ASIA
Chinese stocks surged on Monday, with banks outperforming in Shanghai as recent economic data offered further signs that Asia’s biggest economy is stabilizing, while Japanese stocks rallied as a successful Olympics bid boosted sentiment.
Positive economic news from China also offered support to the region. Trade data out over the weekend showed a pickup in exports in August, up 7.2% on year, the latest sign that the world’s second-largest economy is recovering from a slowdown earlier in the year.
In addition, data released in the morning showed that Chinese inflation remain subdued, with the consumer price index rising 2.6% on year in August, in line with the median forecast of economists.
Also, shares in some Chinese banks shot higher as the market considered the impact of the upcoming Shanghai free-trade zone. Bank of Communications and Shanghai Pudong Development Bank both rallied 10%.
The Shanghai Composite rose 3%, while Hong Kong’s Hang Seng Index rose 0.7%.
There were also strong gains in Japan, as data released early Monday showed that the Japanese economy grew much faster in the second quarter than initially estimated. April-to-June gross domestic product grew a revised 3.8% on an annualized basis, compared with last month’s preliminary reading of 2.6%.
Also in Japan, investors were reacting to the weekend news that Tokyo will host the 2020 Olympics, a decision that benefited the broader market, with the Nikkei Stock Average up 2.2%.
Construction firm Kajima Corp. rocketed 9.7%, while real-estate company Mitsui Fudosan Co. jumped 6.5%.
Australia’s S&P ASX 200 moved 0.7% higher after a weekend election resulted in the country’s first conservative government in six years, bringing an end to a period of political uncertainty since the poll was called at the beginning of the year.
Some mining stocks outperformed after the election result with BHP Billiton rose 1.2%, and Rio Tinto rose 1.1%.
South Korea’s Kospi was up 0.8%.
EUROPE
European stocks were little changed after their biggest weekly advance since April, as Chinese exports rose more than expected and investors awaited a U.S. decision this week on possible air strikes against Syria.
The Stoxx Europe 600 Index lost 0.1% to 305.84 at the close of trading.
China’s exports increased more in August than forecast and inflation stayed below a government target. Overseas shipments rose 7.2% from a year earlier, the General Administration of Customs said in Beijing yesterday. That beat the 5.5% median estimate. Consumer prices rose 2.6%, the statistics bureau said today.
President Barack Obama this week will seek to persuade a skeptical Congress and a reluctant American public to support air strikes against Syria. He failed to win backing from foreign leaders at last week’s Group of 20 summit for military action in response to a chemical weapons attack that his administration said killed more than 1,400 people.
BG Group Plc retreated 5.1% as the U.K.’s third-largest oil and gas producer said output next year will fall short of its estimates.
EON SE and RWE AG, Germany’s two biggest utilities, fell 1.7% and 1.6%, respectively. Bank of America Corp. downgraded EON’s shares to underperform, similar to a sell rating, from neutral, citing “misplaced optimism” and the likelihood of lower power prices.
HSBC Holdings Plc cut its projected price targets on EON and RWE’s shares to 10 euros and 18 euros, respectively, saying the harsh trading environment will continue.
Vallourec (VK) SA climbed 3.6% after Kepler Cheuvreux upgraded the producer of steel pipes for the oil-and-gas industry.
USA
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a fifth straight day, as exports from China topped forecasts.
The S&P 500 gained 0.8% to 1,668.17. The Dow Jones Industrial Average added 122.35 points, or 0.8%, to 15,044.85.
The S&P 500 advanced 1.4% last week as data showed signs of economic growth and investors weighed prospects for central bank stimulus cuts amid tensions over Syria.
Chinese exports climbed 7.2% in August from a year earlier, the General Administration of Customs said in Beijing yesterday. That compared with the 5.5% median estimate and July’s 5.1% gain. Imports increased a less-than-estimated 7%.
Raw-materials producers, industrial and technology shares rose at least 1% to lead the S&P 500’s 10 main groups.
Apple Inc. rose 1.8% before an investor event tomorrow where the company will unveil new models of the iPhone.
FBN Securities Inc. raised its priced target on the stock to $600 from $575 today.
Delta Air Lines Inc. (DAL) rallied 7.5% as S&P Dow Jones Indices said the world’s second-largest carrier will replace BMC Software Inc. in the S&P 500.
Molex Inc. jumped 31% after agreeing to be acquired by Koch Industries Inc.
An S&P index of homebuilders jumped 5.4% as Hovnanian Enterprises Inc. (HOV) reported a profit for its fiscal third quarter as sales and prices increased amid a nationwide housing recovery.
Hovnanian, the best-performing U.S. homebuilder stock in the past year, rose 2.4% . PulteGroup Inc., the largest U.S. homebuilder by market value, added 7.6% for the second-biggest gain in the S&P 500. (SPX) D.R. Horton Inc. advanced 6.4%.
Комментариев нет:
Отправить комментарий