of Korea today decided to keep interest rates unchanged at the current level of 3.25 percent for the fourth consecutive month, in line with expectations, and said that it expects the pace of decline in inflation to be modest in the coming months.

The New Zealand market extended its slide, with the benchmark index NZX-50 dropping 0.6 percent, after tapware maker Methven followed Fletcher Building in cutting its full-year profit forecast, citing a downturn in housing activity, especially in Australia. Shares of Fletcher Building tumbled 3.6 percent to a fresh two-year low, adding to yesterday's 12 percent plunge, while Methven plummeted 9.6 percent, carpet maker Cavalier fell 1.8 percent and Steel & Tube Holdings, the construction materials supplier, eased 0.9 percent.

OceanaGold bucked the downward trend to end 1.5 percent higher after the gold miner signed a joint venture agreement with Australia's MOD Resources to investigate the Sams Creek gold prospect in Nelson.

Elsewhere, Indonesia's Jakarta Composite was rising 1.1 percent, Malaysia's KLSE Composite was up 1.2 percent, the Taiwan Weighted added 0.6 percent and Singapore's Straits Times was little changed, while India's Sensex was last trading down 0.2 percent on profit taking after recent sharp gains.

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Asian Stocks Close Mostly Higher

Eagle River, WI 10/12/2011 (PennyPayDay) – Asian stocks erased early declines to finish mostly higher on Wednesday as Beijing's gesture to support the market and optimism over corporate earnings helped more than offset Alcoa's disappointing third-quarter earnings and worries over Europe's debt crisis.

The Slovakian parliament rejected a bill Tuesday that would have strengthened the powers of a regional rescue fund to help bail out the troubled euro-zone member, dragging down commodities and equities in early Asian trading. The dollar and yen gained ground against major counterparts after the U.S. Senate voted 63-35 to pass a bill that would penalize China for alleged currency manipulation widely blamed for costing American jobs.

In another widely expected move, President Obama's $447 billion jobs bill failed in its first legislative test as the Senate failed to muster the 60 votes needed to bring the bill to a vote.

Tokyo stocks fell, snapping a three-day winning streak, as a disappointing third-quarter report from U.S. aluminum producer Alcoa and political wrangling in the Slovak ruling coalition on expanding Europe's bailout fund made investors cautious about the world economy. A surprise rate cut by Indonesia's central bank on Tuesday also underscored the downside risks facing the global economy. The Nikkei average shed 0.4 percent, while the broader Topix index eased a modest 0.2 percent.

Shares of Japanese exporters linked to Thailand fell after some of them suspended operations due to floods in Thailand. Auto maker Honda Motor fell 2.2 percent and camera maker Nikon tumbled 3.5 percent. Casualty insurer Tokio Marine Holdings declined 2 percent and T& D Holdings ended down 1.4 percent.

Komatsu, the maker of construction and mining equipment, climbed 3.5 percent after data showed core machine orders in Japan surged a seasonally adjusted 11.0 percent in August compared to the previous month. Rising for the third time in four months, the headline figure was well above analyst expectations for a gain of 3.9 percent following the 8.2 percent plunge in July. Shipping firm Nippon Yusen jumped 5.2 percent and Mitsui OSK lines soared 6.4 percent, benefiting from the machinery orders data released before the market open.

China's Shanghai Composite index climbed 3 percent, its biggest single day gain since the start of the year, as finacials and property developers rallied on speculation of more financial support from the government to shore up the bearish market. Hong Kong's Hang Seng index added a percent, with financial stocks leading the gainers on talk of China's sovereign wealth fund increasing its stakes in banking shares on the mainland market.

The Australian market fell for the first time in six sessions, as investors reacted to mixed leads from global markets awaiting clarity on the latest plans to tackle the European debt crisis. The benchmark S&P/ASX 200 lost 0.6 percent, with resources and energy stocks pacing the declines. BHP Billiton and Rio Tinto finished down about 0.8 percent each, while Woodside Petroleum eased 0.7 percent and Santos fell 1.3 percent. The broader All Ordinaries shed half a percent. The major banks closed mostly lower, with Commonwealth bucking the trend to close 0.4 percent higher.

Economic data released today showed that Australia's leading indicator of employment rose for the first time in six months in October. The leading indicator was at 0.026 compared to -0.019 in September. However, the Department of Education, Employment and Workplace Relations said it is too early to confirm that a quickening in employment growth is in prospect, because the indicator has risen for fewer than six consecutive months.

Separately, the latest survey results from Westpac Bank and the Melbourne Institute suggested that consumer sentiment in Australia improved modestly in October, with the index rising 0.4 percent to 97.2 points in the month from 96.9 in September.

