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July 30, 2013, 4:15 a.m. EDT

Japan, China stocks rebound; Australia erases loss

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese and mainland Chinese stocks rebounded from a string of losses Tuesday, with a weakened yen lifting exporters in Tokyo, while Australian shares climbed after the central bank governor hinted at further interest rate cuts.

Japan’s Nikkei Stock Average /zigman2/quotes/210598030/delayed HK:HSI -1.17%  jumped 1.5%, snapping a four-day losing streak that pulled the benchmark to its lowest level in more than a month on Monday.


Reuters Enlarge Image
A visitor walks past logos at the Tokyo Stock Exchange in Tokyo.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.69%  ended 0.9% higher and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.19% rose 0.7%, while Hong Kong’s Hang Seng Index gained 0.5%.

In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.99% overcame early losses to end little changed, and the local currency /zigman2/quotes/210560947/realtime/sampled AUDUSD +0.0803% tumbled after a speech by Reserve Bank of Australia Gov. Glenn Stevens. Stevens said recent data don’t appear to shift the central bank’s assessment that the inflation outlook left some scope to ease its policy further, if needed.

“The Reserve Bank Governor has delivered his clearest statement yet that super low interest rates are likely to be part of the economic landscape over the coming year,” said Savanth Sebastian, an economist at CommSec.

Most banks erased losses in Sydney after Gov. Stevens’s speech, with National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB +1.76% /zigman2/quotes/208329321/delayed NABZY -0.61%  and Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC +1.25%   /zigman2/quotes/206661702/composite WBK -1.54%  rising 0.1% each, while Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA +0.65% /zigman2/quotes/207018701/delayed CBAUF +7.62%  rose 0.2%.

Shares of Woolworths Ltd. /zigman2/quotes/209906204/delayed AU:WOW +0.29%   /zigman2/quotes/208623225/delayed WOLWF -2.18% dropped 1.6% after the retailer reported only a modest sales growth in the fiscal fourth quarter.

The stocks performance in Asia followed a lower finish on Wall Street, after data showing U.S. pending home sales fell. The decline came as investors awaited the Fed’s decision, as well as Friday’s monthly nonfarm payrolls data for July.

The Fed is due to announce the outcome of its two-day policy meeting on Wednesday, with expectations that it will offer further clues on how long it will maintain its bond purchases. Also, results from two separate surveys on Chinese manufacturing activity in July are due out Thursday.

Meanwhile, Indian stocks and the rupee fell after the Reserve Bank of India left its policy interest rate unchanged, as expected, and added the central bank will roll back its recent measures to support the local currency once stability returned to the foreign exchange markets. The RBI also lowered India’s economic growth forecast for the year ending March 31 to 5.5% from 5.7% earlier.

The 30-stock S&P BSE Sensex /zigman2/quotes/210597966/delayed IN:1 -0.58%  fell 0.7% in afternoon trade. Shares of Tata Motors Ltd. /zigman2/quotes/209236910/delayed IN:500570 +0.37%   /zigman2/quotes/209145303/composite TTM +6.22%  fell 1.5% and aluminum producer Hindalco Industries Ltd. /zigman2/quotes/201182001/delayed IN:500440 -3.49% gave up 4.5%, while ICICI Bank Ltd. /zigman2/quotes/204318043/delayed IN:532174 -2.18% /zigman2/quotes/208917098/composite IBN +4.10%  inched up 0.7%.

“The RBI decision to keep policy rates on hold primarily reflects their concerns about severe stress in the domestic foreign exchange market due to rupee depreciation,” Rajiv Biswas, chief economist for Asia Pacific at IHS Global Insight, said in emailed comments.

In Japan, a weakened yen provided a lift to shares of some exporters after recent heavy losses. Shares of Isuzu Motors Ltd. /zigman2/quotes/202637468/delayed JP:7202 +3.01% /zigman2/quotes/206362374/delayed ISUZY +0.89%  added 5% and Kobe Steel Ltd. /zigman2/quotes/207391157/delayed JP:5406 +2.40%  jumped 6.9%.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.24% /zigman2/quotes/208567357/composite SNE +2.39%  climbed 2.9% ahead of its earning results due on Thursday.

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Your iPad Mini and Chinese factory workers

China Labor Watch alleges a number of breaches at China-based factories owned by Apple contractor Pegatron. The company stands accused of violating safety and environmental laws.

