Reports » Asia

Asian stock market, economy and companies update (February 09, 2012)

Markets were weaker overall today with a little move to the upside after Greek officials literally worked through the night, with only the pension issue remaining unresolved (expected to be solved by the Troika later today). Talks between Papademos and Troika now revolve around filling €625M gap; PASOK will not accept lower pensions. After a later meeting it was said that Greece now has about 15 days to reduce pension liabilities by €300M. Under bailout agreement Greece will be given 1 extra year to 2015 to return to primary surplus of €4.5B; Government must specify additional austerity measures worth €10B in June for 2013-2015 period.

Asian stock market, economy and companies update (February 08, 2012)

Markets started off to the upside before gaining some momentum and making strong gains for the rest of the Asian trading session. Confidence has re-entered the market that the Greek debt situation will be resolved. PM Papademos met with Troika officials today to "put the finishing touches" on terms for the next bailout package and will meet with politicians today to talk about next round of austerity measures. EUR/USD traded in a 40 pip range testing $1.3275. The outperformers of the session were the Taiex, with 163 point and the Hang Seng with over 200 points.

Asian stock market, economy and companies update (February 07, 2012)

Markets were subdued across the region ahead of the key Reserve Bank of Australia rate decision. However after the RBA, in a surprise move, kept rates unchanged at 4.25% the markets tumbled, with the ASX falling 0.4%, key trading partner China saw the Shanghai Composite fall nearly 2%. The AUD/USD rose over 90 pips testing $1.08, a 6-month high. The RBA said there were reduced risks from Europe and borrowing rates had declined to levels close to medium term average. RBA also thought that the inflation outlook provided for easier policy.

Asian stock market, economy and companies update (February 06, 2012)

Markets started the session off positive on the back of strong US payroll numbers before the Kospi and Taiex slipped into negative territory. Shanghai Composite also flirted to the downside, London copper, March silver and April gold eased lower with the looming deadline for Greece to reach terms for a new bailout deal and no resolution reached over the weekend. Greece PM is in meetings with members of the Govt over another round of cuts, and meetings continue with the Troika. Risk aversion was also heightened with the worsening situation in Syria and Iran.

Asian stock market, economy and companies update (February 03, 2012)

Markets were weaker for most of the day ahead of key US non-farm payroll numbers, continued lethargic debt swap talks in Greece. Singapore was the exception, it stayed in positive territory for the majority of the session, however as the European open got closer trading turned around in Taiwan, Shanghai and Hong Kong. Japan earnings season treks on with most companies showing disappointing results putting an overall damper on the market. Major names Honda and Softbank both fell over 1% in the day after weaker earnings and outlook.

Asian stock market, economy and companies update (February 02, 2012)

Markets were well into positive territory today on the back of stronger manufacturing numbers out of Europe and the US overnight, giving some confidence to the markets that the global economy is on an upward trend. Talks in Greece soldiered on with no solution announced, though EU speakers reiterated that Greece is "very close" to reaching a deal with private bond holders. With the return of some risk appetite silver and copper futures both fell, S$ hit a 3-month high against the USD, Taiwan dollar and the Philippines peso also gained against the greenback.

Asian stock market, economy and companies update (February 01, 2012)

Markets were oscillated between gains and losses, weaker earnings from the US as well as an unexpected drop in consumer confidence weighed on the markets. Mixed China Manufacturing PMI data added to the risk adverse attitude, though the slightly stronger reading form the official data of 50.5 in January gave some solace that there would not be a hard landing. China HSBC manufacturing PMI showed a contraction reading again, but at a slower pace. So far Japan 9-month results are showing general weakness as many exporters showing the impact of a period racked with natural disasters both domestically and abroad that impacted their supply chains.

Asian stock market, economy and companies update (January 31, 2012)

Markets were positive for most of the session but became more mixed heading into the European open. At the EU Summit Monday, more ground was made towards reaching a fiscal union. EU's Van Rompuy said today's meeting serves as stepping stone for talks in March and June; Fiscal accord to be signed at March summit. A meeting after the summit to talk about Greece was announced, EU's Juncker commented after the meeting saying there was no decision on Greece; Issue of Greek budget commissioner is off the table (was proposed over the weekend by Germany).