The South Korean market rose for a fifth consecutive session on Wednesday, with the benchmark Kospi average closing 0.8 percent higher, led by brokerages and refiners. Brokerage Samsung Securities, which yesterday announced a rights issue worth 400.3 billion won, climbed 4.1 percent, while Woori Investment & Securities jumped 5.9 percent. GS Holdings , the holding company of No.2 refiner GS Caltex, rallied 3.1 percent, while SK Innovation and S-Oil rose around 2 percent each.

Hyundai Heavy Industries fell 1.1 percent on reports that it will invest 100 billion won to build a transformer factory in the U.S. state of Alabama from next month. LG Electronics lost 0.7 percent after the company partnered with Mobitel in launching the first 3D mobile phone in Sri Lanka.

On the economic front, South Korea and the European Union have agreed to closely cooperate in economic policies and both sides will also utilize the so-called Trade Committee as a consultation body for bilateral cooperation, the Yonhap News said, citing Seoul's trade ministry.

The New Zealand market fell the most since early August as Fletcher Building, New Zealand's largest listed company, warned of a lower first-half profit and Cavalier Corp. reported a slump in first-quarter sales. The benchmark NZX-50 index fell 2.1 percent, its biggest one-day fall since August 9, when the U.S. credit rating downgrade contributed to a global equity rout. Fletcher Building plunged 12.4 percent while shares of the carpet maker ended down 5.2 percent.

Methven, Steel & Tube Holdings, Port of Tauranga and New Zealand Refining were among the other prominent decliners, with losses ranging between 1.5 percent and 7.5 percent. Fisher & Paykel Appliances led the gainers on the exchange, rising 2.2 percent, while utility Contact Energy rose 2.1 percent, Highbrook Business Park owner Goodman Property Trust gained a percent and retailer Kathmandu Holdings closed up half a percent.

India's Sensex was last trading up 1.9 percent, with tech shares pacing the gains after IT bellwether Infosys reported second-quarter earnings that matched analyst estimates. Meanwhile, India's industrial production grew by a weaker-than-expected 4.1 percent in August from a year earlier, hit by global uncertainty and successive rate hikes, government data released today showed.

Elsewhere, Indonesia's Jakarta Composite was rallying 3 percent, Malaysia's KLSE was moving up 1.2 percent and Singapore's Straits Times rose 1.4 percent, while the Taiwan Weighted eased 0.2 percent.

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Asia Market Reports

Eagle River, WI 10/11/2011 (PennyPayDay) – The Nikkei rose the most in two weeks on Tuesday after Europe’s powerhouses pledged to support European banks and minimise the eurozone’s debt crisis.

The benchmark Nikkei 225 index closed up 168 points at 8,774 in Tokyo.

Optimism was high in Tokyo as European leaders pledged to announce a plan for increased coordination at the G-20 summit at the start of November.

Buyers put their buying hats back on, following Japan’s three day weekend holiday, despite trepidation ahead of today's vote in Slovakia to bolster the powers of the eurozone bailout fund.

Slovakia’s vote, the last from the 17-member state, comes after Malta approved the plans late on Monday. All other members have approved the measures.

Financials pushed ahead on hopes of a comprehensive European bank package. Mitsubishi UFJ Financial gained 4% while Sumitomo Mitsui Financial advanced almost 3%.

Exporters such as Mazda stepped on the gas, rising as much as 6%. Toshiba rose 3.1%.

Commodities enjoyed plenty of attention as crude prices rose for the fourth consecutive session. Shares of Inpexrose 3.6%.

The Hang Seng rose 2.43% on Tuesday with financials staging an impressive rally after an investment bank increased its stake in some of China’s largest banks.

Agricultural Bank of China surged 8.9 while ICBC tacked on a hefty 7.7%.

Commodities regained support with share of Jiangxi Copper rising 6%. Cnooc bounced 3.63% while China Coal Energy charged 8.1% higher. PetroChina was a rare decliner, falling 2.06%.

Retailer Li & Fung rallied 6.2%.

The Hang Seng advanced 168 points at 18,142.

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Asian Markets End Higher On EU Bank Hopes

Shawshank, VA 10/6/2011 (PennyPayDay) – Most Asian markets ended higher Thursday taking positive cues from Wall Street where stocks posted sharp gains overnight amid easing worries about the financial situation in Europe. Also, European stocks were extending gains in morning session as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector.

Private lenders should receive backing "if there is a common view that banks aren't sufficiently capitalized for the current market condition," German Chancellor Angela Merkel said yesterday in a joint press conference with European Commission President Jose Manuel Barroso.

