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July 5, 2013, 4:31 a.m. EDT

Asia stocks stride higher on Europe cues

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian stocks got a boost Friday after Europe’s two biggest central banks signaled an intent to maintain accommodative policy, with Japanese equities clinching solid weekly gains as the U.S. dollar climbed back above the 100-yen level.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%  jumped 2.1% during the session. The benchmark rose 4.6% this week, its third consecutive week of gains.

/zigman2/quotes/210598030/delayed HSI 27,312.37, -296.79, -1.07%
/zigman2/quotes/210597971/delayed NIK 23,386.74, -92.41, -0.39%
Hang Seng Index Vs. Nikkei Average
Year-to-date percentage changes

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33%  advanced 1% and the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31%  edged up 0.1%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.07% gained 1.9%, erasing losses accumulated earlier in the week.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49%  retreated 0.3%, underperforming the region as shares of market heavyweight Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -1.33% /zigman2/quotes/202367843/delayed SSNLF 0.00%  tumbled 3.8% after the electronics giant issued a weaker-than-anticipated quarterly forecast.

“With U.S. markets enjoying the Independence Day holiday, the baton for sentiment direction was picked up by the Europeans,” said CMC Markets analyst Niall King, referring to Thursday’s surge in European equity markets.

The U.K.’s FTSE 100 index jumped 3.1% and the Stoxx Europe 600 Index rallied 2.3% Thursday after the European Central Bank and the Bank of England indicated they would keep monetary policy easy for the foreseeable future. News from Portugal indicating the government would avoid a collapse also lifted sentiment.


Tokyo Stock Exchange Enlarge Image
The U.S. dollar moves back above ¥100, lifting Japanese exporters.

The day’s gains in Asia came as investors looked ahead to the U.S. June nonfarm-payrolls data due later Friday, with expectations that employment trends would influence how long the Federal Reserve will maintain the current pace of its bond purchases.

Economists estimate the U.S. economy added 155,000 jobs in June, less than the 175,000 new positions created in May.

“Our read of the data points to a softer pace of hiring in private services than last month with manufacturers still shedding jobs and government payrolls continuing to decline,” Crédit Agricole strategist Michael Carey wrote to clients.

U.S. equity futures pointed to likely sharp gains when the markets reopen Friday. Futures on the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.44% and the S&P 500 Index /zigman2/quotes/210599714/realtime SPX -0.38%  were both trading 0.9% higher.

Lower yen sends Tokyo higher

Several Japanese stocks got help from the weakened yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2337% . Shares of Fast Retailing Co. /zigman2/quotes/200663563/delayed JP:9983 -1.31% /zigman2/quotes/203924235/delayed FRCOY -1.53%  jumped 5%, Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 -0.26% /zigman2/quotes/200140010/delayed HTHIY -0.68%  added 4.4%, and Mitsubishi Electric Corp. /zigman2/quotes/207150000/delayed JP:6503 -0.67%   /zigman2/quotes/206004588/delayed MIELY -0.89%  advanced 3.9%.

Click to Play

China's cash crunch signals future monetary pains

Struggling to reform China's monetary policy, the country’s leaders blame the problems on speculation and aggressive media coverage.

Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 +0.50% /zigman2/quotes/202333059/delayed PCRFY -1.47%  gained 2.6% after the Nikkei newspaper reported the firm plans to shut down its European solar-cell plant under a broader restructuring strategy.

In Hong Kong, China Coal Energy Co. /zigman2/quotes/201486584/delayed HK:1898 0.00% /zigman2/quotes/205321671/delayed CCOZY -1.24%  spiked 7.2%, Hang Lung Properties Ltd. /zigman2/quotes/200230831/delayed HK:101 -0.22%   /zigman2/quotes/205863241/delayed HLPPY -1.28%  added 4.1% and Bank of East Asia Ltd. /zigman2/quotes/200493903/delayed HK:23 -1.50%   /zigman2/quotes/208752465/delayed BKEAY +1.23%  gained 2.4%.

Shares of Macau Legend Development Ltd. /zigman2/quotes/204463722/delayed HK:1680 0.00%  posted modest gains on their trading debut in Hong Kong, after the casino operator earlier cut the size of the offering. The stock ended the day’s trading at 2.40 Hong Kong dollars (30.8 U.S. cents), up from its initial public offering price of HK$2.35.

Mining stocks in Sydney received support amid expectations for easy monetary conditions at global central banks.

Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.46%   /zigman2/quotes/202627887/composite RIO -0.28%  added 1%, and BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -0.78% /zigman2/quotes/208108397/composite BHP -1.54%  rose 1.2%. Shares of Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -1.23%   /zigman2/quotes/204116626/delayed FSUMF -2.28%  tacked on 1.8%, finishing the week 10.5% higher.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
+9.52 +0.31%
Volume: 36.46B
Feb. 21, 2020 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,312.37
-296.79 -1.07%
Volume: 1.43M
Feb. 21, 2020 3:18p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 619,266
Feb. 21, 2020 3:33p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
59,200.00
-800.00 -1.33%
Volume: 13.28M
Feb. 21, 2020 3:30p
P/E Ratio
16.34
Dividend Yield
2.39%
Market Cap
₩407560.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 500.00
Feb. 19, 2020 5:20p
P/E Ratio
14.05
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,219.98
-128.05 -0.44%
Volume: 289.07M
Feb. 20, 2020 5:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.23
-12.92 -0.38%
Volume: 2.03B
Feb. 20, 2020 5:10p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.8430
-0.2620 -0.2337%
Volume: 0.0000
Feb. 21, 2020 2:33a
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 58,860.00
-780.00 -1.31%
Volume: 486,100
Feb. 21, 2020 3:00p
P/E Ratio
37.61
Dividend Yield
0.85%
Market Cap
¥6087.48 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/203924235/delayed
US : U.S.: OTC
$ 53.37
-0.83 -1.53%
Volume: 11,795
Feb. 20, 2020 3:55p
P/E Ratio
37.39
Dividend Yield
0.66%
Market Cap
$54.31 billion
Rev. per Employee
$369,206
loading...
/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 4,178.00
-11.00 -0.26%
Volume: 3.42M
Feb. 21, 2020 3:00p
P/E Ratio
20.72
Dividend Yield
2.15%
Market Cap
¥4047.57 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/200140010/delayed
US : U.S.: OTC
$ 74.86
-0.51 -0.68%
Volume: 26,281
Feb. 20, 2020 3:58p
P/E Ratio
5.88
Dividend Yield
1.91%
Market Cap
$36.11 billion
Rev. per Employee
$279,568
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/zigman2/quotes/207150000/delayed
JP : Japan: Tokyo
¥ 1,556.00
-10.50 -0.67%
Volume: 3.66M
Feb. 21, 2020 3:00p
P/E Ratio
14.67
Dividend Yield
2.57%
Market Cap
¥3360.31 billion
Rev. per Employee
¥32.18M
loading...
/zigman2/quotes/206004588/delayed
US : U.S.: OTC
$ 27.99
-0.25 -0.89%
Volume: 33,900
Feb. 20, 2020 3:58p
P/E Ratio
15.34
Dividend Yield
1.96%
Market Cap
$29.98 billion
Rev. per Employee
$291,708
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 1,195.00
+6.00 +0.50%
Volume: 6.65M
Feb. 21, 2020 3:00p
P/E Ratio
9.67
Dividend Yield
2.51%
Market Cap
¥2773.77 billion
Rev. per Employee
¥29.74M
loading...
/zigman2/quotes/202333059/delayed
US : U.S.: OTC
$ 10.71
-0.16 -1.47%
Volume: 196,673
Feb. 20, 2020 4:00p
P/E Ratio
9.46
Dividend Yield
2.13%
Market Cap
$24.75 billion
Rev. per Employee
$269,385
loading...
/zigman2/quotes/201486584/delayed
HK : Hong Kong
HK$ 2.72
0.00 0.00%
Volume: 6.20M
Feb. 21, 2020 3:18p
P/E Ratio
6.22
Dividend Yield
3.26%
Market Cap
HK$36.06 billion
Rev. per Employee
HK$2.78M
loading...
/zigman2/quotes/205321671/delayed
US : U.S.: OTC
$ 7.18
-0.09 -1.24%
Volume: 0.00
Feb. 13, 2020 9:41a
P/E Ratio
8.94
Dividend Yield
2.52%
Market Cap
$14.35 billion
Rev. per Employee
$354,816
loading...
/zigman2/quotes/200230831/delayed
HK : Hong Kong
HK$ 18.02
-0.04 -0.22%
Volume: 4.54M
Feb. 21, 2020 3:18p
P/E Ratio
13.13
Dividend Yield
4.22%
Market Cap
HK$81.23 billion
Rev. per Employee
HK$2.12M
loading...
/zigman2/quotes/205863241/delayed
US : U.S.: OTC
$ 11.56
-0.15 -1.28%
Volume: 31,142
Feb. 20, 2020 3:46p
P/E Ratio
11.83
Dividend Yield
3.94%
Market Cap
$10.44 billion
Rev. per Employee
$270,442
loading...
/zigman2/quotes/200493903/delayed
HK : Hong Kong
HK$ 17.02
-0.26 -1.50%
Volume: 1.10M
Feb. 21, 2020 3:18p
P/E Ratio
19.12
Dividend Yield
2.53%
Market Cap
HK$50.22 billion
Rev. per Employee
HK$3.16M
loading...
/zigman2/quotes/208752465/delayed
US : U.S.: OTC
$ 2.26
+0.03 +1.23%
Volume: 5,481
Feb. 20, 2020 3:49p
P/E Ratio
17.99
Dividend Yield
1.90%
Market Cap
$6.45 billion
Rev. per Employee
$402,893
loading...
/zigman2/quotes/204463722/delayed
HK : Hong Kong
HK$ 1.00
0.00 0.00%
Volume: 65,000
Feb. 21, 2020 2:45p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$6.19 billion
Rev. per Employee
HK$414,627
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.69
-0.45 -0.46%
Volume: 914,264
Feb. 21, 2020 4:10p
P/E Ratio
8.90
Dividend Yield
9.18%
Market Cap
$159.35 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 54.19
-0.15 -0.28%
Volume: 1.24M
Feb. 20, 2020 6:30p
P/E Ratio
6.88
Dividend Yield
6.11%
Market Cap
$68.26 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 38.22
-0.30 -0.78%
Volume: 4.79M
Feb. 21, 2020 4:10p
P/E Ratio
16.09
Dividend Yield
5.64%
Market Cap
$194.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.64
-0.79 -1.54%
Volume: 1.69M
Feb. 20, 2020 6:30p
P/E Ratio
14.91
Dividend Yield
5.25%
Market Cap
$74.56 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 11.20
-0.14 -1.23%
Volume: 14.13M
Feb. 21, 2020 4:10p
P/E Ratio
4.82
Dividend Yield
8.93%
Market Cap
$34.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 7.30
-0.17 -2.28%
Volume: 1,313
Feb. 20, 2020 1:11p
P/E Ratio
4.52
Dividend Yield
N/A
Market Cap
$22.47 billion
Rev. per Employee
N/A
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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