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Aug. 13, 2013, 4:16 a.m. EDT

Japan stocks jump, as Hong Kong extends gains

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese stocks jumped Tuesday on a weakened yen and a report the government is considering a cut in corporate taxes, while Hong Kong shares rose for a fourth straight day amid optimism over the Chinese economy.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.58%  climbed 2.6% to lead a broad rebound in Asia, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.13%  rose 1.5%, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.11%  gained 1%.


Tokyo Stock Exchange Enlarge Image
Japan stocks rally, helped by a report Japan may cut its corporate tax rates.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.45% advanced 1.2%, and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.68%  inched 0.2% higher.

“Investors are digesting the deluge of July activity data [for China] late last week, the main highlight of which was acceleration in exports, industrial production and M2 [money supply growth]. These are hopeful signs of economic recovery in the second half of the year,” said ING Financial Markets economist Prakash Sakpal.

The broad advances came in spite of weak overnight cues from Wall Street, where the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.52%  and the Standard & Poor’s 500 Index /zigman2/quotes/210599714/realtime SPX +0.58%  ended lower Monday, while the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.36%  saw a mild gain.

“Investors seem to be weighing the positives of an improving U.S. economy against the negatives of a weak global economy and the potential for the [Federal Reserve] to taper its bond-purchase program this fall,” said Wells Fargo Advisors chief macro strategist Gary Thayer.

The solid gains in Tokyo also got help from a report in the Nikkei newspaper Tuesday that Prime Minister Shinzo Abe may propose a reduction in corporate taxes if he decides in favor implementing a planned increase in the consumption tax.

Among the major movers in Japan, shares of Fuji Heavy Industries Ltd. /zigman2/quotes/203522406/delayed JP:7270 +1.74%   /zigman2/quotes/200526066/composite FUJHY +0.68% spiked 5.6%, Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +0.47%   /zigman2/quotes/202815238/composite SFTBF -2.83%  soared 6.3% and Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 +1.23%   /zigman2/quotes/201351352/composite RNECY +0.78%  climbed 5.4%.

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Why emerging markets stocks are having a bad year

China, India and Brazil are disappointing investors. Manufacturing and export growth have slowed in all three countries.

Data released earlier in the day showed Japan’s core machinery orders fell 2.7% in June, a milder decrease than expected.

Chinese property shares added to their recent gains, following a Reuters report that the eastern city of Wenzhou has become the first to ease restrictions on real-estate purchases.

Shares of China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +1.54% /zigman2/quotes/202573805/composite CAOVY -4.03%  rose 2.3% and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 0.00%   /zigman2/quotes/201656413/composite CRBJF +4.88% surged 6% in Hong Kong, while Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -3.01%  gained 1% in Shanghai.

In Sydney, shares of Stockland /zigman2/quotes/206429402/delayed AU:SGP -0.45%  declined 2.9% after the developer and real-estate investor posted a 79% drop in full-year profit.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,548.00
+159.84 +0.58%
Volume: 0.00
July 21, 2021 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,254.42
+4.21 +0.13%
Volume: 805,048
July 23, 2021 3:30p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,394.40
+8.00 +0.11%
Volume: 493,575
July 23, 2021 5:05p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,321.98
-401.86 -1.45%
Volume: 1.18M
July 23, 2021 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,550.40
-24.34 -0.68%
Volume: 44.64B
July 23, 2021 3:01p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,004.56
+181.21 +0.52%
Volume: 106.41M
July 23, 2021 10:49a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,392.83
+25.35 +0.58%
Volume: 520.48M
July 23, 2021 10:49a
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/zigman2/quotes/210598365/realtime
US : Nasdaq
14,736.88
+52.28 +0.36%
Volume: 1.23M
July 23, 2021 10:49a
loading...
/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,076.50
+35.50 +1.74%
Volume: 2.06M
July 21, 2021 3:00p
P/E Ratio
20.81
Dividend Yield
2.70%
Market Cap
¥1592.41 billion
Rev. per Employee
¥78.46M
loading...
/zigman2/quotes/200526066/composite
US : U.S.: OTC
$ 9.64
+0.07 +0.68%
Volume: 14,242
July 23, 2021 10:21a
P/E Ratio
20.27
Dividend Yield
1.83%
Market Cap
$14.46 billion
Rev. per Employee
$739,829
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 7,261.00
+34.00 +0.47%
Volume: 7.05M
July 21, 2021 3:00p
P/E Ratio
2.99
Dividend Yield
0.00%
Market Cap
¥12435.77 billion
Rev. per Employee
¥202.77M
loading...
/zigman2/quotes/202815238/composite
US : U.S.: OTC
$ 65.55
-1.91 -2.83%
Volume: 3,471
July 23, 2021 9:59a
P/E Ratio
2.86
Dividend Yield
N/A
Market Cap
$112.91 billion
Rev. per Employee
$1.91M
loading...
/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 1,156.00
+14.00 +1.23%
Volume: 7.57M
July 21, 2021 3:00p
P/E Ratio
42.40
Dividend Yield
N/A
Market Cap
¥2233.65 billion
Rev. per Employee
¥38.16M
loading...
/zigman2/quotes/201351352/composite
US : U.S.: OTC
$ 5.32
+0.04 +0.78%
Volume: 4,075
July 23, 2021 10:31a
P/E Ratio
41.47
Dividend Yield
N/A
Market Cap
$20.28 billion
Rev. per Employee
$357,438
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 18.42
+0.28 +1.54%
Volume: 15.37M
July 23, 2021 4:08p
P/E Ratio
4.11
Dividend Yield
6.41%
Market Cap
$198.52 billion
Rev. per Employee
$34.63M
loading...
/zigman2/quotes/202573805/composite
US : U.S.: OTC
$ 11.66
-0.49 -4.03%
Volume: 67.00
July 22, 2021 3:33p
P/E Ratio
4.03
Dividend Yield
5.72%
Market Cap
$25.55 billion
Rev. per Employee
$4.46M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
$ 31.45
0.00 0.00%
Volume: 8.31M
July 23, 2021 4:08p
P/E Ratio
6.67
Dividend Yield
4.71%
Market Cap
$224.27 billion
Rev. per Employee
$4.24M
loading...
/zigman2/quotes/201656413/composite
US : U.S.: OTC
$ 4.30
+0.20 +4.88%
Volume: 1.00
July 16, 2021 3:57p
P/E Ratio
7.07
Dividend Yield
N/A
Market Cap
$29.19 billion
Rev. per Employee
$546,482
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 9.36
-0.29 -3.01%
Volume: 24.64M
July 23, 2021 3:00p
P/E Ratio
4.37
Dividend Yield
7.48%
Market Cap
¥43.57 billion
Rev. per Employee
¥6.65M
loading...
/zigman2/quotes/206429402/delayed
AU : Australia: Sydney
$ 4.38
-0.02 -0.45%
Volume: 2.73M
July 23, 2021 4:10p
P/E Ratio
N/A
Dividend Yield
5.62%
Market Cap
$10.37 billion
Rev. per Employee
$1.76M
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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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