Asian stock market, economy and companies update (January 30, 2012)

Markets were all negative with the exception of Taiwan rising nearly 3% in its first day back from New Year break. Strong earnings from Apple while the Taiex was closed pushed component maker Hon Hai to limit up. The remaining markets were all down 0.5% or more, tracking softer close from Wall Street on Friday with lower than expected US GDP data and the continued inability for a Greek solution to be reached. Markets are also cautious ahead of the EU summit, where it is expected that an agreement will be signed for the ESM. Over the weekend Greece rejected Germany's call to allow them to take over budget and economic planning for the country.

Asian stock market, economy and companies update (January 27, 2012)

Markets were mixed and cautious in the final trading day of the week, US jobless benefit claims rose last week while durable goods beat estimates in December. Markets are also waiting for the release of Q4 GDP from the US. A drop in USD/JPY tested ¥76.90; yen crosses sold into the Tokyo fix but regained back towards US session levels. This strength weighed on exporting names and could trigger repatriation. Japan PM Noda tried to verbally deter the strength calling for "bold" action to stem the yen rise. Commodities futures were all lower, silver and copper both falling 0.7%, wheat lost 1% while corn shed $2.20.

Asian stock market, economy and companies update (January 26, 2012)

Markets started the day off strong, Hong Kong Hang Seng opened at its highest level since early September after several days of being closed, before paring back opening gains with the Nikkei and Straits Times Index falling into negative territory. Initial strength was feeding off the US FOMC announcing that rates will be kept on hold until 2014, previously had indicated mid-2013, also boosting the markets were comments from Fed Chairman Bernanke that the central bank is considering additional easing steps, with asset purchases.

Asian stock market, economy and companies update (January 25, 2012)

US equity index futures and the open Asian equity indices all gained today. After the close Apple beat expectations, recording record sales of iPhones and iPads, this is sure to boost Taiwan names like Hon Hai (2317.TW) when the Taiex reopens; Korea's Hynix gained over 2% (will report this week). Tokyo stocks ended the morning session at a three-month high, as the USD/JPY tested a 4-week high above ¥77.85 and had similar movement against the euro. This encouraged investors to buy exporters on the back of Japan's 2011 trade deficit of ¥2.49T, the first in 31-years.

Asian stock market, economy and companies update (January 24, 2012)

For the second consecutive day only Australia and Japan were open due to the New Year's celebrations, equities markets were decidedly more positive today with hopes that a resolution may be reached for Greece. EU's Juncker said that the PSI must achieve 120% debt to GDP target in 2020 and that the Greek program is off track, action needs to be taken before there is a new program. Ministers rejected an offer out of the PSI, made from the private bondholders on how to restructure Greek debt, ministers said to be pushing the group to agree to receive less than 4% on the restructured debt.

Asian stock market, economy and companies update (January 23, 2012)

With only Australia and Japan open today due to the New Year's celebrations, Asian equity markets were subdued with thin trading. Both the ASX and Nikkei225 ended the session almost unchanged from opening levels. EUR/USD opened gapping down over 50 pips below $1.2880 with no progress in Greece. Dollar appetite returned with heightened uncertainty and limited liquidity in the region. Silver gained over 2% testing $32.50 before retreating. Australia's Q4 producer price index fell to a 1 year low q/q to 0.3% v 0.4%e; y/y also fell short of expectations at 2.9%.

Asian stock market, economy and companies update (January 20, 2012)

Asian equity markets traded positively due positive news around the world. In the last trading day ahead of Chinese New Year, on the back of stronger US earnings from the major tech and financial names and strong bond auctions out of the EU, markets found their footing. This second day of positive news from the US gave some additional affirmation that the US may be pulling out of its economic slump. Both Bank of America and Morgan Stanley beat analysts' estimates causing the major Japanese banks, Mizuho, Mitsubishi UFJ and Nomura to gain over 5%. Currencies stayed little changed in the session with some brief limited dollar strength around mid-session, then heading into the European open the dollar weakened.

