Latest Stories

Asia stocks gain but China economy caution lingers

BANGKOK — Asian stock markets rebounded Tuesday, joining a global rally following positive U.S. economic news as nervousness about an imminent scaling back of the Federal Reserve’s monetary stimulus eased.

The regional heavyweight, Japan’s Nikkei 225 index, rose 1.2 percent to 14,272.32 and Australia’s S&P/ASX 200 was up 1.3 percent to 4,8673.10.

The move higher came a day after concerns over a sustained China slowdown prompted a selloff in Asia.

Other regional markets rose only moderately, reflecting continued caution. South Korea’s Kospi inched up 0.4 percent to 1,824.58 and Taiwan’s Taiex rose 0.7 percent to 7,942.66. Hong Kong’s Hang Seng added 0.3 percent to 20,636.56.

Chinese stocks continued to be weighed down by a credit crunch, with the Shanghai Composite dipping 0.3 percent to 1,952.07. Indonesian stocks also dropped with the benchmark down by 0.4 percent to 4,417.60.

The overall Asian gains followed the lead of investors in Europe and the United States.

Wall Street has been buoyed by stronger-than-expected U.S. hiring figures released Friday that suggested the world’s biggest economy is on a firm footing. The strong jobs growth has outweighed jitters about the prospect that the Fed will soon start winding down its unprecedented support for the economy

In the U.S., the Dow Jones Industrial Average rose 0.6 percent to close at 15,224.69. The Standard & Poor’s 500 gained 0.5 percent to end at 1,640.46.

European markets started the week positively with the FTSE 100 index of leading British shares closing up 0.4 percent at 6,450.07. Meanwhile, Germany’s DAX rose 2.1 percent to 7,968.54 and the CAC-40 in France was 1.9 percent higher at 3,823.83.

Given the prevailing focus on the U.S., the key day this week will likely be Wednesday, when the minutes of the last policy meeting of the Fed are published. The Fed’s chairman, Ben Bernanke, is also due to deliver a speech.

“It is possible that the combination of these events will encourage speculation that tapering is almost upon us,” said Jane Foley, an analyst at Rabobank International, referring to the possibility of the Fed scaling back its $85 million of monthly bond purchases that have kept interest rates low.

“Alternatively there is the possibility that Bernanke will push back against speculation that the Fed is ready to take a less accommodative position.”

Benchmark crude for August delivery was down 18 cents to $102.96 a barrel in electronic trading on the New York Mercantile Exchange, giving up some of its recent gains after worries over Egypt’s political crisis pushed the price up $1.98 to $103.22 on Friday, the highest in more than a year.

Among major currencies, the euro was nearly flat at $1.2852 while the dollar rose to 101.03 yen from 100.90 yen.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Asia , Business , economy , News , Stock Market

  • DurangoJoe

    China’s economy is tanked and terminal. Time to issue our condolences.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • 57-nation group plays key Ukraine monitoring role
  • French President Hollande’s top aide resigns
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • Marketplace