Asia stock markets fall ahead of US jobs report (AP)
BANGKOK – Asian stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.
Benchmark oil was nearly unchanged at $96 per barrel while the dollar rose against the euro and the yen.
Japan’s Nikkei 225 index fell 0.5 percent to 8,829.69. South Korea’s Kospi dropped 1 percent to 1,964.78 and Hong Kong’s Hang Seng lost 0.1 percent to 20,719.23.
Australia’s S&P/ASX 200 lost 0.4 percent at 4,249.40. Benchmarks in India, Thailand and New Zealand fell while Taiwan, Singapore and Indonesia rose.
Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.
Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.
“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.
Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.
“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”
The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.3 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.
But Singapore Airlines fell 2.5 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.2 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.
Elsewhere, Australian miner Lynas Corp. tumbled 9.4 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.
Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.
Benchmark oil for March delivery was up 4 cents to $96.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.
In currency trading, the euro fell to $1.3131 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.
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Asia stocks fall ahead of important US jobs report (AP)
BANGKOK – Asian stock markets were mostly lower Friday ahead of a highly awaited U.S. jobs report that is considered a key gauge for determining how robust the world’s No. 1 economy is.
Japan’s Nikkei 225 index fell 0.3 percent to 8,854.26. South Korea’s Kospi dropped 0.4 percent to 1,976.35 and Hong Kong’s Hang Seng Index lost 0.2 percent to 20,707.30.
Australia’s S&P/ASX 200 lost 0.2 percent at 4,257.90. Benchmarks in Taiwan, Indonesia and the Philippines also fell. Singapore, Malaysia and New Zealand rose.
Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the rate was 8.5 percent.
Some analysts said they were not expecting to see strength, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.
“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasnt been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.
Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.
Benchmark oil for March delivery rose 8 cents to $96.44 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.
In currency trading, the euro fell to $1.3129 from $1.3141 late Thursday in New York. The dollar was unchanged at 76.16 yen.
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Asia stocks fall as US economic growth falls short (AP)
BANGKOK – Asian stock markets fell Monday, with slower-than-expected growth in the U.S. and uncertainty about a tentative deal to resolve Greece’s debt crisis weighing on investor sentiment.
Japan’s Nikkei 225 index fell 0.7 percent to 8,781.92. South Korea’s Kospi was 0.7 percent lower at 1,951.23 and Hong Kong’s Hang Seng dropped 0.5 percent to 10,394.33. Australia’s S&P/ASX 200 lost 0.3 percent at 4,274.70.
Benchmarks in Singapore and the Philippines also fell. Shares in mainland China were mixed after being closed for a week for Chinese New Year holidays. Taiwan and New Zealand rose.
European leaders were to meet later Monday in Brussels to discuss austerity and belt-tightening measures as well as a tentative deal reached Saturday between Greece and its private investors that could avert a disastrous Greek default on its debt.
If the deal holds and works, it will help prevent a potential shock to the world banking system. But it doesn’t resolve the weakening economic conditions in Greece and other European nations as they rein in spending to get their debts under control.
Stan Shamu of IG Markets in Melbourne said that “the Greece debt issues will remain a source of uncertainty and might dampen the risk mood ahead of the EU summit today.”
Under the agreement, investors holding 206 billion euros ($272 billion) in Greek bonds would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate.
The deal would reduce Greece’s annual interest expense from about 10 billion euros to about 4 billion euros. When the bonds mature, Greece would have to pay its bondholders only 103 billion euro.
It is unclear how investors who buy and sell the bonds of other debt-burdened countries, such as Italy, Spain and Portugal, will react. If they drive up borrowing costs for those countries, the debt crisis could get worse.
Private investors hold two-thirds of Greece’s debt, which is equal to an unsustainable 160 percent of its annual economic output. By restructuring the debt, Greece hopes to make it a more manageable 120 percent by decade’s end.
On Wall Street, stocks mostly fell Friday after the government said the U.S. economy grew more slowly than expected in the last three months of 2011.
Economic growth for October through December came in at an annual rate of 2.8 percent. That was the fastest of 2011 but lower than the 3 percent that economists were looking for.
The Dow Jones industrial average fell 0.6 percent to 12,660.46. The Standard & Poor’s 500 index fell 0.2 percent to 1,316.33. The Nasdaq composite rose 0.4 percent to 2,816.55.
Benchmark oil for March delivery was down 36 cents to $99.20 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to end at $99.56 per barrel on the Nymex on Friday.
In currencies, the euro fell to $1.3180 from $1.3208 late Friday in New York. The dollar rose slightly to 76.74 yen from 76.72 yen.
