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Oct. 31, 2018, 6:45 a.m. EDT

Asian markets rise, brushing off disappointing economic data from China

Nikkei leads regional gains, boosted by earnings, as Bank of Japan leaves low interest rates untouched

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By Dow Jones Newswires


AFP/Getty Images
A worker checks a newly-made truck at a factory in Weihai, China.

Asian stock markets gained Wednesday as Japan held the line on interest rates, and even China marked an advance despite weaker-than-expected manufacturing data.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.70%   was up 2.1% following robust earnings reports after Tuesday’s closing bell. Overnight gains in U.S. equities also helped the risk-on mood.

Investors in Japanese equities are embracing risk amid the ongoing earnings season, with Mazda /zigman2/quotes/204777714/delayed JP:7261 +10.59%   up 2% ahead of its earnings report Wednesday. Sony /zigman2/quotes/201361720/delayed JP:6758 +4.47%   was up 4.7% after it reported that its net profit beat forecasts by ¥173 billion after the closing bell Tuesday. Honda’s /zigman2/quotes/200490352/delayed JP:7267 +6.06%   second-quarter profit also rose sharply, helping boost its shares by 6.5%.

Meanwhile, yields in long-term debt were higher across the board ahead of the Bank of Japan’s monetary policy announcement. Later in the day, the panel stood pat on interest rates as was widely expected. The BoJ plans to keep rates ultra low for the foreseeable future as concerns grow about the impact of U.S.-China trade tensions on the Japanese economy.

The benchmark 10-year JGB yield was up half a basis point at 0.120% during Asian trading hours. The U.S. dollar /zigman2/quotes/210598269/delayed DXY -0.02%   retreated against a basket of major currencies during Asian trading, adding to regional export weakness concerns.

Chinese equity benchmarks were higher, amid lack of negative surprises from the latest economic data. The official manufacturing PMI was 50.2 in October compared to consensus 50.6 and 50.8 in the prior month, marking the lowest reading since July 2016. Non-manufacturing PMI showed similar weakness, at 53.1 versus 54.1 in September, its lowest in 14 months. Despite that, Chinese stocks rose, with the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.11%   up about 1.3% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.65%  up 1.3%.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.26%   also rose about 1.6%, with Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.61%   up 5% and AAC /zigman2/quotes/201441510/delayed HK:2018 -0.40%   rising 4.7%. Chinese energy stocks did well, too, with gains for China Shenhua /zigman2/quotes/206065610/delayed HK:1088 +0.77%   and PetroChina /zigman2/quotes/204979431/delayed HK:857 +1.90%  . Among other major stocks, Tencent /zigman2/quotes/204605823/delayed HK:700 +2.41%  rebounded over 5%, AIA /zigman2/quotes/203565558/delayed HK:1299 +3.53%   added 1.8% and Xiaomi /zigman2/quotes/208140246/delayed HK:1810 +3.46%   rose 4%.

New Zealand’s S&P/NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.91%   was 1.2% higher while Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.29%   rose 0.7% as Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.88%   rebounded slightly from an earlier loss, after posting record quarterly profit but disappointing phone sales.

Australia’s benchmark S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.88%   was up 0.4%. Benchmarks in Taiwan   and Singapore /zigman2/quotes/210597985/delayed SG:STI +1.50%   posted gains.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,573.66
+378.28 +1.70%
Volume: 0.00
Aug. 4, 2020 3:15p
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/zigman2/quotes/204777714/delayed
JP : Japan: Tokyo
¥ 637.00
+61.00 +10.59%
Volume: 9.70M
Aug. 4, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥372.20 billion
Rev. per Employee
¥71.32M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 8,686.00
+372.00 +4.47%
Volume: 10.12M
Aug. 4, 2020 3:00p
P/E Ratio
18.85
Dividend Yield
0.52%
Market Cap
¥9854.01 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,767.00
+158.00 +6.06%
Volume: 5.24M
Aug. 4, 2020 3:00p
P/E Ratio
10.68
Dividend Yield
0.00%
Market Cap
¥4357.96 billion
Rev. per Employee
¥73.06M
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.33
-0.02 -0.02%
Volume: 0.00
Aug. 4, 2020 3:51a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,371.69
+3.72 +0.11%
Volume: 44.23B
Aug. 4, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,300.50
-14.94 -0.65%
Volume: 56.73B
Aug. 4, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,009.83
+551.70 +2.26%
Volume: 1.61M
Aug. 4, 2020 3:46p
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 146.60
-0.90 -0.61%
Volume: 6.19M
Aug. 4, 2020 3:46p
P/E Ratio
35.68
Dividend Yield
0.55%
Market Cap
HK$160.03 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 61.75
-0.25 -0.40%
Volume: 7.34M
Aug. 4, 2020 3:46p
P/E Ratio
29.79
Dividend Yield
0.65%
Market Cap
HK$74.56 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 13.10
+0.10 +0.77%
Volume: 13.24M
Aug. 4, 2020 3:46p
P/E Ratio
5.97
Dividend Yield
10.52%
Market Cap
HK$324.63 billion
Rev. per Employee
HK$3.46M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.68
+0.05 +1.90%
Volume: 100.74M
Aug. 4, 2020 3:46p
P/E Ratio
22.28
Dividend Yield
5.91%
Market Cap
HK$856.88 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 552.00
+13.00 +2.41%
Volume: 18.11M
Aug. 4, 2020 3:46p
P/E Ratio
49.70
Dividend Yield
0.22%
Market Cap
HK$5072.64 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/203565558/delayed
HK : Hong Kong
HK$ 71.80
+2.45 +3.53%
Volume: 28.19M
Aug. 4, 2020 3:46p
P/E Ratio
16.64
Dividend Yield
1.76%
Market Cap
HK$844.19 billion
Rev. per Employee
HK$12.98M
loading...
/zigman2/quotes/208140246/delayed
HK : Hong Kong
HK$ 15.54
+0.52 +3.46%
Volume: 170.42M
Aug. 4, 2020 3:46p
P/E Ratio
37.24
Dividend Yield
N/A
Market Cap
HK$356.80 billion
Rev. per Employee
HK$14.28M
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,771.72
+105.63 +0.91%
Volume: 0.00
Aug. 4, 2020 5:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,279.97
+28.93 +1.29%
Volume: 712,555
Aug. 4, 2020 3:32p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
57,300.00
+500.00 +0.88%
Volume: 19.37M
Aug. 4, 2020 3:30p
P/E Ratio
18.28
Dividend Yield
2.47%
Market Cap
₩386383.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,037.60
+111.50 +1.88%
Volume: 692,277
Aug. 4, 2020 5:00p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,522.19
+37.28 +1.50%
Volume: 0.00
Aug. 4, 2020 3:46p
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