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Oct. 4, 2020, 11:23 p.m. EDT

Japan’s Nikkei gets the week off to a strong start as stocks in Asia rally early Monday

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By MarketWatch, MarketWatch


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Stocks rallied in Asia early Monday, with Japan’s Nikkei and Hong Kong’s Hang Seng indexes leading the way. Australian stocks were also strong.

Japanese stocks /zigman2/quotes/210597971/delayed JP:NIK +0.07%   were broadly higher thanks partly to a weaker yen after the news of President Trump’s infection with coronavirus dented the market on Friday. Auto, railway and financial stocks topped the gainers. Automaker Subaru Corp. /zigman2/quotes/203522406/delayed JP:7270 +0.26%   is up 4.7%, Central Japan Railway /zigman2/quotes/205638698/delayed JP:9022 -0.50%   is 4.1% higher and Dai-ichi Life Holdings /zigman2/quotes/208507587/delayed JP:8750 +1.85%   is up 4.9%.

The U.S. dollar was fetching 105.56 Japanese yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1570%  , up from 105.09 as of Friday’s Tokyo stock market close. U.S. and Japan policy developments are being closely watched. The Nikkei Stock Average is up 1.3% early.

The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.37%   was ahead just over 1.5% in initial trading.

Tech stocks are among the best performers, with Tencent Holdings /zigman2/quotes/204605823/delayed HK:700 -0.56%   rising 2.8%, Xiaomi Corp. /zigman2/quotes/208140246/delayed HK:1810 +0.59%   gaining 1.5% and Sunny Optical Technology up 0.5% /zigman2/quotes/206687505/delayed HK:2382 +1.69%  . Property stocks are also higher, with Hang Lung Properties /zigman2/quotes/200230831/delayed HK:101 +0.47%   gaining 2.7%, Henderson Land Development /zigman2/quotes/208724890/delayed HK:12 -0.28%   rising 1.8% and Sun Hung Kai Properties /zigman2/quotes/209086152/delayed HK:16 -1.22%   up 0.7%. Semiconductor Manufacturing International Corp. /zigman2/quotes/207270096/delayed HK:981 -0.19%   is down 4.5% after saying that export controls imposed by the U.S. could have an adverse impact on its operations.

But Hong Kong-listed casino operators may remain under pressure as Macau’s Golden Week visitor data disappoint, Jefferies says. Visitor numbers to the special administrative region for the first three days of China’s weeklong holiday were 13% of 2019 levels due to lengthier visa approvals and stringent requirements for a negative virus test, the bank says.

Australia’s benchmark stock index shot up more than 2% early Monday as analysts saw reason for optimism in the country’s retail sales data. Excluding Victoria state, where there were strict lockdown measures, August sales seemed better, posting growth of 13% compared with 15% in July.

Stock valuations for many Aussie retailers are already pricing in strong sales, so investors should choose exposures carefully, UBS says. The bank favors retailers with attractive valuations, those that might benefit from the coronavirus situation because they have a strong online presence, or those with longer-term growth opportunities.

It names Woolworths /zigman2/quotes/209906204/delayed AU:WOW +1.23%  , Harvey Norman /zigman2/quotes/203692911/delayed AU:HVN -1.06%  , Adairs /zigman2/quotes/200532765/delayed AU:ADH -0.24%  , Metcash /zigman2/quotes/203560772/delayed AU:MTS +1.32%  , Bapcor /zigman2/quotes/204398496/delayed AU:BAP +1.00%   and Collins /zigman2/quotes/203102126/delayed AU:CKF -0.91%   UBS notes that nationwide August retail spending growth slowed to 7%, compared with 12% in July.

New Zealand’s NZX-50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.90%   edged slightly higher in early trading. Gains are driven by a2 Milk /zigman2/quotes/207461975/delayed NZ:ATM -0.45%  , Synlait Milk /zigman2/quotes/200859627/delayed NZ:SML 0.00%  , Ryman Healthcare /zigman2/quotes/207688158/delayed NZ:RYM -1.41%  , Auckland International Airport and Port of Tauranga. Infant formula marketing company a2 Milk rose 0.7% after falling nearly 18% last week on a downgraded earnings outlook for FY 2021. Property for Industry was ups 1.5% after adding a NZ$65 million industrial estate in Auckland to its portfolio of commercial tenants.

The story was compiled from Dow Jones Newswires and Associated Press reports.

