Market Gazer Hong Kong - Japan - Germany - UK - North America
market review : asia Meanwhile in China, exports were
Better-than-expected
US data released on
Thursday pushed Asian
shares higher on
Friday. Yen’s decline as
well as positive revision of the Japanese
GDP estimate added strength to Nikkei’s
rally towards 9,239.17, a 140.78 points or
1.55% gains. In Hong Kong, Hang Seng
index also gained 0.43% to end at
21,257.39, while in Shanghai, Shanghai
Stock Exchanges gained 0.26% as it ended
the day at 2,663.21.
Japan’s GDP estimate was revised to show
a 0.4% growth in 2Q (q/q) while compared
to the previous year’s 2Q growth was at
1.5%. Both were higher than the
preliminary estimates released earlier by
the Japanese Cabinet Office which
showed 0.4% growth (y/y) and 0.1%
growth (q/q). In addition, the government
also unveiled a new stimulus to boost the
economy amounting to 915 billion yen.
The new stimulus was hoped to be able to
fight deflation and the damaging impact
from a stronger yen, if any. The
government estimated that the new
stimulus might be able to add 200,000
more jobs and to raise growth by
approximately 0.3%.
Yen’s decline to 84.37 against the dollar
and 107.22 against the euro also eased
some concerns among investors which
consider strong yen as damaging to the
Japanese economy.
10 September 2010
reported to have risen 34.4% while
imports jumped 35.2%, leading to a trade
surplus of $20.03 billion in August.
Although lower than July’s surplus of
$28.7 billion, the August figures were still
robust and added confidence to the
Chinese economy.
Car sales in China also slowed significantly
in August, as growth fell from 90% a year
ago to 18.7% this year. Raised taxes on
small cars at the start of 2010 were cited
as damaging sales.
Canon Inc.
announced its plan
to buy back shares amounting to about 50
billion yen or 1.2% of its outstanding
shares. Citigroup Global Markets Japan
kept its rating on the company at BUY.
Canon soared 5.63% to end at ¥3,750.
Sun Hung Kai Properties Ltd. was
downgraded to HOLD from BUY by BNP
Paribas, sending the stock price to end
0.35% lower at HK$115.10.
Sinopec, along with Cnooc Ltd.
were said to bid a stake and
oil assets of Brazilian OGX
Petroleo & Gas Participacoes
SA worth $7 billion.
Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be
reliable, but there is no assurance or guarantee regarding its
completeness & and accuracy. The author accepts no
responsibility or liability arising from any use of the report.
E-mail: market.techspeak@gmail.com
Page 1