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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 +1.24%  jumped 2.1% during the session. The benchmark rose 4.6% this week, its third consecutive week of gains.

/zigman2/quotes/210598030/delayed HSI 20,116.20, -55.07, -0.27%
/zigman2/quotes/210597971/delayed NIK 26,934.36, +329.52, +1.24%
Hang Seng Index Vs. Nikkei Average
Year-to-date percentage changes

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.20%  advanced 1% and the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.50%  edged up 0.1%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.27% gained 1.9%, erasing losses accumulated earlier in the week.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.98%  retreated 0.3%, underperforming the region as shares of market heavyweight Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 +1.06% /zigman2/quotes/202367843/delayed SSNLF +30.66%  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 +1.61% and the S&P 500 Index /zigman2/quotes/210599714/realtime SPX +1.99%  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 -0.0960% . Shares of Fast Retailing Co. /zigman2/quotes/200663563/delayed JP:9983 +0.20% /zigman2/quotes/203924235/delayed FRCOY +1.16%  jumped 5%, Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 +1.53% /zigman2/quotes/200140010/delayed HTHIY +0.65%  added 4.4%, and Mitsubishi Electric Corp. /zigman2/quotes/207150000/delayed JP:6503 +1.25%   /zigman2/quotes/206004588/delayed MIELY -0.87%  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 +2.58% /zigman2/quotes/202333059/delayed PCRFY +2.11%  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 +0.70% /zigman2/quotes/205321671/delayed CCOZY -7.28%  spiked 7.2%, Hang Lung Properties Ltd. /zigman2/quotes/200230831/delayed HK:101 -0.14%   /zigman2/quotes/205863241/delayed HLPPY +1.10%  added 4.1% and Bank of East Asia Ltd. /zigman2/quotes/200493903/delayed HK:23 -0.18%   /zigman2/quotes/208752465/delayed BKEAY -0.71%  gained 2.4%.