/zigman2/quotes/210597971/delayed
JP : Nikkei
29,642.69
+21.70 +0.07%
Volume: 0.00
April 15, 2021 3:15p
loading...
/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,133.00
+5.50 +0.26%
Volume: 1.68M
April 15, 2021 3:00p
P/E Ratio
14.21
Dividend Yield
2.63%
Market Cap
¥1631.52 billion
Rev. per Employee
¥95.45M
loading...
/zigman2/quotes/205638698/delayed
JP : Japan: Tokyo
¥ 15,820.00
-80.00 -0.50%
Volume: 358,900
April 15, 2021 3:00p
P/E Ratio
N/A
Dividend Yield
0.82%
Market Cap
¥3127.70 billion
Rev. per Employee
¥62.31M
loading...
/zigman2/quotes/208507587/delayed
JP : Japan: Tokyo
¥ 2,014.00
+36.50 +1.85%
Volume: 2.75M
April 15, 2021 3:00p
P/E Ratio
31.74
Dividend Yield
3.08%
Market Cap
¥2195.39 billion
Rev. per Employee
¥103.47M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.7750
-0.1710 -0.1570%
Volume: 0.0000
April 15, 2021 11:39a
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,793.14
-107.69 -0.37%
Volume: 1.90M
April 15, 2021 4:08p
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 620.00
-3.50 -0.56%
Volume: 14.55M
April 15, 2021 4:08p
P/E Ratio
33.18
Dividend Yield
0.26%
Market Cap
HK$5931.54 billion
Rev. per Employee
HK$10.55M
loading...
/zigman2/quotes/208140246/delayed
HK : Hong Kong
HK$ 25.55
+0.15 +0.59%
Volume: 96.91M
April 15, 2021 4:08p
P/E Ratio
40.27
Dividend Yield
N/A
Market Cap
HK$640.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 180.30
+3.00 +1.69%
Volume: 3.68M
April 15, 2021 4:08p
P/E Ratio
35.86
Dividend Yield
0.59%
Market Cap
HK$193.98 billion
Rev. per Employee
HK$1.75M
loading...
/zigman2/quotes/200230831/delayed
HK : Hong Kong
HK$ 21.35
+0.10 +0.47%
Volume: 3.70M
April 15, 2021 4:08p
P/E Ratio
N/A
Dividend Yield
3.56%
Market Cap
HK$95.58 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208724890/delayed
HK : Hong Kong
HK$ 35.10
-0.10 -0.28%
Volume: 2.23M
April 15, 2021 4:08p
P/E Ratio
16.67
Dividend Yield
5.13%
Market Cap
HK$170.42 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209086152/delayed
HK : Hong Kong
HK$ 121.10
-1.50 -1.22%
Volume: 2.68M
April 15, 2021 4:08p
P/E Ratio
16.19
Dividend Yield
4.09%
Market Cap
HK$355.27 billion
Rev. per Employee
HK$2.11M
loading...
/zigman2/quotes/207270096/delayed
HK : Hong Kong
HK$ 26.05
-0.05 -0.19%
Volume: 32.66M
April 15, 2021 4:08p
P/E Ratio
39.63
Dividend Yield
N/A
Market Cap
HK$285.74 billion
Rev. per Employee
HK$1.76M
loading...
/zigman2/quotes/209906204/delayed
AU : Australia: Sydney
$ 42.01
+0.51 +1.23%
Volume: 2.04M
April 15, 2021 4:10p
P/E Ratio
37.62
Dividend Yield
2.40%
Market Cap
$52.55 billion
Rev. per Employee
$296,163
loading...
/zigman2/quotes/203692911/delayed
AU : Australia: Sydney
$ 5.62
-0.06 -1.06%
Volume: 1.92M
April 15, 2021 4:10p
P/E Ratio
9.61
Dividend Yield
6.76%
Market Cap
$7.08 billion
Rev. per Employee
$589,402
loading...
/zigman2/quotes/200532765/delayed
AU : Australia: Sydney
$ 4.14
-0.01 -0.24%
Volume: 1.24M
April 15, 2021 4:10p
P/E Ratio
10.85
Dividend Yield
5.80%
Market Cap
$701.67 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/203560772/delayed
AU : Australia: Sydney
$ 3.83
+0.05 +1.32%
Volume: 3.47M
April 15, 2021 4:10p
P/E Ratio
17.76
Dividend Yield
3.79%
Market Cap
$3.86 billion
Rev. per Employee
$2.17M
loading...
/zigman2/quotes/204398496/delayed
AU : Australia: Sydney
$ 8.07
+0.08 +1.00%
Volume: 814,230
April 15, 2021 4:10p
P/E Ratio
26.15
Dividend Yield
2.29%
Market Cap
$2.71 billion
Rev. per Employee
$325,055
loading...
/zigman2/quotes/203102126/delayed
AU : Australia: Sydney
$ 10.89
-0.10 -0.91%
Volume: 379,446
April 15, 2021 4:10p
P/E Ratio
46.68
Dividend Yield
1.93%
Market Cap
$1.28 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,636.55
-114.83 -0.90%
Volume: 0.00
April 15, 2021 5:01p
loading...
/zigman2/quotes/207461975/delayed
NZ : New Zealand: NZX
$ 8.91
-0.04 -0.45%
Volume: 1.17M
April 15, 2021 5:00p
P/E Ratio
20.54
Dividend Yield
N/A
Market Cap
$6.66 billion
Rev. per Employee
$5.77M
loading...
/zigman2/quotes/200859627/delayed
NZ : New Zealand: NZX
$ 3.55
0.00 0.00%
Volume: 72,353
April 15, 2021 5:00p
P/E Ratio
11.65
Dividend Yield
N/A
Market Cap
$775.96 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/207688158/delayed
NZ : New Zealand: NZX
$ 14.65
-0.21 -1.41%
Volume: 500,147
April 15, 2021 5:00p
P/E Ratio
25.36
Dividend Yield
1.47%
Market Cap
$7.43 billion
Rev. per Employee
N/A
loading...

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