Abney Associates
(1888PressRelease) July
18, 2013 - Stock prices in Asia gained their biggest advance since September
2012 amid signs the Japanese and U.S. economies are improving following this
week's statement that reassured investors that the stimulus efforts by the
Federal Reserve will remain in place for some time.
Japanese exporters led
gains as weaker yen boost the value of overseas income at carmakers and
electronics manufacturers when repatriated. Toyota the world's biggest carmaker
gained 1.5 percent. Honda Motor Co rose 2.2 percent. Panasonic Corp, Japan's second-biggest
television maker, jumped 6.7 percent. Japanese lenders gained momentum after
the nation's industrial output beat expectations, Mitsubishi UFJ Financial
Group Inc, Japan's No. 1 lender led the way with 4.1 percent gains, Sumitomo
Mitsui Financial Group Inc the number 2 lender followed with 2.9 percent gains.
The MSCI Asia Pacific
Index climbed 1.9 percent, Japan's Topix index rose 3.2 percent and the
benchmark Nikkei 225 Stock Average jumped 3.5 percent extending gains for a
second week, South Korea's Kospi index gained 1.6 percent and Taiwan's Taiex
index added 2.3 percent. Singapore's Straits Times Index increased 1.1 percent.
Hong Kong's Hang Seng Index advanced 1.2 percent. China's Shanghai Composite
Index rose 0.7 percent, New Zealand's NZX 50 Index rose 0.5 percent, while
Australia's S&P/ASX 200 Index lost 0.2 percent.
"The Japan's prime
minister Shinzo Abe is determined in his path to strengthen the economy with
factory output rising the most since December 2011, we anticipate a low interest
rate policy for the foreseeable future in the U.S. until unemployment figures
drop reinstalling confidence in the Asian markets," said Michael Pringle
the Head of Investment Analysis from Abney Associates. - abney associates
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