Shares of Macau Legend Development Ltd. /zigman2/quotes/204463722/delayed HK:1680 -2.15%  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 +1.72%   /zigman2/quotes/202627887/composite RIO +0.33%  added 1%, and BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +1.74% /zigman2/quotes/208108397/composite BHP -0.41%  rose 1.2%. Shares of Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.05%   /zigman2/quotes/204116626/delayed FSUMF -4.72%  tacked on 1.8%, finishing the week 10.5% higher.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,934.36
+329.52 +1.24%
Volume: 0.00
May 27, 2022 9:30a
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,191.20
+85.30 +1.20%
Volume: 84,165
May 27, 2022 10:30a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,123.11
+15.64 +0.50%
Volume: 37.03B
May 26, 2022 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,116.20
-55.07 -0.27%
Volume: 1.86M
May 26, 2022 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,638.16
+25.71 +0.98%
Volume: 111,011
May 27, 2022 9:30a
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
66,600.00
+700.00 +1.06%
Volume: 2.76M
May 27, 2022 9:30a
P/E Ratio
10.45
Dividend Yield
2.17%
Market Cap
₩445602.20 billion
Rev. per Employee
₩2.57B
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 57.75
+13.55 +30.66%
Volume: 200.00
Oct. 13, 2021 4:28p
P/E Ratio
10.59
Dividend Yield
N/A
Market Cap
$388.10 billion
Rev. per Employee
$2.20M
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
32,637.19
+516.91 +1.61%
Volume: 352.82M
May 26, 2022 5:42p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,057.84
+79.11 +1.99%
Volume: 2.40B
May 26, 2022 5:42p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
126.9710
-0.1220 -0.0960%
Volume: 0.0000
May 26, 2022 8:50p
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 59,940.00
+120.00 +0.20%
Volume: 125,800
May 27, 2022 9:30a
P/E Ratio
29.09
Dividend Yield
0.93%
Market Cap
¥6086.70 billion
Rev. per Employee
¥38.66M
loading...
/zigman2/quotes/203924235/delayed
US : U.S.: OTC
$ 47.54
+0.55 +1.16%
Volume: 32,794
May 26, 2022 3:46p
P/E Ratio
25.83
Dividend Yield
0.68%
Market Cap
$47.79 billion
Rev. per Employee
$346,076
loading...
/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 6,700.00
+101.00 +1.53%
Volume: 448,700
May 27, 2022 9:30a
P/E Ratio
11.11
Dividend Yield
1.87%
Market Cap
¥6408.04 billion
Rev. per Employee
¥29.26M
loading...
/zigman2/quotes/200140010/delayed
US : U.S.: OTC
$ 105.84
+0.68 +0.65%
Volume: 39,454
May 26, 2022 3:55p
P/E Ratio
9.84
Dividend Yield
1.61%
Market Cap
$50.32 billion
Rev. per Employee
$260,341
loading...
/zigman2/quotes/207150000/delayed
JP : Japan: Tokyo
¥ 1,380.50
+17.00 +1.25%
Volume: 1.12M
May 27, 2022 9:30a
P/E Ratio
14.48
Dividend Yield
2.90%
Market Cap
¥3037.15 billion
Rev. per Employee
¥30.74M
loading...
/zigman2/quotes/206004588/delayed
US : U.S.: OTC
$ 21.76
-0.19 -0.87%
Volume: 121,838
May 26, 2022 3:46p
P/E Ratio
12.81
Dividend Yield
2.32%
Market Cap
$23.85 billion
Rev. per Employee
$273,516
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 1,191.00
+30.00 +2.58%
Volume: 1.49M
May 27, 2022 9:30a
P/E Ratio
10.89
Dividend Yield
2.52%
Market Cap
¥2668.66 billion
Rev. per Employee
¥30.34M
loading...
/zigman2/quotes/202333059/delayed
US : U.S.: OTC
$ 9.21
+0.19 +2.11%
Volume: 149,318
May 26, 2022 3:58p
P/E Ratio
9.42
Dividend Yield
2.12%
Market Cap
$20.95 billion
Rev. per Employee
$269,987
loading...
/zigman2/quotes/201486584/delayed
HK : Hong Kong
$ 7.16
+0.05 +0.70%
Volume: 16.65M
May 26, 2022 4:08p
P/E Ratio
5.36
Dividend Yield
4.90%
Market Cap
$136.11 billion
Rev. per Employee
$6.70M
loading...
/zigman2/quotes/205321671/delayed
US : U.S.: OTC
$ 17.71
-1.39 -7.28%
Volume: 0.00
April 28, 2022 3:58p
P/E Ratio
4.55
Dividend Yield
1.82%
Market Cap
$15.95 billion
Rev. per Employee
$834,673
loading...
/zigman2/quotes/200230831/delayed
HK : Hong Kong
$ 14.48
-0.02 -0.14%
Volume: 3.14M
May 26, 2022 4:08p
P/E Ratio
16.85
Dividend Yield
5.39%
Market Cap
$65.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205863241/delayed
US : U.S.: OTC
$ 9.21
+0.10 +1.10%
Volume: 67,113
May 26, 2022 3:55p
P/E Ratio
16.66
Dividend Yield
5.04%
Market Cap
$8.31 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200493903/delayed
HK : Hong Kong
$ 11.24
-0.02 -0.18%
Volume: 968,200
May 26, 2022 4:08p
P/E Ratio
7.36
Dividend Yield
6.23%
Market Cap
$30.27 billion
Rev. per Employee
$2.70M
loading...
/zigman2/quotes/208752465/delayed
US : U.S.: OTC
$ 1.39
-0.01 -0.71%
Volume: 1,500
May 25, 2022 3:32p
P/E Ratio
7.07
Dividend Yield
5.67%
Market Cap
$3.86 billion
Rev. per Employee
$347,818
loading...
/zigman2/quotes/204463722/delayed
HK : Hong Kong
$ 0.46
-0.01 -2.15%
Volume: 0.00
March 31, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.82 billion
Rev. per Employee
$221,672
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 112.69
+1.91 +1.72%
Volume: 231,012
May 27, 2022 10:30a
P/E Ratio
6.56
Dividend Yield
9.64%
Market Cap
$166.58 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 72.13
+0.24 +0.33%
Volume: 2.55M
May 26, 2022 4:00p
P/E Ratio
5.55
Dividend Yield
10.98%
Market Cap
$117.79 billion
Rev. per Employee
$1.29M
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 43.36
+0.74 +1.74%
Volume: 1.43M
May 27, 2022 10:30a
P/E Ratio
9.75
Dividend Yield
11.06%
Market Cap
$217.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 68.41
-0.28 -0.41%
Volume: 2.00M
May 26, 2022 4:00p
P/E Ratio
10.43
Dividend Yield
10.23%
Market Cap
$153.98 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 19.91
-0.01 -0.05%
Volume: 2.13M
May 27, 2022 10:30a
P/E Ratio
5.19
Dividend Yield
14.92%
Market Cap
$63.64 billion
Rev. per Employee
$2.74M
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 14.14
-0.70 -4.72%
Volume: 806.00
May 26, 2022 10:52a
P/E Ratio
4.86
Dividend Yield
N/A
Market Cap
$45.00 billion
Rev. per Employee
$2.07M
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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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