Moreover, investors were encouraged by the U.S. ADP jobs report Wednesday, which revealed that private sector employment rose by 91,000 jobs in September following a downwardly revised increase of 89,000 jobs in August. Economists had expected employment to increase by 75,000 jobs compared to the addition of 91,000 jobs originally reported for the previous month.

In the commodity markets, gold futures moved up, with gold for December delivery adding $10.00 to $1,651.60 an ounce. Meanwhile, crude for November gained $1.20 to $80.88 a barrel. Yesterday, the EIA revealed that U.S. crude oil inventories dipped 4.70 million barrels and gasoline stocks moved down by 1.10 million barrels in the week ended September 30. Analysts were expecting crude oil inventories pile up by 2.50 million barrels and gasoline stocks to add 1.30 million barrels last week.

The Japanese market snapped its four session losing streak, with the broader Nikkei 225 index finishing up 139.04 points or 1.66 percent.

Sony rebounded from a 25-year low hit last week, to gain nearly 5 percent amid reports that it had secured financing from Abu Dhabi's investment fund for its bid for British music company EMI.

Hong Kong's Hang Seng Index advanced 4.3 percent after the market resumed trade following Wednesday's public holiday.

Brokerage giant Citic Securities fell 4.4 percent on its debut, from its IPO price of HK$13.30.

Australia's benchmark S&P/ASX 200 gained 143.40 points to 4,069.90 led by big miners. BHP Billiton and Rio Tinto.

Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac ended higher. Woodside Petroleum and Rio Tinto added around 4.0 percent each.

Shares in New Zealand rose for a second session, with the The NZX 50 Index rising 18.09 points, or 0.54 percent, to 3346.21.Postie Plus Group Limited was the top gainer, adding nearly10 percent.

The South Korean market extended gains with the benchmark Kospi gaining 2.63 percent on foreign fund buying. Elsewhere, Singapore's Straits Times is gathering nearly 3 percent , while the Taiwan Weighted gained over 2 percent.

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Asian Stocks Mostly Higher On EU Bank Pledge

Tomahawk, WI 10/5/2011 (PennyPayDay) – Most Asian stocks rose on Wednesday and commodities rebounded for the first time in four days, as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector. However, the positive mode was tempered by Italy's rating downgrade.

Moody's Investors Service downgraded Italy's government bond ratings by three notches to A2 from Aa2, with a negative outlook, citing material increase in long-term funding risks for euro area sovereigns with high levels of public debt.

The negative outlook also reflects an increase in downside risks to economic growth due to macroeconomic structural weaknesses and a weakening global outlook , the ratings agency said.

Investors also digested comments from the Federal Reserve that it stands ready to support the fragile U.S. economy that was "close to faltering".

Tokyo stocks drifted lower for a fourth straight session, as the yen's brief marginal fall versus the dollar and an Italian ratings downgrade dented sentiment. The Nikkei average dropped 0.9 percent, while the broader Topix index lost 1.4 percent. Mizuho Financial Group fell 1.8 percent and Sumitomo Mitsui Financial Group lost 2.3 percent on lingering worries over Europe's debt crisis.

Fast Retailing slumped 4 percent after the apparel chains said same-store sales at its Uniqlo casual clothing stores fell 10.7 percent from a year ago in September. Utility Tokyo Electric Power plunged 12 percent and Kyushu Electric Power lost 5 percent on concerns about electricity shortages in the winter amid the Fukushima nuclear crisis.

Among exporters, Sony fell 1.8 percent and Toyota lost 2 percent, while Canon gained 0.9 percent and Olympus closed up 0.1 percent. TDK tumbled 3.7 percent after Credit Suisse downgraded its rating on the stock, citing worries emanating from the strong yen and weak PC demand.

Australia's benchmark S&P/ASX closed in the green for the first time this week, ending 1.4 percent higher, as resource shares rallied mirroring a rally in commodity markets. The broader All Ordinaries index closed up 1.5 percent.

Big miner BHP Billiton climbed 3.8 percent, rival Rio Tinto gained 2.2 percent and Fortescue jumped 4.7 percent. Reports released today said both Rio and Ivanhoe Mines have rejected requests from the Mongolian government to renegotiate the investment agreement relating to the massive massive Oyu Tolgoi copper and gold mine.

Among gold miners, Newcrest slipped 0.1 percent and Eldorado Gold tumbled 5.7 percent. In the oil & gas sector, Woodside and Santos rallied over 4 percent each, while Oil Search advanced 3.7 percent. The big four banks ended mostly higher, with ANZ, NAB and Westpac rising between 1 percent and 2.4 percent, while Commonwealth closed unchanged. Investment bank Macquarie Group closed up 1.4 percent.