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Asia stocks muted as Japan companies report losses (AP)
BANGKOK – Asian stocks failed to make much headway Friday after disappointing Japanese corporate earnings and U.S. home sales — considered crucial to an economic recovery — were weaker than expected.
Benchmark oil hovered below $100 per barrel while the dollar was lower against the euro and the yen.
Japan’s Nikkei 225 index fell 0.3 percent to 8,823.08. South Korea’s Kospi rose 0.1 percent to 1,959.92. Hong Kong’s Hang Seng was flat at 20,431.96, while Australia’s S&P/ASX 200 gained 0.2 percent to 4,279.
Jackson Wong, vice president of Tanrich Securities in Hong Kong, said profit-taking was the order of the day as investors remained unconvinced that the overall global economic scenario was changing for the better.
“A lot of investors are a little bit worried. Not all the fundamentals have changed. Since we had a huge run up, investors are just taking some profits” until mainland Chinese markets open on Jan. 30 following the Lunar New Year holiday.
However, bargain-hunters indulged in stocks that took a beating last year, Wong said, including clothing retailer Esprit Holdings Ltd., which rose 2.8 percent.
Some traders were in wait-and-see mode ahead of the release of fourth-quarter gross domestic product figures from the U.S. Commerce Department later Friday. GDP measures the economy’s total output of goods and services.
Economists predict growth will strengthen to around 3 percent in the October-December quarter from about 2 percent in the third quarter. Analysts at Credit Agricole CIB in Hong Kong said the reading was expected to “look healthy.”
Attention was also focused on the resumption of talks to reach a deal on how Greece can avoid a catastrophic default on its debt. Greece and its bailout rescuers — other countries that use the euro and the International Monetary Fund — are asking private creditors to swap their Greek bonds for new ones with a lower value and interest rate.
The two sides have so far disagreed over what interest rate the new bonds should take.
In the U.S., stocks slipped Thursday after the government reported an unexpected drop in new home sales in December, capping the worst year for home sales since record-keeping began in 1963.
The Dow Jones industrial average closed down 0.2 percent at 12,734.63. The Standard & Poor’s 500 index closed down 0.6 percent at 1,318.43. The Nasdaq shed 0.5 percent to close at 2,805.28.
But there were some bright spots. Orders to factories for long-lasting manufactured goods increased in December for the second straight month, and a key measure of business investment rose solidly.
Japanese exporters continued to be hit by a strong yen, which reduces the value of repatriated profits. Honda Motor Corp. slid 2.1 percent and Panasonic Corp. shed 2.5 percent. Fujitsu Ltd. plunged 3 percent.
Nintendo Corp., the Japanese gaming giant behind the Super Mario and Pokemon games, plunged 4.7 percent, a day after it sharply lowered its annual earnings forecast to a 65 billion yen ($844 million) loss. The company blamed the strong yen for much of the loss.
Japanese electronics company NEC Corp. plummeted 7.1 percent after announcing Thursday that it was slashing 10,000 jobs worldwide and would slide into the red for the full year.
Benchmark oil for March delivery was up 6 cents to $99.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $99.70 per barrel on the Nymex on Thursday.
In currencies, the euro rose to $1.3110 from $1.3104 late Thursday in New York. The dollar fell to 77.02 yen from 77.49 yen.
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Asia stocks rise amid hopes for US growth, Greece (AP)
BANGKOK – Asian stocks edged higher Friday, setting aside weaker-than-expected U.S. home sales amid hopes for an agreement on debt relief for Greece and stronger growth in the world’s No. 1 economy
Japan’s Nikkei 225 index rose 0.4 percent to 8,885.09. South Korea’s Kospi added 0.3 percent to 1,963.82 and Australia’s S&P ASX 200 gained 1 percent to 4,312.40. Benchmarks in Singapore and New Zealand also rose, while Indonesia fell.
Sentiment was positive ahead of the release of fourth-quarter gross domestic product figures by the U.S. Commerce Department later Friday. GDP measures the economy’s total output of goods and services.
Economists predict growth will strengthen to around 3 percent in the October-December quarter from about 2 percent in the third quarter. Analysts at Credit Agricole CIB in Hong Kong said the reading was expected to “look healthy.”
The resumption of talks on a crucial Greek debt relief deal also heartened traders. Greece and its bailout rescuers — other countries that use the euro and the International Monetary Fund — are asking private creditors to swap their Greek bonds for new ones with a lower value and interest rate.
The two sides have disagreed over what interest rate the new bonds should take and the hope is they will find a compromise shortly. The creditors’ representatives have said they aim to get a deal by Monday, when European leaders meet in Brussels.