Sumitomo Mitsui Financial Group Inc. /zigman2/quotes/203656770/delayed JP:8316 +0.37% /zigman2/quotes/206471416/composite SMFG -1.19% ended 0.9% higher after its quarterly profit more than doubled.

On the downside, shares of Hitachi Construction Machinery Co. /zigman2/quotes/205375504/delayed JP:6305 +3.52% /zigman2/quotes/202415695/delayed HTCMY +8.83%  dropped 3% after its results fell short of expectations.

Official data released earlier Tuesday showed Japan’s industrial production unexpectedly fell a seasonally adjusted 3.3% in June from the level in May. Japanese household spending also declined, though the monthly unemployment rate eased to 3.9% from 4.1%.

The advance in Chinese equities was driven by gains in the beaten-down property sector. Shares of Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -2.88%  jumped 3% and Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 +0.07%  added 1.9% in Shanghai, the yuan-denominated A shares of China Vanke Co. gained 1.2% in Shenzhen, and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -1.69% /zigman2/quotes/201656413/delayed CRBJF 0.00%  rose 1.5% in Hong Kong.

Among other notable stock movers, shares of Yanzhou Coal Mining Co. /zigman2/quotes/208182033/delayed HK:1171 -0.65%   /zigman2/quotes/203784640/delayed CN:600188 +0.12%   plunged 9.3% in Hong Kong and lost 3.2% in Shanghai after warning it expected to post a loss for the first half of 2013.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,970.37
-282.92 -1.17%
Volume: 266.00
April 9, 2020 9:00a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,837.72
+30.58 +1.69%
Volume: 266,802
April 9, 2020 9:55a
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,815.37
-5.39 -0.19%
Volume: 24.35B
April 8, 2020 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,258.20
+51.30 +0.99%
Volume: 182,181
April 9, 2020 10:55a
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/zigman2/quotes/210560947/realtime/sampled
US : Tullett Prebon
0.6235
+0.0005 +0.0803%
Volume: 0.0000
April 8, 2020 9:15p
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/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 15.62
+0.27 +1.76%
Volume: 2.61M
April 9, 2020 10:55a
P/E Ratio
9.53
Dividend Yield
10.63%
Market Cap
$46.38 billion
Rev. per Employee
$1.00M
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/zigman2/quotes/208329321/delayed
US : U.S.: OTC
$ 4.88
-0.03 -0.61%
Volume: 230,244
April 8, 2020 3:59p
P/E Ratio
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Market Cap
$28.66 billion
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$761,598
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/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 15.44
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$ 9.59
-0.15 -1.54%
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P/E Ratio
7.20
Dividend Yield
12.44%
Market Cap
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/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 60.20
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Dividend Yield
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Market Cap
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/zigman2/quotes/207018701/delayed
US : U.S.: OTC
$ 40.68
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P/E Ratio
10.81
Dividend Yield
N/A
Market Cap
$71.98 billion
Rev. per Employee
$687,071
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AU : Australia: Sydney
$ 35.08
+0.10 +0.29%
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P/E Ratio
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Dividend Yield
2.94%
Market Cap
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Rev. per Employee
$284,703
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/zigman2/quotes/208623225/delayed
US : U.S.: OTC
$ 21.97
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Volume: 251.00
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Dividend Yield
N/A
Market Cap
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Rev. per Employee
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/zigman2/quotes/210597966/delayed
IN : India: Bombay
29,893.96
-173.25 -0.58%
Volume: 0.00
April 8, 2020 3:30p
loading...
/zigman2/quotes/209236910/delayed
IN : India: Bombay
67.60
+0.25 +0.37%