Telstra edged up 0.3 percent after its $11 billion deal with the federal government gained its first fully independent recommendation from an influential proxy adviser.

South Korea's Kospi average fell 2.3 percent, giving up early gains, as Italy's government debt rating downgrade spurred a selling spree among foreigners and pension funds. Construction stocks like Hyundai Engineering & Construction and Daewoo Engineering & Construction tumbled on concerns that lower oil prices may damp demand for plant orders from oil producing countries in the Middle East.

Retailers closed on a mixed note after a private survey showed South Korean retailers' business confidence dropped to a two-year low in the fourth-quarter. LG Electronics rose around half a percent after Apple's launch of a new iPhone on Tuesday drew somewhat muted response.

On the economic front, financial markets are reacting "sensitively" to external fear factors and excessive anxiety will have a side effect on the real economy, Finance Minister Bahk Jae-wan reportedly said in a weekly crisis management meeting.

New Zealand's benchmark NZX-50 closed 0.2 percent higher after a late-session rally helped U.S. stocks close sharply higher overnight. Australian food ingredient maker Goodman Fielder climbed 3.5 percent after the company appointed its New Zealand dairy chief Peter Reidie to head its combined New Zealand operations.

Freightways, the courier and logistics firm, which has agreed to buy Iron Mountain New Zealand for $12.7 million earlier this week, jumped 3.1 percent, while retailers such as Hallenstein Glasson Holdings, Michael Hill International and Restaurant Brands rose 2-3 percent. Fisher & Paykel Appliances paced the declines on the exchange, falling 4.4 percent. OceanaGold lost 2.8 percent and Auckland International Airport shed 1.5 percent on going ex-dividend.

Elsewhere, markets in mainland China and Hong Kong were closed on account of national holidays. India's Sensex was last trading little changed with a positive bias, Singapore's Straits Times rose marginally, Indonesia's Jakarta Composite was rising 0.7 percent and Malaysia's KLSE added a percent, while the Taiwan Weighted ended 0.8 percent lower.

On Wall Street, stocks showed considerable volatility before closing sharply higher overnight after the Financial Times said European finance ministers are examining ways to recapitalize financial institutions. The Dow rose 1.4 percent, the Nasdaq jumped 3 percent and the S&P 500 rallied 2.3 percent.

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Asian Stocks Mixed Amid Europe Worries

Shawshank, VA 9/28/2011 (PennyPayDay) – Asian stock markets swung between gains and losses on Wednesday before closing on a mixed note, as risk-awry investors moved to the sidelines, awaiting greater clarity on how European policymakers intend to resolve the region's debt crisis.

Commodities recouped some early losses and the euro held steady after European Commission President Jose Barroso ruled out the ouster of Greece from the euro region and called for more economic integration and power at European level to tackle the debt crisis.

The Japanese market rose marginally, as hopes that eurozone leaders would be able to increase their bailout package boosted export-related shares. With profit taking emerging in late trading, the benchmark Nikkei closed up 0.1 percent, while the broader Topix index added 0.7 percent.

Among exporter shares, Panasonic climbed 3.1 percent, Sony rose 1.9 percent, Olympus gained 1.1 percent and Toyota Motor closed up 0.7 percent. Realty stocks such as Nomura Real Estate Holdings and Mitsui Fudosan rose around 4 percent each on bullish analyst reports.

Softbank rallied 3.8 percent on bargain hunting, snapping five days of losses, while Fast Retailing tumbled 3.8 percent on profit taking after recent sharp gains. Drug makers came under selling pressure on a Barclays Capital report which predicted that the Japanese pharmaceutical sector will enter a "period of respite" because of ex-dividend dates and concerns over government drug price revisions from April 2012.

Astellas Pharma, Takeda Pharmaceutical and Eisai ended down between 0.5 percent and 4.1 percent. Japan Tobacco closed 2.9 percent lower in volatile trading after climbing to an almost 3-year high early in the session.

China's Shanghai Composite fell about a percent to its lowest levels in nearly 15 months, as early bargain hunting gave way to lingering global economic worries ahead of the week-long Chinese National Day holiday break beginning Oct. 1. Shares of rail-related companies such as China CNR Corp. and CSR Corp. lost around 2 percent each in the wake of a crash on one of Shanghai's newest subway lines on Tuesday that injured 271 people.

Hong Kong's Hang Seng index fell 0.7 percent, with banks pacing the declines.