In the U.S., stocks slipped Thursday after the government reported an unexpected drop in new home sales in December, capping the worst year for home sales since record-keeping began in 1963.
The Dow Jones industrial average closed down 0.2 percent at 12,734.63. The Standard & Poor’s 500 index closed down 0.6 percent at 1,318.43. The Nasdaq shed 0.5 percent to close at 2,805.28.
But there were some bright spots. Orders to factories for long-lasting manufactured goods increased in December for the second straight month, and a key measure of business investment rose solidly.
Caterpillar Inc., the world’s biggest heavy equipment maker, rose 2.1 percent, the most of the 30 companies in the Dow, after beating analysts’ estimates last quarter. The company expects to do the same this year as global demand remains high.
That helped Asian industry counterparts. Japan’s Komatsu Ltd. rose 2.3 percent. Hitachi Construction Machinery Co. rose 0.8 percent.
Benchmark oil for March delivery was up 29 cents to $99.99 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $99.70 per barrel on the Nymex on Thursday.
In currencies, the euro was unchanged from $1.3104 late Thursday in New York. The dollar fell to 77.40 yen from 77.49 yen.
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Asia stocks gain slightly on Fed’s low rate pledge (AP)
BANGKOK – Asian stock markets posted muted gains Thursday after the U.S. central bank pledged to keep interest rates low for another three years to nurture the country’s stubbornly slow economic recovery.
Benchmark oil hovered just below $100 per barrel while the dollar fell against the euro and the yen.
Hong Kong’s Hang Seng Index jumped 1.2 percent to 20,342.71 on its first trading day since the Chinese New Year holiday. South Korea’s Kospi rose 0.2 percent to 1,956.21. Benchmarks in Thailand and New Zealand also rose.
Japan’s Nikkei was 0.4 percent lower at 8,853.02 as a weakening dollar pressured the country’s exporters. Benchmarks in Singapore and Malaysia also fell.
Markets in Taiwan and mainland Chinese remained closed for the Chinese New Year. Markets in India and Australia were closed for public holidays.
On Wednesday, the U.S. Federal Open Market Committee said it was unlikely to raise interest rates before late 2014. It had previously said it expected to keep rates low into the middle of 2013.
The Fed cut rates to near zero in December 2008, during the financial crisis, and has held them there ever since. The announcement was a sign that the Fed expects the economy, which is improving, to need significant help for three more years.
Analysts said some stock buyers rejoiced that the Fed was leaning toward promoting economic growth.
“With the FOMC sending out a strong signal that monetary policy is likely to remain accommodative for even longer than previously expected, risk assets are in a very good position,” Stan Shamu of IG Markets in Melbourne said in an email.
Wall Street welcomed the news, with the Dow Jones industrial average closing up 0.6 percent at 12,756.96 — the highest close since May 10. The Standard & Poor’s 500 index rose 0.9 percent to 1,326.06. The Nasdaq composite index gained 1.1 percent to close at 2,818.31.
Energy shares got a boost after crude briefly topped $100 per barrel on Wednesday. South Korea’s oil refiner S-Oil Corp. rose 2.5 percent, while China National Offshore Oil Corp., known as CNOOC, rose 2.1 percent in Hong Kong.
Hong Kong-listed Zijin Mining Group, China’s largest gold miner, jumped 4.1 percent amid rising prices in the precious metal.
But Japanese export shares didn’t fare so well. Low interest rates in the U.S. would likely weigh on the dollar, giving the tenaciously strong yen another unwelcome boost.
Yamaha Motor Corp. sank 2.4 percent, while Sony Corp. lost 1.2 percent. Toshiba Corp. was 1.2 percent down.
Lee Kok Joo, head of research at Phillip Securities in Singapore, said the Fed announcement would likely have only a short-term affect on equities.
“Beyond that, you still need to look at the macro picture,” he said, referring in particular to the sovereign debt crisis in Europe. “Things are still pretty uncertain in the European region.”
Greece, which faces an important bond repayment deadline in March, is struggling to reach a deal with creditors to prevent a chaotic default on its massive debts. A default could trigger a financial crisis in Europe and beyond.
Private sector investors that hold a large part of Greece’s debt are being asked to swap their existing bonds with new ones of a reduced value, longer maturity and lower interest rate. Greece needs the deal if it is to avoid default this spring.
Benchmark crude for March delivery was up 57 cents to $99.97 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose by 45 cents to finish at $99.40 per barrel in New York on Wednesday. At one point it was as high as $100.40.
The prospect of low interest rates dragged on the dollar, since it reduces the returns that investors get from holding assets denominated in that currency. The euro rose to $1.3109 from $1.3084 late Wednesday in New York. The dollar fell to 77.69 yen from 77.81 yen.
