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Asian Stocks Follow U.S. Gains as Aussie Slips; Oil Rises
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An employee controls a pipe used to fill an Enefit tanker with oil at Eesti Energia... Read More
Asian stocks rose, with the regional
index following U.S. equities higher, while Australia’s dollar
slid to a four-year low after data showed economic growth
unexpectedly slowed last quarter. Copper futures dropped with
gold as crude oil advanced.
The MSCI Asia Pacific Index added 0.3 percent by 10:06 a.m. in Tokyo, rising for a second day as Japan’s Topix index headed for an almost seven-year high. Standard & Poor’s 500 Index futures rose 0.1 percent after the U.S. gauge jumped 0.6 percent. The Aussie slipped to its lowest level since July 2010 and the Korean won sank 0.8 percent. Gold extended yesterday’s 1.1 percent drop as copper fell 0.3 percent in London. West Texas Intermediate oil rose for the second time in seven days.
Australia’s economy grew at less than half the pace predicted by economists in the third quarter, slowing to 0.3 percent from the previous period. An official gauge of Chinese services rose, with similar data for Japan and Europe also due. Private jobs data in the U.S. today may help investors assess the outlook for November payrolls figures, scheduled for Dec. 5. Federal Reserve Vice Chairman Stanley Fischer and New York Fed President William C. Dudley both stressed this week the positive economic impact of crude’s slide to a five-year low.
“Most developed countries including the U.S., Europe and Japan all benefit from lower oil prices and it’s a big boost for consumer companies and industrial companies because the cost of business goes down,” Shane Oliver, head of investment strategy at AMP Capital Investors Ltd., which oversees more than $127 billion, said by phone from Sydney. “There’s greater confidence in the U.S. with growth continuing there. Feelings of more negative assessments in Europe and Japan have faded a little bit and there’s more confidence about China.”
Futures on the Hang Seng Index in Hong Kong were up 0.1 percent in most recent trading, and contracts on the Hang Seng China Enterprises Index increased 0.3 percent. The gauge of mainland Chinese shares listed in Hong Kong jumped 2.8 percent yesterday, while the Bloomberg China-US Equity Index of the most-traded Chinese companies in New York gained 1.5 percent.
China’s official non-manufacturing purchasing managers’ index climbed to 53.9 for November, from 53.8 the previous month. A HSBC Holdings Plc/ Markit Economics China services gauge is also due today. A government measure of manufacturing in Asia’s largest economy released Dec. 1 dropped more than economists projected to 50.3 for November, from 50.8 in the previous month. Readings above 50 signal expansion.
Singapore Exchange Ltd. delayed the start of trading in the city-state’s securities market by more than three hours, citing a software error. It comes less than a month after SGX halted trading for more than two hours Nov. 5 because of a power-supply failure. Pre-open procedures will start at noon local time, with continuous trading beginning at 12:30 p.m., according to a regulatory filing from the bourse.
Australia’s dollar dropped for a fifth straight day, declining as much as 0.6 percent to 83.92 U.S. cents. The country’s gross domestic product expanded 0.3 percent last quarter from the previous three months, when it rose 0.5 percent quarter-on-quarter. Economists surveyed by Bloomberg predicted growth of 0.7 percent. The Reserve Bank of Australia kept its key interest rate at a record low yesterday.
The European Central Bank will review monetary policy tomorrow, with President Mario Draghi indicating the regulator may broaden its asset-purchase program to include government bonds. The ADP Research Institute’s November U.S. payrolls report today is projected to show employers added 222,000 workers last month, after a 230,000 increase in October.
Gold was little changed at $1,198.18 an ounce on the spot market after sinking 1.1 percent last session, when its 30-day volatility climbed to the highest level in more than a year, according to data compiled by Bloomberg. The precious metal jumped 3.8 percent Dec. 1. Copper slipped to $6,391.50 a metric ton on the London Metal Exchange.
“I’m not very worried,” Fed Vice Chairman Fischer told an audience at the Council on Foreign Relations. “The lower inflation that we’ll get from the lower price of oil is going to be temporary.”
Fischer also indicated the central bank was getting closer to replacing its vow to hold key interest rates low for a “considerable time,” with guidance that tighter monetary policy would hinge on the economy’s performance. The Fed’s Open Market Committee next meets Dec. 16-17.
The Bloomberg Commodity Index sank 2 percent yesterday to the lowest level since April 2009.
To contact the reporters on this story: Emma O’Brien in Wellington at eobrien6@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editors responsible for this story: Emma O’Brien at eobrien6@bloomberg.net Garfield Reynolds
The MSCI Asia Pacific Index added 0.3 percent by 10:06 a.m. in Tokyo, rising for a second day as Japan’s Topix index headed for an almost seven-year high. Standard & Poor’s 500 Index futures rose 0.1 percent after the U.S. gauge jumped 0.6 percent. The Aussie slipped to its lowest level since July 2010 and the Korean won sank 0.8 percent. Gold extended yesterday’s 1.1 percent drop as copper fell 0.3 percent in London. West Texas Intermediate oil rose for the second time in seven days.