Australia's benchmark S&P/ASX 200 rose 0.9 percent, paring early gains, as news of fresh dissension within the European Union threatened to delay Greek bailout plans. The broader All Ordinaries index closed up 0.8 percent.

The Australian dollar eased slightly amid the absence of a clear plan to resolve the euro-zone debt crisis. Miners rose in follow-through buying after Tuesday's rally, with BHP Billiton gaining half a percent and Rio Tinto adding a percent. Oil and gas producer Woodside Petroleum rallied 3.5 percent and Santos posted a modest 0.3 percent gain after encouraging news from Europe sent world crude prices sharply higher overnight.

Consumer discretionary stocks saw fresh buying, with department store giant David Jones and fellow retailer Myer climbing over 4 percent each. Wesfarmers rose 1.1 percent after it agreed to sell its Premier Coal business in Western Australia to Chinese coal miner Yanzhou Coal Mining for AUD 296.8 million.

The big four banks were mixed with NAB rising 2.6 percent and Westpac climbing 2 percent, while ANZ slipped 0.3 percent and Commonwealth edged down 0.1 percent. Shares of Orica climbed 3.7 percent despite higher than permitted mercury vapour levels detected at its Botany site in Sydney.

South Korea's Kospi average swung between gains and losses before ending down 0.7 percent on profit taking as investors took a breather following the previous session's rally. The selling was driven by computer-driven prgramme transactions, analysts said.

Meanwhile, Financial Services Commission Chairman Kim Seok-dong said today that global economic uncertainties are likely to persist for quite a long time due to a continued slump in the real economy.

Hyundai Motor, South Korea's biggest automaker lost a percent, while its affiliate Kia Motors eased 0.3 percent. Memory chipmaker Hynix fell 3.3 percent, while Samsung Electronics edged up 0.4 percent on optimism over its third-quarter earnings. LG Electronics rose 2.5 percent after the company said it had filed a lawsuit with a South Korean court seeking to block local branches of BMW AG and Audi AG over the use of lighting products made by Siemens unit Osram that infringe its patents.

New Zealand's NZX-50 index crept 0.2 percent higher, extending gains for a second day in a row, as concerns eased that the Greek debt crisis might spread to the rest of Europe. OceanaGold climbed 5.8 percent, extending recent gains as gold prices stabilized after recent meltdown.

Dual-listed financial stocks such as Westpac and AMP rose around 2 percent each and national carrier Air New Zealand gained 0.9 percent, while Heartland, the would-be bank, led the decliners on the exchange, falling 4 percent. Jeweler Michael Hill International fell 3.5 percent and resins maker Nuplex lost 2.7 percent on turning ex-dividend.

Elsewhere, India's Sensex was last trading down half a percent on profit taking after climbing 3 percent the day before. Singapore's Straits Times was down 0.9 percent, but the markets in Malaysia, Taiwan and Indonesia edged up, posting gains between 0.5 percent and 1.1 percent.

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Asia Market Reports

Shawshank, VA 9/27/2011 (PennyPayDay) – Japanese shares rose 2.82% on Tuesday on hopes that policy makers will get to grips with Europe's debt crisis.

Sentiment was also buoyed by reports that Japan may consider being part of plans to help bailout Greece.

European debt hopes fuelled financials and exporters. Sumitomo Mitsui Financial advanced 3.42%, Mitsubishi UFJ Financial added over 4% in Tokyo. Canon climbed 4.3% while Olympus tacked on 5.2% to 2,390 yen.

Bridgestone was another big gainer, up over 6% at 1,727 yen.

The benchmark Nikkei 225 index rose 235 points at 8,609.

The Hang Seng powered ahead on Tuesday with hopes that Europe sovereign-debt crisis will be stopped from getting any worse.

Energy stocks staged an impressive comeback with shares of oil giant Cnooc surging 7.8%. PetroChina rallied 5.43% and Aluminum Corp of China jumped 7.5% in Hong Kong.

Banks also pushed ahead. HSBC added 3.44%, ICBC wa up 9.09% and Bank of China rallied 5.15%. Ping An Insurance bounced back 7.5% in Hong Kong.

Retailer Esprit climbed 7.19% on hopes of that plans are firmly afoot to sooth the European debt crisis. Li & Fungadded 7.49%.

The Hang Seng index rose 722 points at 18,131.

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Asia Market Reports

Shawshank, VA 9/26/2011 (PennyPayDay) – The Nikkei fell 2.17% on Monday after the International Monetary Fund's weekend meeting in Washington failed to provide plans to resolve the eurozone debt crisis.