Asian stock market, economy and companies update (January 18, 2012)

Asian equity markets traded mixed after yesterday's rally and ahead of Portugal debt sale later in the EU session. Concerns over Greece debt negotiations returns to the forefront with talks resuming Wednesday. PM Papademos said he will consider legislation that would force creditors to take losses on their holdings if no agreement can be reached. Today was the last day of trade in China before a 7-day break for the Lunar New Year, this will keep most traders on the sidelines with the anticipated thinning liquidity as other countries in the region join for shorter breaks to celebrate.

Asian stock market, economy and companies update (January 17, 2012)

Asian equity markets traded cautiously to the upside ahead of key China Q4 GDP and Industrial production, the data was a bit stronger than expected pushing markets into high territory which eased some market fears that the EU debt crisis is brining global economic activity to a near halt.

Asian stock market, economy and companies update (January 16, 2011)

Asian equity markets traded to the downside after the S&P cut several EU sovereign ratings on Friday. On renewed risk aversion saw the the dollar gain against all the majors, seeing the biggest gains against the A$. Euro held steady down 0.3% to the $1.2640 level.

Asian stock market, economy and companies update (January 13, 2012)

Asian equity markets traded to the upside after smooth bond auctions in Spain and Italy overnight. Shanghai fell nearly 2% after forex reserves fell for the first time in 14 years to $3.18T. The decline in China's fx reserves comes amid indications that the country had capital outflows in Q4. In Oct, PBoC data showed that China's banking system's forex purchase position declined for the first time in 4 years, which was a warning of possible outflows, as fx purchases are sometimes used to sterilize inflows. In a follow up a SAFE official said that fx reserves declined as a result of debt repayments; the reserves may continue to decline on outflows.

Asian stock market, economy and companies update (January 12, 2012)

Asian equity markets traded mixed, tracking an increasingly cautious US session that seemed to suggest that the 3-week rally may be somewhat overextended. China monthly inflation data was largely in line with estimates - December saw a 5th consecutive decline to 4.0%, but the overall 2011 print of 5.4% was well above the official 4% target. The release of China inflation data briefly sparked some risk-on flows, but the rally was ultimately not sustained. Commodity currencies are modestly lower, while volatility in the European major pairs was muted going into the ECB/BOE rate decisions in late European hours.

Asian stock market, economy and companies update (January 11, 2012)

Markets were mixed, with no major driver for the session. Republican Presidential candidate Mitt Romney won the New Hampshire primary, as expected. Australia job vacancies declined 3.3% after rising nearly the same in the last month. South Korea saw its December unemployment rate hold steady. Commenting ahead of his first meeting in China, US Treasury Sec Geithner said that the main focus of the talks would be on growth, including growing US exports to China. China Vice Premier ahead of the talks indicated that China was willing to increase its trade with the US.

Asian stock market, economy and companies update (January 10, 2012)

Markets were buoyant today, with Alcoa kicking off the US earnings which helped to boost Australian miners. The Kospi rose supported by electronic and tech names. EUR/USD leveled off around $1.2780, coming off its 16-month low. China Securities Regulatory Commission (CSRC) said it would "actively" push pension and housing funds to invest in capital markets; To encourage long-term investors such as insurers and corporate pension plans to buy more shares.

Asian stock market, economy and companies update (January 09, 2012)

Markets were very cautious today, after several opened slightly to the upside they quickly fell into negative territory despite stronger US economic data on Friday. Europe's debt crisis continues to weigh on the markets ahead of today's meeting of German Chancellor Merkel and French President Sarkozy. There are several sovereign bond auctions this week in Europe starting with Greece on Monday and Germany on Tuesday, Spain will sell debt maturing in 2015 and 2016 on Thursday, while Italy will auction three-, five- and 15-year bills on Friday.

Asian stock market, economy and companies update (January 06, 2012)

Markets were mostly subdued through the session, seemingly not concerned ahead of the US non-farm payrolls and more concerned over the future of Europe. EUR/USD extended its decline below $1.2765, fresh 15-month lows. Gold has resumed its safe haven status testing $1,628, a 2-week high. Near the end of the Asia session a report came across that there was an incident at a North Korea nuclear facility, details were very limited. KRW fell to session lows testing KRW1,155, the yen gained 0.3% against the won and Kospi fell 2% below 1,825.

