Asian market rise after positive US economic data
HONG KONG — Most Asian stock markets gained modestly Tuesday after more encouraging signs that the global recession is starting to let up.
But the advance was smaller than the previous day’s as some investors showed caution following a three-month rally. Oil prices were steady above $68, while Japanese car companies like Toyota and Nissan climbed after General Motors Corp.’s bankruptcy removed some uncertainty about the fate of the U.S. automaker.
Investors got another dose of positive U.S. economic news with better-than-expected readings on manufacturing, consumer spending and construction spending.
That reinforced for many traders what upbeat surveys about China’s manufacturing indicated the day before: that global economic activity is stabilizing or growing in major countries.
Evidence to that effect has helped push world equities markets sharply higher since March. Liquidity brought on by government measures has only accelerated money into stocks.
“Every economy in the world is showing signs of growth, like China, or stabilization, like the U.S.,” said Khiem Do, a Hong Kong-based fund manager who helps oversee about $8.5 billion of Asian equities at Baring Asset Management. “So many investors think the markets have already seen the worst.”
Japan’s Nikkei was up 46.95 points, or 0.5 percent, to 9,724.70. Australia’s index added 1.4 percent and Shanghai’s benchmark was up 0.7 percent.
But Hong Kong’s Hang Seng lost 0.3 percent to 18,830.94, while South Korea’s Kospi gave up early gains to trade largely flat.
In New York overnight, the Dow rose 221.11, or 2.6 percent, to 8,721.44, its highest close since early January. The Standard & Poor’s 500 index rose 23.73, or 2.6 percent, to 942.87, while the Nasdaq composite index rose 54.35, or 3.1 percent, to 1,828.68.
U.S. stock futures were down slightly, pointing to a lower opening on Wall Street. Dow futures were down 5 points to 8,683, while S&P 500 futures were down 1.5 points, or 0.2 percent, to 937.60.
Oil prices lingered were down slight in Asian trade, the benchmark contract off 30 cents at $68.28 a barrel. The contract surged $2.27 overnight.
In currencies, the dollar was lower at 96.30 yen from 96.39 yen, while the euro slipped to $1.4158 from $1.4167.
Related News
Asian stock markets rise modestly as investors eye company earnings; oil above $70October 8th, 2009 Asia stocks rise modestly as company earnings eyedHONG KONG — Asian stock markets were modestly higher as investors eyed earnings from major companies for clues about the health of the global economy. The moderate advance came after a mixed finish on Wall Street, where traders were reluctant to place major bets ahead of quarterly reports from U.S.
Stock futures point to modestly higher opening as investors try to end 2-day losing streakSeptember 25th, 2009 Stock futures rise after 2 down daysNEW YORK — Stock futures pointed to a modestly higher open Friday as investors try to shake a two-day losing streak. Overseas markets were mostly lower.
European, Asian markets mixed, Wall Street seen dipping as investors look to economic dataSeptember 15th, 2009 World markets steady in search of recovery signalsLONDON — European and Asian markets were steady Tuesday while Wall Street was expected to edge down on the open as investors looked ahead to economic indicators for clearer signs of a global recovery. Germany's DAX was down 0.2 percent at 5,609.19 and Britain's FTSE 100 was up 0.2 percent to 5,028.60.
European, Asian markets mixed as investors look to economic indicators for signs of recoverySeptember 15th, 2009 World markets steady as recovery signals eyedLONDON — European and Asian markets were steady Tuesday after being spooked by a trade dispute between the U.S. and China the previous day and as investors focused on economic indicators for signs of a global recovery.
Asian stocks rise as investors feed on G-20 stimulus pledge; Nikkei up 0.3 percentSeptember 7th, 2009 Asian stocks rise on stimulus pledgeBANGKOK — Asian markets rose Tuesday as investors fed on a pledge by the world's 20 biggest economies to underwrite the global recovery with massive stimulus efforts. Stocks in Australia jumped more than 1 percent amid news business confidence had reached a near six-year high.
Stock futures point toward higher opening as investors wait to hear from Fed chairmanAugust 21st, 2009 Stock futures point to modestly higher openingNEW YORK — Stock futures pointed to a modestly higher open as investors try to shake a two-day losing streak. Overseas markets mostly fell.
Asian markets rise on improving economic data, better corporate earningsJuly 24th, 2009 Asian markets rise on improving data, earningsBANGKOK — Asian stock markets climbed Friday as economic data and company earnings reinforced confidence that a recovery from the global recession is under way. South Korea's benchmark index gained modestly after news that Asia's fourth-largest economy grew at its fastest pace in nearly six years in the second quarter, adding to evidence the region is bouncing back.
Asian markets slide on falling commodities, waning hopes for speedy economic recoveryJuly 8th, 2009 Asian markets slump on falling oil, metal pricesTOKYO — Asian markets tumbled Wednesday, along with commodity prices and hopes for a rapid recovery of the global economy. The pessimism permeated stock exchanges throughout the region, with several losing more than 2 percent in early afternoon trading.
Asian markets mixed, Europe down ahead of key data; oil rally boosts resource stocksJune 30th, 2009 Asian markets mixed, Europe down ahead of key dataBANGKOK — Asian markets were mixed Tuesday and European shares opened lower as investors braced for economic reports that will train a spotlight on the vitality of a possible global economic recovery. Oil powered above $73 a barrel to eight-month highs, boosting resource stocks, and the dollar fell against the yen.
Asian markets gain, shrugging off Japan's rising joblessness as oil powers above $73June 30th, 2009 Asian stocks gain as oil jumps above $73BANGKOK — Most Asian markets advanced Tuesday, shrugging off another rise in Japanese unemployment as oil powered above $73 a barrel to eight-month highs, boosting resource stocks. Overnight gains on Wall Street underpinned sentiment, helping the region's markets to extend a massive rally that began in March on hopes the worst of the global recession has passed.
European stock markets up modestly after solid euro zone dataJune 29th, 2009 European markets up modestly after solid euro dataLONDON — European stock markets rose modestly Monday despite earlier losses in Asia as investor sentiment was buoyed by upbeat European economic data, which stoked hopes that the worst of the recession has passed. Germany's DAX index was 39.57 points, or 0.8 percent, higher at 4,816.04 while France's CAC-40 rose 13.19 points, or 0.4 percent, to 3,142.92.
Asian markets rise modestly on optimism about China, but European markets open lowerJune 22nd, 2009 Asian markets rise on China hopes, Europe slidesBEIJING — Asian stock markets rose for a second session Monday amid optimism about China after the Chinese premier said the economy was improving. But European markets opened lower.
Asian markets recover as oil prices hit new 2009 high near $71 a barrel; Tokyo up almost 2 pctJune 10th, 2009 Asian stocks rise as oil prices hit new 2009 highHONG KONG — Asian stock markets rose strongly Wednesday as oil prices touched a new 2009 high above $71 a barrel and fears of inflation eased in China. Major indexes gained 2 percent or more as buyers returned after two days of losing sessions.
Asian markets climb on hopes worst of global slump over but doubts about big rally emergeJune 3rd, 2009 Asian markets climb but caution limits gainsBANGKOK — Asian stocks rose modestly Wednesday as investors vacillated between hopes the worst of the global recession is over and worries the three-month market rally will evaporate. Data from Australia and the U.S.
World stock markets down again as recovery hopes fade on US retail sales disappointmentMay 14th, 2009 World stocks down again as recovery hopes fadeLONDON — World stock markets were mostly down Thursday as investors continued to rein in hopes of a rapid global economic recovery after disappointing U.S. retail sales figures the day before.
Loading ...