Focus will turn this week to EU and IMF officials meeting in Athens to discuss whether Greece is doing enough to qualify for the next slice of its €110bn bailout.

Exporters were sent packing on concern about dwindling demand from Europe. Sony tumbled over 4% while Nissan reversed 3.6% to 620 yen in Tokyo.

Japanese commodities trader Mitsubishi Corp plummeted almost 8% on Monday on a deep and broad commodity rout. Peer Mitsui & Co surrendered 6% to 1,172 yen.

Tokyo Electric Power suffered some of the biggest losses on the Nikkei, with its shares plunging 13% to 259 yen. Nippon Electric fell 12% after it slashed its earnings forecasts for the next six months.

The benchmark Nikkei 225 index closed down 186 points at 8,374.

The Hang Seng retreated nearly 1.5% on Monday with persistent concern about Europe and stalled global growth pusing many traders towards the door.

Retailers with exposure to Europe were among the many casualties. Esprit shed 5.6% while Belle International was clobbered nearly 4%.

Hutchison Whampoa tumbled 5.6% on concern about shrinking demand from Europe.

Commodities, not surprisingly, also came under pressure. Oil, gold, copper and silver prices all suffered deep routs as investors scrambled into cash. Jiangxi Copper plunged 9.7% while PetroChina eased 1%.

Financials were mostly lower as investors seek safe haven assets amid the gloomy global outlook and European sovereign debt crisis.

Insurer Ping An was a significant faller, down 13.91% while ICBC declined 2.78%. Standard Chartered lost 2.5%.

The Hang Seng fell 261 points at 17,408 in Hong Kong.

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Asian Stocks Tumble After Fed Decision

Tomahawk, WI 9/22/2011 (PennyPayDay) – Asian stock markets tumbled on Thursday after the U.S. Federal Reserve warned of major risks to economic growth and HSBC's China Flash PMI survey showed factory sector contracted for a third consecutive month in September.

U.S. stocks suffered their worst drop in a month overnight after the Fed's cautious comments, driving investors to buy the U.S. dollar as a safe haven. Several Asian currencies slumped to multi-month lows against the dollar and commodities extended losses as investors fretted about deteriorating global growth outlook. The Fed's announcement of a $400 billion long-term debt purchase plan failed to impress investors, as it had already been priced in by markets.

Tokyo stocks fell sharply, with the Nikkei average shedding 2.1 percent, as traders were skeptical about the effectiveness of Operation Twist that the Fed announced to support a stronger economic recovery. The broader Topix index fell 1.7 percent. China-sensitive shares like Komatsu and Hitachi Construction Machinery fell around 4 percent each, spurred by data showing a further slowdown in China's manufacturing sector. Softbank, the sole seller of Apple Inc.'s iPhones in Japan, plunged 12.3 percent on reports that mobile phone carrier KDDI Corp. is in talks with Apple to sell the next-generation iPhone 5 in Japan.

Financials such as Sumitomo Mitsui Financial Group and Mizuho Financial Group ended down about 1.8 percent each, Mitsubishi UFJ Financial Group fell 1.5 percent, brokerage Nomura Holdings plummeted 4.7 percent and Daiwa Securities Group tumbled 4.4 percent, mirroring falls in their U.S. counterparts overnight following a credit rating downgrade of three top U.S. banks by Moody's. A weaker euro dragged down export-related shares, with Honda Motor leading the losses, falling 3.9 percent. Nippon Steel fell 3.8 percent and Sumitomo Metal Industries shed 2.4 percent after the companies announced the exchange ratio for their merger.

China's Shanghai Composite index fell 2.8 percent on concerns over a slowing domestic economy after the survey by Markit Economics showed that China's manufacturing sector contracted for a third month running in September, with both production and new orders declining during the month.

The flash HSBC manufacturing purchasing managers' index, or PMI, fell slightly to 49.4 in September from 49.9 in August, with a PMI reading below 50 indicating contraction of the sector. Hong Kong's Hang Seng index plunged a whopping 4.9 percent to its lowest level since July 2009, dragged down by energy shares and property developers on heightened fears over the global economy.

The Australian market fell to its lowest level in more than two years after the Fed painted a grim picture of the struggling American economy. Both the benchmark S&P/ASX 200 and the broader All Ordinaries index lost about 2.6 percent each to end at their lowest levels since July 2009. Banks bore the brunt of the selling with Westpac, ANZ, Commonwealth and NAB losing 2-3 percent. Investment bank Macquarie fared worse, ending down 3.8 percent.