Asian stock market, economy and companies update (January 05, 2012)

Markets continued to be weighed down by EU debt crisis; Greece continues to warn that it may have to drop out of the EU within 3-months in an uncontrolled default. Asian indices that were in positive territory failed to hold their upward momentum, with risk aversion and some profit taking from yesterday's rally. Euro remained weaker against the USD, $1.2920 and yen ¥99.10. The greenback found modest strength against the majors and weakened against the emerging market currencies. Oil eased off its highs in the US session as the US and EU take additional steps to implementing fresh sanctions against Iran.

Asian stock market, economy and companies update (January 04, 2012)

Markets opened to the upside tracking a stronger round of economic data from around the globe. However, aside from the ASX, markets drifted lower on profit taking and caution. AUD/USD continued to fall from US session lows below $1.0330, Feb gold reversed US gains falling below $1,600/oz. Brent crude gained in the session, testing $112.30. PBoC again set a new yuan high since the July 2005 revaluation after being closed for the holidays. The new setting of 6.3001 compared to last close of 6.2940 and setting of 6.3009.

Asian stock market, economy and companies update (January 03, 2012)

Stronger PMIs in Europe overnight and a very surprising uptick in China Dec non-manufacturing PMI to 56.0 from 49.7 prior boosted the markets and giving some appetite for risk. AUD/USD tested above $1.0280, the highest level since Dec 8th on the data. Commodities all opened higher from their last trade before New Year's. China Foreign Min Yang said that China will strengthen its cooperation with emerging markets in 2012. Hong Kong indicated that it has interest in more China sovereign bond business. The last offering in September was 3 times oversubscribed.

Asian stock market, economy and companies update (January 02, 2012)

Asian markets were very thin with only two markets open, Korea and Taiwan. PMI manufacturing from South Korea was 46.4, the lowest level since Feb 2009 and the 5th consecutive reading below 50, Taiwan, the other open market today had its December Manufacturing PMI was 47.1, the 7th consecutive monthly contraction. Both markets pressed lower with the Taiex losing over 155 points. South Korea President Lee said he was targeting to get inflation into the 3% range. Euro and pound both lost 0.2% to the dollar, while EUR/JPY fell to a low of ¥99.35.

Asian stock market, economy and companies update (December 30, 2011)

Asian markets were mixed to the upside today, trading was thin in the last day of trading in 2011, ASX closed early, -15% y/y for 2011 and the Kospi was closed. The Taiex ended the year -21% y/y. After Italy's mixed auction yesterday the euro tested a 15-month low before coming back, but stayed in a 30 pip range in the session. A$ and NZ$ both gained 0.2%. USD/JPY was in a 20 pip range dipping to ¥77.51. Corn and wheat both fell which copper and silver rose in the session.

Asian stock market, economy and companies update (December 29, 2011)

Asian markets were weaker today with risk aversion high. Taking cues from Wall St. and jitters ahead of Italy's debt auction (05:00ET Italy Debt Agency (Tesoro) will sell 2014, 2021 and 2022 Bonds). EUR/USD extended its losses testing below $1.2900, a 1-year low and almost a 10-year low against the yen below ¥100.35. Commodities dipped lower with silver dipping below $26.70, copper stayed in a small range while wheat fell 1.2% to $6.43. Shanghai Composite skipped up into positive territory on a Chinese white paper from the China State Council said that the PBoC is likely to cut the RRR after the new year.

Asian stock market, economy and companies update (December 28, 2011)

Asian equities were moderately lower with continuing concerns over the EU debt crisis despite improved consumer confidence data in the US. The euro remained range bound ahead of a key Italian bond auction later in the European session and the yen stayed in a tight range with a small dip on weaker data from the country. Shares of Samsung Electronics fell over 0.3% and Sharp fell over 2% on the agreement by a group of LCD manufactures to pay $553M settlement for illegal price fixing on flat panel screens in the US.

Asian stock market, economy and companies update (December 27, 2011)

Asian markets saw some weakness in the session, trading remained thin with a few markets still on holiday. Korea's Kospi saw a sharp drop early in the session, an exchange spokesperson noted that the drop was due to a wrong order and speculation about North Korea (a delegation from South Korea was visiting North Korea). Currencies were pretty steady with the EUR/USD around $1.3060, all the majors fluctuated moderately +/- 0.2% in the session. In Monday trade the yuan hit an all-time high against the USD; On tract for a 4% appreciation in 2011 against the USD. In today's session the PBoC set the yuan mid-point at 6.3152 v 6.3198 prior close.