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Asia stocks mostly gain on Fed’s low rates pledge (AP)
BANGKOK – Asian stock markets were mostly higher Thursday after the U.S. central bank pledged to keep interest rates low for another three years to nurture the country’s stubbornly slow economic recovery.
Hong Kong’s Hang Seng Index jumped 1.1 percent to 20,322.51 on its first trading day since the Chinese New Year holiday. South Korea’s Kospi rose 0.2 percent to 1,956.14. Benchmarks in Singapore and New Zealand also rose.
Japan’s Nikkei was 0.4 percent lower at 8,846.96, following strong gains a day earlier. Markets in Taiwan and mainland Chinese remained closed for the Chinese New Year. The Australian market was closed for a public holiday.
On Wednesday, the U.S. Federal Open Market Committee said it was unlikely to raise interest rates before late 2014. It had previously said it expected to keep rates low into the middle of 2013.
The Fed cut rates to near zero in December 2008, during the financial crisis, and has held them there ever since. The announcement was a sign that the Fed expects the economy, which is improving, to need significant help for three more years.
Analysts said stock buyers rejoiced that the Fed was leaning toward promoting economic growth.
“With the FOMC sending out a strong signal that monetary policy is likely to remain accommodative for even longer than previously expected, risk assets are in a very good position,” said Stan Shamu of IG Markets in Melbourne.
Wall Street welcomed the news, with the Dow Jones industrial average closing up 0.6 percent at 12,756.96 — the highest close since May 10. The Standard & Poor’s 500 index rose 0.9 percent to 1,326.06. The Nasdaq composite index gained 1.1 percent to close at 2,818.31.
Benchmark crude for March delivery was up 39 cents to $99.79 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose by 45 cents to finish at $99.40 per barrel in New York on Wednesday. At one point it was as high as $100.40.
The prospect of low interest rates weighed on the dollar, since it reduces the returns that investors get from holding assets denominated in that currency. The euro rose to $1.3103 from $1.3084 late Wednesday in New York. The dollar fell to 77.75 yen from 77.81 yen.
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Asia stocks rise as Apple result lifts tech shares (AP)
BANGKOK – Asian stocks rose Wednesday as investors stayed calm in the face of a possible debt default by Greece to search for good deals in technology shares boosted by stunning results from Apple Inc.
Japan’s Nikkei 225 index rose 1 percent to 8,870.22. South Korea’s Kospi gained 0.8 percent at 1,964.72 and Australia’s S&P ASX 200 added 1 percent to 4,268.70. Benchmarks in Singapore and New Zealand rose, while shares in the Philippines fell.
Markets in Hong Kong, mainland China and Taiwan remained closed for Chinese New Year.
Japan’s powerhouse export sector got a lift from a moderation in the yen’s strength even as the country reported its first annual trade deficit since 1980. A strong yen, which hit multiple historic highs last year against the dollar, shrinks the value of overseas earnings when repatriated and makes Japanese products less competitive.
Honda Motor Corp. rose 3.3 percent. Mitsubishi Motor Corp. jumped 4.4 percent and Sony Corp. added 3.1 percent. Tire-maker Bridgestone Corp. added 3.4 percent.
Technology stocks were elevated after Apple Inc. reported earnings that sailed past analyst estimates. Apple said late Tuesday said it sold 37 million iPhones in the last three months of 2011, vastly exceeding estimates and propelling the company to record quarterly results.
That stellar performance reverberated throughout the global tech industry. South Korea’s LG Electronics Inc., which ranks No. 2 globally in flat screen televisions, jumped 4.1 percent. Hynix Semiconductor Inc., the world’s second-largest memory chip maker, added 2.2 percent.
Stan Shamu of IG Markets in Melbourne said in an email that the gains in Asia suggested “investors are now starting to pay less attention” to Greece, which is struggling to reach a deal with creditors to prevent a chaotic default on its massive debts. A default could trigger a financial crisis in Europe and likely beyond.
Greece is trying to get its creditors to swap Greek government bonds for new ones that have half the face value. Greece faces an important bond repayment deadline in March.
The Dow Jones industrial average closed down 33 points at 12,676 on Tuesday. The Standard & Poor’s 500 lost a point to close at 1,315. The Nasdaq added two points to close at 2,787.
Benchmark oil for March delivery rose 35 cents to $99.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 63 cents to end at $98.95 per barrel on the Nymex on Tuesday.
In currency trading, the euro rose to $1.3026 from $1.3021 late Tuesday in New York. The dollar rose to 77.91 yen from 77.73 yen.
