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Oct. 24, 2013, 6:17 a.m. EDT

Asian shares generally boosted from upbeat China data

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By Daniel Inman

Asian stocks moved higher Thursday, as a strong reading on the state of Chinese factories lifted most markets outside of China.

The initial October reading for China’s manufacturing activity came out at 50.9, compared to a final reading of 50.2 in September. The score was a seven-month high, above the 50 mark that separates expansion and contraction in factory activity.


Reuters Enlarge Image
A brokerage in Hefei, China.

The preliminary reading was among the first economic data on the region’s largest economy in the third quarter, coming less than a week after figures showed that Chinese growth picked up from a dip in the second quarter.

HSBC’s flash PMI measure of manufacturing has led to some sharp market moves this year, as it pointed to a slowdown in factory activity earlier in the summer before showing signs of improvement in recent months.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.23%  added 0.3% to 5,372.90, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.71%   ended up 0.5% at 2,046.69 and Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -1.83% rose 0.4% to 14,486.41.

Thursday’s upbeat reading, however, did little to offset fears over the Chinese economy, as China’s interbank lending rate moved higher for a second day, reviving fears of a liquidity crunch as happened in June. In addition, data showing a further rise in house prices earlier in the week increased concerns that Beijing could step in to cool down the market.

Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI +0.33%   dropped 0.7% to 22,835.82, and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55% lost 0.9% to 2,164.32.

Chinese banks recorded substantial losses in Hong Kong, with China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +2.95%   /zigman2/quotes/209484779/delayed CICHF -4.32%  down 1.9%, and Industrial & Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 +2.79%   /zigman2/quotes/204265987/delayed IDCBF -6.88%  down 1.3%

In currency markets, the Australian dollar /zigman2/quotes/210560947/realtime/sampled AUDUSD -1.5534%   climbed as high as 96.71 cents after the Chinese data before easing back to 96.26 cents, little changed from 96.21 U.S. cents late Wednesday in New York.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2105%   was steady late at ¥97.34 to the dollar.

Click to Play

Starbucks in China’s crosshairs

China’s state media is criticizing Starbucks for its prices in China. Photo: Getty Images

Japanese companies that produce industrial machinery were pulled lower after Caterpillar shares plunged 6.1% overnight following a cut in its full-year earnings forecast. Hitachi Construction Machinery /zigman2/quotes/205375504/delayed JP:6305 -1.58%   /zigman2/quotes/202936726/delayed HTCMF -7.73% lost 1.4% and Komatsu /zigman2/quotes/204002437/delayed JP:6301 -1.66%   /zigman2/quotes/206435044/delayed KMTUF -1.25% dropped 2.1%.

Also in Japan, Hitachi /zigman2/quotes/203839937/delayed JP:6501 -3.61%   /zigman2/quotes/203416411/delayed HTHIF +0.18%  jumped 8.4% after the company more than doubled its net profit outlook for the fiscal half-year ended Sept. 30, due to strength in areas such as electric-power systems.

/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,474.20
-80.80 -1.23%
Volume: 1.01M
Sept. 30, 2022 5:06p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,155.49
-15.44 -0.71%
Volume: 950,269
Sept. 30, 2022 3:32p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
25,937.21
-484.84 -1.83%
Volume: 0.00
Sept. 30, 2022 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,222.83
+56.96 +0.33%
Volume: 2.11M
Sept. 30, 2022 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,024.39
-16.81 -0.55%
Volume: 20.41B
Sept. 30, 2022 3:00p
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/zigman2/quotes/208974133/delayed
HK : Hong Kong
$ 4.54
+0.13 +2.95%
Volume: 228.53M
Sept. 30, 2022 4:08p
P/E Ratio
3.02
Dividend Yield
9.38%
Market Cap
$1117.88 billion
Rev. per Employee
$4.63M
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/zigman2/quotes/209484779/delayed
US : U.S.: OTC
$ 0.55
-0.02 -4.32%
Volume: 26,165
Sept. 29, 2022 11:49a
P/E Ratio
2.84
Dividend Yield
N/A
Market Cap
$142.41 billion
Rev. per Employee
$563,869
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 3.68
+0.10 +2.79%
Volume: 187.75M
Sept. 30, 2022 4:08p
P/E Ratio
3.13
Dividend Yield
9.33%
Market Cap
$1583.63 billion
Rev. per Employee
$3.85M
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/zigman2/quotes/204265987/delayed
US : U.S.: OTC
$ 0.47
-0.03 -6.88%
Volume: 200.00
Sept. 28, 2022 2:42p
P/E Ratio
3.00
Dividend Yield
N/A
Market Cap
$201.98 billion
Rev. per Employee
$514,332
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/zigman2/quotes/210560947/realtime/sampled
US : Tullett Prebon
0.6401
-0.0101 -1.5534%
Volume: 0.0000
Sept. 30, 2022 4:59p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.7220
+0.3040 +0.2105%
Volume: 0.0000
Sept. 30, 2022 4:59p
loading...
/zigman2/quotes/205375504/delayed
JP : Japan: Tokyo
¥ 2,676.00
-43.00 -1.58%
Volume: 1.45M
Sept. 30, 2022 3:00p
P/E Ratio
6.52
Dividend Yield
2.24%
Market Cap
¥578.20 billion
Rev. per Employee
¥42.60M
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/zigman2/quotes/202936726/delayed
US : U.S.: OTC
$ 20.66
-1.73 -7.73%
Volume: 0.00
Sept. 14, 2022 10:15a
P/E Ratio
5.87
Dividend Yield
N/A
Market Cap
$4.31 billion
Rev. per Employee
$363,348
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/zigman2/quotes/204002437/delayed
JP : Japan: Tokyo
¥ 2,611.00
-44.00 -1.66%
Volume: 3.90M
Sept. 30, 2022 3:00p
P/E Ratio
9.34
Dividend Yield
3.68%
Market Cap
¥2510.49 billion
Rev. per Employee
¥46.58M
loading...
/zigman2/quotes/206435044/delayed
US : U.S.: OTC
$ 18.20
-0.23 -1.25%
Volume: 11,743
Sept. 30, 2022 3:16p
P/E Ratio
7.69
Dividend Yield
N/A
Market Cap
$17.36 billion
Rev. per Employee
$396,779
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 6,114.00
-229.00 -3.61%
Volume: 2.97M
Sept. 30, 2022 3:00p
P/E Ratio
11.87
Dividend Yield
2.04%
Market Cap
¥6137.41 billion
Rev. per Employee
¥28.42M
loading...
/zigman2/quotes/203416411/delayed
US : U.S.: OTC
$ 43.94
+0.08 +0.18%
Volume: 88.00
Sept. 28, 2022 2:41p
P/E Ratio
9.72
Dividend Yield
N/A
Market Cap
$42.45 billion
Rev. per Employee
$242,716
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