Asian stock market, economy and companies update (December 23, 2011)

Asian markets gift to the globe was a rally heading into the weekend. Most markets were up over 1%. With a return of risk appetite the USD weakened against the majors but by no more than 30 pips. NZD/USD lost about 20 pips when a fresh 5.8 earthquake hit Christchurch, New Zealand (the same location as the previous devastating one). Corn and wheat futures both lost ground while silver and copper gained nearly 0.9%.

Asian stock market, economy and companies update (December 22, 2011)

Asian markets were skeptical on the ECB's plan to provide cheap loans to EU banks in an effort to ease the debt crisis and fell as a result. The fact that so many banks took the ECB up on the offer so quickly just highlights the state of the EU crisis. EUR/USD eased a bit in the session to $1.3040. USD/JPY stayed in a tight range with little direction. A$ and NZD both lost about 20 pips in the session to $1.0080 and $0.7678. New Zealand Q3 GDP q/q showed its 4th expansion reading and beat expectations at 0.8% while y/y fell short of expectations at 1.9%.

Asian stock market, economy and companies update (December 21, 2011)

Asian markets gained for a second day Wednesday with positive data from the US and Europe as well as unwinding fears over Kim Jong-il's death. AUD and NZD both gained against the USD up 63 and 41 pips respectively. USD gained against the euro and pound. Soft commodities, corn and wheat were both down while silver and copper gained in the session. The Bank of Japan left the target rate range unchanged and cut the economic assessment for the second consecutive time.

Asian stock market, economy and companies update (December 20, 2011)

Asian markets had a more positive day with no signs of turmoil in North Korea showing yet. Markets were cautious, staying in small ranges and ASX, Shanghai and Straits Times all swung between profit and loss. In the US session EU govts said they would lend €150B to IMF. Heading into the US close a report came out that EU Fin Mins had failed to agree on raising ESM/EFSF €500B joint ceiling. Shares of Taiwan's HTC rose over 5% on a partial win in the Apple patent dispute and the announced share buyback program.

Asian stock market, economy and companies update (December 19, 2011)

Asian markets opened lower. A report in the FT over the weekend said that Germany considering full payment to the ESM fund in 2012. ECB President Draghi said that global growth still slowing; UK and EU need each other; Fiscal discipline and structural reforms needed to restore confidence. ECB mandate is bound by prohibition of monetary financing; focused at achieving price stability in the medium term.

Asian stock market, economy and companies update (December 15, 2011)

Asian markets continue their decline. In yesterday's Europe session Italian yields continued to rise in their latest bond auction sparking continued concern that the EU will be able to deal with the growing debt crisis. Japan quarterly business confidence survey, Tankan saw a larger drop than expected. The auto industry expressed concerns over the strong yen, playing a huge role in confidence levels. Crude fell $5.00 from yesterday's session after the OPEC meeting, Asian currencies fell against the USD.

Asian stock market, economy and companies update (December 14, 2011)

Asian markets all lost modest ground on Wednesday tracking US markets, bargain hunting after yesterday's losses propped the markets up to some degree, Taiwan's Taiex even managed to end the session in positive territory. A Japan Govt Official disclosed that Japan bought 13% of EFSF bonds on DEC 13th this is down from the 20% purchased last time. Australia Westpac consumer confidence dropped to its lowest level since August, despite two consecutive cash rate cuts. Major currencies were almost unchanged in the session, dollar lost against the Korean won and the Taiwan dollar. Spot gold rose 0.5% while FEB gold declined over 1% remaining a few dollars apart for the session.

Asian stock market, economy and companies update (December 13, 2011)

Markets tracked New York losses as worries that the latest EU agreement would not be enough to contain the debt crisis that continues to plague the region. The threat of a downgrade hanging over the banks and EU member nations also is weighing on sentiment. Moody's Investors Service commented that the debt crunch was in a "critical and volatile stage." Japan's finance minister Azumi called the tighter fiscal discipline agreement a "big step forward", but added there remained a lack of clarity around tackling the crisis and what role would be played by the IMF and how it would be funded.