Big miner BHP Billiton tumbled 4 percent, while rival Rio Tinto and Fortescue plummeted over 6 percent each. Oil & gas giant Woodside lost 3.4 percent, Santos fell 3.2 percent and Oil Search slumped 4 percent. Shares of Fosters climbed 7.6 percent after SABMiller said it would complete the takeover of Australian beer giant before the end of 2011. Likewise, Oroton soared 7 percent after the luxury accessories retailer reported a better-than-expected 8 percent rise in annual profit.

South Korea's Kospi average slumped 2.9 percent as the Federal Reserve's assessment that there are significant downside risks to the economic outlook and Moody's downgrading of the debts of U.S. banks spooked investors. The downbeat manufacturing data from China, the engine room of global growth in recent years, also deepened concerns about the world's economic growth outlook.

The local currency skidded to multi-month lows to close at 1179.8 won per dollar, down nearly 2.6 percent from Wednesday's close. The South Korean economy could grow 3.6 percent in 2012, down from 3.8 percent growth estimated for this year, as global economic uncertainties affect exports, the Yonhap News said, citing a report published by a private think tank, the LG Economic Research Institute.

Major banks such as KB Financial Group and Hana Financial Group lost over 5 percent each, steelmaker POSCO tumbled 4.3 percent, heavyweight Samsung Electronics fell 2.8 percent and automaker Hyundai Motor shed 1.9 percent. STX Engine bucked the declining trend to close 2.8 percent higher on a report of an impending order worth 800 billion won from Iraq.

The New Zealand market bucked the downward trend in the region to end marginally higher, as a weaker kiwi dollar and Fonterra Cooperative Group's record sales, profit and and payout to farmers offset negative reaction to Fed statement indicating "significant downside risks" to the world's largest economy.

Meanwhile, the nation's gross domestic product increased just 0.1 percent in the June 2011 quarter compared to an upwardly revised 0.9 percent growth in the preceding quarter, Statistics NZ said today, sending the local currency to a four-month low against its U.S. counterpart and reinforcing the case for central bank governor Alan Bollard to keep interest rates low until 2012.

The benchmark NZX-50 closed 0.1 percent higher, reversing early losses, with exporter Fisher & Paykel Healthcare leading the gainers. Shares of the breathing mask and respirator manufacturer climbed 3.5 percent, while Vital Healthcare Property Trust, specialist investor in medical properties, rose 2.7 percent and Telecom, the nation's biggest telephone company, gained 1.5 percent. Restaurant Brands led the decliners on the exchange, falling 4.6 percent after the fast-food franchise operator earlier this week reported a 6.5 percent decline in second-quarter sales.

Elsewhere, India's Sensex was last trading down 3.4 percent, Indonesia's Jakarta Composite index was down nearly 9 percent, Malaysia's KLSE fell 2.2 percent, Singapore's Straits Times was losing 2.7 percent and the Taiwan Weighted ended down 3.1 percent.

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Wednesday Asia Market Reports

Shawshank, VA 9/21/2011 (PennyPayDay) – The Indian markets are trading higher on Wednesday after a bout of initial volatility. However, investors remain cautious as they await the outcome of the U.S. Federal Reserve's policy-setting meeting that concludes later in the day.

Federal Reserve Chairman Ben Bernanke is expected to announce some monetary measures or extra steps to boost the U.S. economy, which is at risk of slipping into another recession.

The benchmark 30-share BSE Sensex is currently gaining 56.12 points or 0.33 percent to 17,155.40, and the broader NSE Nifty index is adding 7.90 points or 0.15 percent to 5,148.10.

Jet Airways' shares are up 0.87 percent after the private air carrier said it has received delivery of its first Boeing 737-800 aircraft, which will be inducted in the airline's fleet this month. The aircraft is the first of the 11 such Boeing 737-800s, whose delivery is expected between October 2011 and March next year.

Coal India's shares are up 1.03 percent after the company said it plans to invite a second round of bidding for jointly developing its 18 abandoned mines in a couple of months. These abandoned mines have reserves of around 1.6 billion tonnes.

Shares of mobile operators Bharti Airtel and Idea Cellular are trading higher by 0.65 percent and 0.41 percent respectively. Bharti Airtel, India's largest listed mobile operator by sales, has signed up 1.15 million new mobile users in August 2011, taking its total number of users in the country to 171.85 million.

India's third-largest listed mobile operator by sales, Idea Cellular, added 2.33 million mobile subscribers in August 2011, taking its total number of users in the country to 98.44 million.

Lupin said its subsidiary, Lupin Pharmaceuticals Inc. has received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application to market a generic version of Watson's NOR-QD oral contraceptive tablets. Shares of the company are gaining 1.30 percent.