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Asia stocks advance amid positive US jobs data (AP)
BANGKOK – Asian stock markets rose Friday as strong earnings and positive jobs data out of the U.S. added to hopes that the economic recovery in the world’s largest economy is for real.
Japan’s Nikkei 225 index rose 1.2 percent to 8,744.15. South Korea’s Kospi rose 0.9 percent to 1,932.71. Hong Kong’s Hang Seng added 0.2 percent to 19,989.15 and Australia’s S&P/ASX 200 was 0.5 percent higher at 4,234.70.
Benchmarks in Singapore, New Zealand and mainland China were also higher. Taiwan markets were closed ahead of Chinese New Year, which starts Monday.
Strong corporate earnings reports in the U.S. boosted investor tolerance for risk assets like stocks. IBM Corp.’s fourth-quarter earnings also beat Wall Street expectations. Bank of America and Morgan Stanley both reported results that were better than analysts were expecting.
That helped lift shares in Japan’s major banks, including Mitsubishi UFJ Financial Group, which jumped 4.8 percent, and Mizuho Financial Group, up 4.6 percent. Nomura Holdings added 3.4 percent.
On top of earnings came data that showed the U.S. job market is strengthening. The number of people seeking unemployment benefits fell last week to 352,000, the fewest since April 2008.
Resources stocks advanced following strong gains in metals prices overnight.
Mining giant Rio Tinto Ltd. rose 0.8 percent. Fortescue Metals Group, Australia’s third-biggest iron ore producer, gained 1.2 percent.
Meanwhile, France and Spain held successful bond auctions, their first since Standard & Poor’s downgraded their credit ratings last week. The result was a sign that politicians and central bankers have at least temporarily stemmed the spread of Europe’s debt crisis.
Analysts warn, however, that a looming recession could hinder efforts to slash deficits while Greece depends on a deal with banks to avoid a disastrous default this spring. Closely watched debt-restructuring negotiations are taking place this week between Athens and private creditors. Failure to seal an agreement would likely result in a financially disastrous default by Greece.
“For the moment, the market expects a deal to be made while downside risk still exists and any disappointment could end the week of rallies,” Credit Agricole CIB in Hong Kong said in an email.
The Dow Jones industrial average gained 0.4 percent to close at 12,623.98. The Standard & Poor’s 500 index added 0.5 percent to close at 1,314.50. Both averages are at their highest since July. The Nasdaq added 0.7 percent to close at 2,788.33.
Benchmark crude for February delivery was down 4 cents at $100.35 a barrel in electronic trading on the New York Mercantile Exchange.
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Asia stocks up as Wall Street cheers housing data (AP)
BANGKOK – Asian stock markets rose Thursday as investors grew more comfortable with risk assets after surprisingly strong U.S. housing figures helped power Wall Street to its highest close since July.
Japan’s Nikkei 225 index jumped 1.3 percent to 8,659.86. South Korea’s Kospi rebounded 1.1 percent to 1,912.38 after a losing session Wednesday. Hong Kong’s Hang Seng rose 1.1 percent at 19,893.66. Australia’s S&P ASX 200 gained 0.3 percent to 4,231.50. Benchmarks in Singapore and mainland China, also rose.
Analysts said investors were becoming more comfortable with taking on risk despite multiple headwinds — including a likely recession in Europe, a possible debt default by Greece and a warning from the World Bank on Wednesday of a possible slump in global economic growth.
“Evidence that markets are becoming increasingly resilient to bad news emerged from the muted reaction to sharp downgrades in growth forecasts by the World Bank,” Credit Agricole CIB in Hong Kong said in a research note.
Several encouraging signs pushed Wall Street higher on Wednesday, with the Standard & Poor’s 500 index closing above 1,300 for the first time since July 28, and the Dow Jones industrial average finishing at its highest since July 25.
The National Association of Home Builders index, a measure of sentiment among builders, rose to its highest level since June 2007 as sales jumped. The index is rising, however, because builders are seeing a rise in people shopping for a home, not because they are seeing more sales.
Separately, the Federal Reserve said manufacturing rose 0.9 percent from November to December, the biggest gain since December 2010.
The Dow finished up 0.8 percent at 12,578.95. The S&P rose 1.1 percent to 1,308.04. The Nasdaq composite index rose 1.5 percent to 2,769.71.
Benchmark oil for February delivery rose 78 cents to $101.37 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 12 cents to $100.59 per barrel on the Nymex on Wednesday.
In currencies, the euro rose to $1.2861 from $1.2841 late Wednesday in New York.
The dollar fell to 76.72 yen from 76.80 yen.
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