The Star Online: Business
The Star Online: Business |
- Asia markets lifted by upbeat data; yen eases
- RUBBER-Tokyo Futures Hit 3-Month High On Weaker Yen
- Tenaga energises market as KLCI climbs
| Asia markets lifted by upbeat data; yen eases Posted: TOKYO/SYDNEY: Asian markets marked a second day of gains on Tuesday after a string of upbeat factory data around the globe boosted shares and most commodities, while a delay in a potential U.S. strike on Syria diminished the safe-haven appeal of gold and the yen. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent, building on Monday's 1.2 percent rise and on track for a fourth day of gains, and Japan's Nikkei stock average added 1.9 percent. The Korea Composite Stock Price Index (KOSPI) rose 0.2 percent, though caution ahead of U.S. employment data at the end of this week limited gains. Friday's U.S. job data that could provide clues on when the U.S. Federal Reserve will begin rolling back its bond-buying stimulus programme, noted Hi Investment & Securities analyst Kim Seung-han in Seoul. "Initially the market will reflect on the euro zone's data but cues ahead may limit the extent of foreign inflows and cap market gains," he said. The dollar rose 0.3 percent to 99.62 yen after touching a one-month peak of 99.67 yen, while gold eased about 0.2 percent to $1,391.96 an ounce as investors rediscovered an appetite for risk. The Reserve Bank of Australia holds its monthly policy meeting on Tuesday and is widely expected to hold rates steady, after having cut rates to a record low of 2.5 percent in August. While Wall Street was closed for the Labor Day holiday on Monday, U.S. stock futures posted solid gains with the S&P 500 contract up 0.9 percent. Broad gains across European bourses lifted MSCI's world equity index 0.6 percent. Prospects for the global economy brightened considerably according to a fresh round of purchasing managers' surveys for August. Factory activity in the euro zone rose at its fastest pace in more than two years, and even manufacturing in struggling Spain grew for the first time since April 2011. The UK's version of the survey far outstripped expectations and sent sterling up 0.1 percent to $1.5551 as the market brought forward the likely timing of the first rate hike there in years. All of this reinforced the impact of China's PMI, which showed activity in the country's vast manufacturing sector was at its highest in more than a year. That continued to buoy commodities, with copper prices rebounding 0.4 percent to $7,270 a tonne. Markets were also unwinding many of last week's safe-haven trades as worries about an imminent military strike against Syria abated after U.S. President Barack Obama decided to seek congressional approval. U.S. crude oil prices slipped 0.7 percent to $106.85 a barrel, while Brent lost 0.1 percent to $114.25. - Reuters |
| RUBBER-Tokyo Futures Hit 3-Month High On Weaker Yen Posted: TOKYO: Key TOCOM rubber futures rose nearly 3 percent on Tuesday to hit a three-month high in early morning trade, as the yen held at a one-month low against the dollar. FUNDAMENTALS * The key Tokyo Commodity Exchange rubber contract for February delivery <0#2JRU:> was changing hands 6.1 yen higher at 284.6 yen as of 0036 GMT. The benchmark contract rose as much as 2.9 percent to 286.7 yen, the highest since May 23. * The safe-haven yen started Asian trade at one-month lows against the dollar on Tuesday, having fallen broadly as fresh signs of a pickup in global manufacturing activity helped lift risk appetite. A weak yen makes yen-denominated assets more affordable when purchased in other currencies. * A prolonged protest by rubber farmers in Thailand's southern Nakhon Si Thammarat province has disrupted distribution systems and delayed thousands of tonnes of prompt Thai rubber shipments for up to two weeks, exporters said on Monday. * For the top stories in the rubber market and other news, click, or MARKET NEWS * U.S. crude futures fell in early Asian trade on Tuesday as President Barack Obama's efforts to persuade the Congress to back his plan to attack Syria met with skepticism. * Japan's benchmark Nikkei average opened up 1.29 percent at 13,748.68 on Tuesday, while the broader Topix gained 1.38 percent to 1,133.16.- Reuters |
| Tenaga energises market as KLCI climbs Posted: KUALA LUMPUR: Some mild fund buying of power giant Tenaga Nasional helped shore up Malaysian blue chips in early Tuesday trade. At 9.17am, the FBM KLCI was up 3.42 points to 1,720.98. Turnover was 64.07 million shares valued at nearly RM38mil. There were 113 gainers, 84 losers and 99 counters unchanged. Investors are expecting the subsidy rationalisation to see a review of Tenaga's tariffs. Tenaga rose 23 sen to RM8.90 with 174,600 shares done. Kossan Rubber Industries rose 21 sen to RM6.52 as investors were positive about its one-for-one bonus issue. Genting Bhd rose six sen to RM9.36 while among the telcos, Maxis gained six sen to RM6.93 and Aixata edged up five sen to RM6.71. |
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