Asian markets gain, Europe data upbeat
Agence France-Presse
Children play in front of a screen showing the China Composite Stock Price Index at a brokerage house in Qingdao in China’s Shandong province Monday, Aug. 13, 2012. Asian markets rose on Tuesday in quiet trade following a muted lead from Wall Street, while sentiment remained high on expectations of policy moves by central banks in Europe, China and the US. AP PHOTO
HONG KONG—Asian markets rose on Tuesday in quiet trade following a muted lead from Wall Street, while sentiment remained high on expectations of policy moves by central banks in Europe, China and the US.
With few catalysts from Monday, eyes were on the release of key data in France, Germany and the United States for clues on the state of the global economy.
Tokyo gained 0.50 percent, or 44.73 points, to 8,929.88, Seoul rose 1.27 percent, or 24.52 points, to 1,956.96, while Sydney was up 0.21 percent, or 8.9 points, to close at 4,292.2.
Hong Kong climbed 1.05 percent, or 210.32 points, to 20,291.68 and Shanghai ended 0.30 percent up, adding 6.45 points to 2,142.53.
Some markets saw a late-session surge and the euro edged up after upbeat growth data out of Germany and France, which are feeling the pinch from the long-running debt crisis that has pushed much of Europe into recession.
The German economy, Europe’s biggest, beat forecasts to grow 0.3 percent in the second quarter, buoyed by rising exports and robust domestic demand, while France managed zero growth, beating expectations it would begin a slide into recession.
However, overall economic growth fell by 0.2 percent in the eurozone and the 27-member European Union, according to the EU statistical office.
In late afternoon forex trade the euro bought $1.2375 and 97.25 yen, from $1.2333 and 96.55 yen in New York Monday, while the dollar was at 78.57 yen from 78.32 yen.
Later in the day Washington will unveil figures on retail sales, a major contributor to the world’s biggest economy.
Wall Street was unable to provide any inspiration on Monday. The Dow fell 0.29 percent, the S&P 500 eased 0.13 percent and the Nasdaq was flat.
Global markets have made impressive gains in August after the European Central Bank hinted at the start of the month that it would restart its sovereign bond-buying program to help under-pressure economies such as Spain.
The US Federal Reserve has also hinted at a third round of stimulus to kickstart growth, while a poor set of trade and production figures from China last week have raised expectations of fresh monetary easing by Beijing.
“The pre-conditions for our market rising further will require positive developments in China, the US and Europe,” said RBS Morgans principal investment adviser Christopher Macdonald in Australia.
Oil was up in late afternoon trade Tuesday, with New York’s main contract, light sweet crude for delivery in September, gaining 55 cents to $93.28 a barrel, while Brent North Sea crude for September was up 32 cents to $113.92.
Gold was at $1,612.75 at 1055 GMT, from $1,622.80 on Monday.
In other markets:
– Wellington rose 0.39 percent, or 13.92 points, to 3,608.88.
Contact Energy was up 0.6 percent to NZ$4.88 on a solid annual result, while Telecom Corp. gained 2.0 percent to NZ$2.71.
– Manila closed 0.11 percent, or 5.84 points, lower at 5,265.94.
Ayala Land fell 1.5 percent to 23 pesos and Energy Development shed 0.9 percent to 5.85 pesos.
– Taipei climbed 0.58 percent, or 42.95 points, to 7,479.25.
Taiwan Semiconductor Manufacturing Co. was 0.60 percent higher at Tw$83.2 while Hon Hai Precision edged up 0.12 percent to Tw$85.0.
– Bangkok rose 0.61 percent, or 7.45 points, to 1,226.82.
Coal producer Banpu gained 2.62 percent to 470 baht, while Siam City Cement lost 1.72 percent to 342 baht.
– Jakarta rose 0.46 percent, or 19.03 points, to 4,121.56.
Carmaker Astra rose 1.4 percent to 7,200 rupiah, while consumer goods producer Unilever gained 2.2 percent to 22,500 rupiah.
– Kuala Lumpur climbed 0.4 percent, or 6.58 points, to 1652.90.
PPB Group added 5.9 percent to 14.78 ringgit and British American Tobacco rose 2.8 percent to 63.30 ringgit.
– Singapore was up 0.75 percent, or 23.03 points, to end at 3,087.84.
DBS Bank was up 67 percent to Sg$14.98 and Singapore Telecom fell 0.89 percent to Sg$3.36.
– Mumbai gained 0.54 percent, or 94.75 points, to 17,728.20.
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