Larsen & Toubro is reportedly set to partner government-owned Hindustan Shipyard for shipbuilding, as the defence ministry has recommended the company as the preferred partner. The company's shares are up 1.32 percent.

Voltas is reportedly in advanced discussions to acquire Wipro's water purification and treatment business. The company's shares are gaining 1.54 percent.

State-run power equipment maker BHEL rose 0.74 percent after the company fixed October 4, 2011 as the record date for a 5-for-1 stock split.

Index heavyweight Reliance Industries, Tata Power, Jaiprakash Associates, Axis Bank and Reliance Infrastructure were among the notable losers in the Sensex and the Nifty.

Automaker Maruti Suzuki said Tuesday it produced a total of 620 units of the Swift hatchback, up from 600 units on Monday, September 19, at both its factories, even as labor problems at one of the plants remains unresolved. The company's shares are down 1.29 percent.

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Asia Market Reports

Shawshank, VA 9/20/2011 (PennyPayDay) – The Indian markets rose sharply on Tuesday, as falling commodity prices eased inflation-related worries and positive European cues ahead of a U.S. Federal Reserve meet spurred bargain hunting in heavyweight stocks after a loss the day before. Besides, reports that the government has deferred ONGC's about Rs,11,000-crore follow-on public offering helped ease secondary markets' concerns over liquidity squeeze.

Investors across Asia and Europe shrugged off news of Italy's downgrade by S&P, an event that dragged down Asian stocks in early trading, and cheered reports that Greece was near a deal with international lenders to get its next tranche of bailout funds.

Greece described a conference call between Finance Minister Evangelos Venizelos and officials from the European Commission, the International Monetary Fund and the European Central Bank as "productive and substantive " and said that further talks aimed at assessing the progress made by Greece in meeting the financial targets would resume on Tuesday.

The outcome of the talks would decide whether Greece gets an 8 billion euro ($11 billion) tranche of the rescue loan slated for October.

Meanwhile, investors awaited the outcome of a two-day Federal Reserve meeting starting later today. Fed Chairman Ben Bernanke is expected to announce some monetary measures or extra steps to boost the U.S. economy, which is at risk of slipping into another recession.

The benchmark 30-share Sensex rose steadily to close near the day's high at 17,099, up 354 points or 2.11 percent over its previous close, while the broader Nifty index on the NSE climbed 108 points or 2.15 percent to 5,140. Second-line stocks posted relatively modest gains, with the BSE mid-cap and small-cap indexes rising 0.9 percent and 1.23 percent, respectively.

IT stocks led the rebound after the Indian rupee slipped further to a fresh two-year low versus the dollar in early trading on Tuesday on continued worries over Europe's debt crisis. Wipro closed up 2.8 percent, Infosys climbed 3.2 percent and TCS rallied nearly 4 percent.

Market heavyweight Reliance Industries jumped 3.7 percent after a unit of the company joined hands with Siemens to jointly develop homeland security solutions for safe, secure and smart cities and highways in India.

Rate-sensitive banking stocks also posted strong gains on expectations the Reserve Bank of India is nearing the end of its tightening cycle. HDFC Bank rose 1.3 percent, ICICI Bank gained 2.7 percent and SBI jumped 3.8 percent. Property developer DLF rallied 3.5 percent and mortgage lender HDFC rose 3.4 percent.

Among automakers, Maruti Suzuki rose 1.2 percent even as labor woes continued at its Manesar plant and reports suggested the labor face-off is spreading all through the Gurgaon-Manesar industrial belt.

Tata Motors closed up 2.9 percent after its luxury car unit Jaguar Land Rover said it would invest £355 million on a new engine plant in central England. Mahindra & Mahindra added 1.8 percent after its South Korean subsidiary Ssangyong Motor briefly outlined its mid-term plans to develop new cars and introduce its models in emerging markets.

Shares of Anil Ambani-controlled Reliance Communication soared 4 percent after reports said Blackstone and Carlyle Group are making due diligence to jointly bid for the company's tower business. Subex rose 3.8 percent after the company signed a pact to sell its activation business to NetCracker. Everonn Education was locked at the 5 percent upper circuit limit after its board approved a preferential allotment of shares to Dubai-based Varkey Group.

Among those that lost ground, state-run oil explorer ONGC fell 2.9 percent amid reports that it may be forced to double its fuel subsidy bill this year to help reduce the government's fiscal deficit. IVRCL lost 3.1 percent on reports of a CBI enquiry for alleged irregularities found in Tsunami housing project in Puducherry.

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