Volume: 4.41M
April 8, 2020 5:45p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
₹244.00 billion
Rev. per Employee
₹37.92M
loading...
/zigman2/quotes/209145303/composite
US : U.S.: NYSE
$ 4.61
+0.27 +6.22%
Volume: 2.70M
April 8, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.51 billion
Rev. per Employee
$556,098
loading...
/zigman2/quotes/201182001/delayed
IN : India: Bombay
101.00
-3.65 -3.49%
Volume: 1.57M
April 8, 2020 5:45p
P/E Ratio
N/A
Dividend Yield
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Market Cap
₹235.07 billion
Rev. per Employee
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/zigman2/quotes/204318043/delayed
IN : India: Bombay
319.00
-7.10 -2.18%
Volume: 3.52M
April 8, 2020 5:45p
P/E Ratio
22.11
Dividend Yield
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Market Cap
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Rev. per Employee
₹15.51M
loading...
/zigman2/quotes/208917098/composite
US : U.S.: NYSE
$ 8.64
+0.34 +4.10%
Volume: 12.07M
April 8, 2020 6:30p
P/E Ratio
21.14
Dividend Yield
0.33%
Market Cap
$26.86 billion
Rev. per Employee
$226,822
loading...
/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 734.90
+21.50 +3.01%
Volume: 684,700
April 9, 2020 9:55a
P/E Ratio
6.24
Dividend Yield
5.17%
Market Cap
¥517.53 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/206362374/delayed
US : U.S.: OTC
$ 6.44
+0.06 +0.89%
Volume: 116,258
April 8, 2020 3:57p
P/E Ratio
5.96
Dividend Yield
3.89%
Market Cap
$4.75 billion
Rev. per Employee
$554,540
loading...
/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 341.00
+8.00 +2.40%
Volume: 1.81M
April 9, 2020 9:54a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥119.69 billion
Rev. per Employee
¥52.09M
loading...
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JP : Japan: Tokyo
¥ 6,718.00
+16.00 +0.24%
Volume: 1.88M
April 9, 2020 9:55a
P/E Ratio
12.95
Dividend Yield
0.67%
Market Cap
¥8124.45 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 62.11
+1.45 +2.39%
Volume: 1.11M
April 8, 2020 6:30p
P/E Ratio
13.02
Dividend Yield
0.43%
Market Cap
$73.67 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 2,706.00
+10.00 +0.37%
Volume: 1.97M
April 9, 2020 9:55a
P/E Ratio
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Dividend Yield
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Market Cap
¥3730.42 billion
Rev. per Employee
¥79.40M
loading...
/zigman2/quotes/206471416/composite
US : U.S.: NYSE
$ 4.97
-0.06 -1.19%
Volume: 2.49M
April 8, 2020 6:30p
P/E Ratio
5.33
Dividend Yield
5.69%
Market Cap
$34.44 billion
Rev. per Employee
$719,197
loading...
/zigman2/quotes/205375504/delayed
JP : Japan: Tokyo
¥ 2,440.00
+83.00 +3.52%
Volume: 351,800
April 9, 2020 9:55a
P/E Ratio
9.91
Dividend Yield
3.52%
Market Cap
¥488.89 billion
Rev. per Employee
¥42.57M
loading...
/zigman2/quotes/202415695/delayed
US : U.S.: OTC
$ 43.88
+3.56 +8.83%
Volume: 5,948
April 8, 2020 2:57p
P/E Ratio
9.73
Dividend Yield
3.05%
Market Cap
$4.49 billion
Rev. per Employee
$385,710
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 13.82
-0.41 -2.88%
Volume: 23.00M
April 8, 2020 3:00p
P/E Ratio
7.54
Dividend Yield
4.34%
Market Cap
¥64.24 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.17
+0.01 +0.07%
Volume: 41.81M
April 8, 2020 3:00p
P/E Ratio
8.15
Dividend Yield
3.30%
Market Cap
¥180.90 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 32.05
-0.55 -1.69%
Volume: 10.33M
April 8, 2020 4:08p
P/E Ratio
6.88
Dividend Yield
3.65%
Market Cap
HK$232.47 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/201656413/delayed
US : U.S.: OTC
$ 4.03
0.00 0.00%
Volume: 6,068
April 3, 2020 5:20p
P/E Ratio
6.77
Dividend Yield
N/A
Market Cap
$34.23 billion
Rev. per Employee
$470,019
loading...
/zigman2/quotes/208182033/delayed
HK : Hong Kong
HK$ 6.09
-0.04 -0.65%
Volume: 9.71M
April 8, 2020 4:08p
P/E Ratio
2.80
Dividend Yield
10.09%
Market Cap
HK$30.11 billion
Rev. per Employee
HK$2.60M
loading...
/zigman2/quotes/203784640/delayed
CN : China: Shanghai
¥ 8.68
+0.01 +0.12%
Volume: 13.37M
April 8, 2020 3:00p
P/E Ratio
4.92
Dividend Yield
0.00%
Market Cap
¥42.59 billion
Rev. per Employee
¥2.17M
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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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