Australia’s economy grew at less than half the pace predicted by economists in the third quarter, slowing to 0.3 percent from the previous period. An official gauge of Chinese services rose, with similar data for Japan and Europe also due. Private jobs data in the U.S. today may help investors assess the outlook for November payrolls figures, scheduled for Dec. 5. Federal Reserve Vice Chairman Stanley Fischer and New York Fed President William C. Dudley both stressed this week the positive economic impact of crude’s slide to a five-year low.
“Most developed countries including the U.S., Europe and Japan all benefit from lower oil prices and it’s a big boost for consumer companies and industrial companies because the cost of business goes down,” Shane Oliver, head of investment strategy at AMP Capital Investors Ltd., which oversees more than $127 billion, said by phone from Sydney. “There’s greater confidence in the U.S. with growth continuing there. Feelings of more negative assessments in Europe and Japan have faded a little bit and there’s more confidence about China.”
Asian Stocks
The Topix climbed 0.9 percent, set for its highest close since December 2007 as financial stocks and iron and steel producers drove gains. Australia’s S&P/ASX 200 Index added 0.8 percent, while the Kospi index in Seoul advanced 0.4 percent.Futures on the Hang Seng Index in Hong Kong were up 0.1 percent in most recent trading, and contracts on the Hang Seng China Enterprises Index increased 0.3 percent. The gauge of mainland Chinese shares listed in Hong Kong jumped 2.8 percent yesterday, while the Bloomberg China-US Equity Index of the most-traded Chinese companies in New York gained 1.5 percent.
China’s official non-manufacturing purchasing managers’ index climbed to 53.9 for November, from 53.8 the previous month. A HSBC Holdings Plc/ Markit Economics China services gauge is also due today. A government measure of manufacturing in Asia’s largest economy released Dec. 1 dropped more than economists projected to 50.3 for November, from 50.8 in the previous month. Readings above 50 signal expansion.
Singapore Delayed
“China’s softer manufacturing PMI, including weaker export orders, has sharpened market focus on the need for the services sector to contribute to an increased share of overall economic growth,” Ric Spooner, chief market analysts in Sydney at CMC Markets, said in an e-mail.Singapore Exchange Ltd. delayed the start of trading in the city-state’s securities market by more than three hours, citing a software error. It comes less than a month after SGX halted trading for more than two hours Nov. 5 because of a power-supply failure. Pre-open procedures will start at noon local time, with continuous trading beginning at 12:30 p.m., according to a regulatory filing from the bourse.
Australia’s dollar dropped for a fifth straight day, declining as much as 0.6 percent to 83.92 U.S. cents. The country’s gross domestic product expanded 0.3 percent last quarter from the previous three months, when it rose 0.5 percent quarter-on-quarter. Economists surveyed by Bloomberg predicted growth of 0.7 percent. The Reserve Bank of Australia kept its key interest rate at a record low yesterday.
ADP Report
The won retreated to 1,115.60 per dollar, falling for the third time in four days, while Malaysia’s ringgit slipped 0.5 percent to 3.4433 a dollar. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, was little changed following yesterday’s 0.7 percent surge.The European Central Bank will review monetary policy tomorrow, with President Mario Draghi indicating the regulator may broaden its asset-purchase program to include government bonds. The ADP Research Institute’s November U.S. payrolls report today is projected to show employers added 222,000 workers last month, after a 230,000 increase in October.
Gold was little changed at $1,198.18 an ounce on the spot market after sinking 1.1 percent last session, when its 30-day volatility climbed to the highest level in more than a year, according to data compiled by Bloomberg. The precious metal jumped 3.8 percent Dec. 1. Copper slipped to $6,391.50 a metric ton on the London Metal Exchange.
Not Worried
While WTI is up 1.1 percent to $67.62 as barrel today, oil is still stuck in a bear market amid the highest U.S. output in more than three decades and signs of slowing global demand. The Organization of Petroleum Exporting Countries, responsible for about 40 percent of the world’s oil supply, resisted calls from members including Venezuela and Iran to reduce its quota of 30 million barrels a day at a Nov. 27 meeting in Vienna.“I’m not very worried,” Fed Vice Chairman Fischer told an audience at the Council on Foreign Relations. “The lower inflation that we’ll get from the lower price of oil is going to be temporary.”
Fischer also indicated the central bank was getting closer to replacing its vow to hold key interest rates low for a “considerable time,” with guidance that tighter monetary policy would hinge on the economy’s performance. The Fed’s Open Market Committee next meets Dec. 16-17.
The Bloomberg Commodity Index sank 2 percent yesterday to the lowest level since April 2009.
To contact the reporters on this story: Emma O’Brien in Wellington at eobrien6@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editors responsible for this story: Emma O’Brien at eobrien6@bloomberg.net Garfield Reynolds
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