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Asian Stocks Climb as U.S. Inventory, China Production Boost Growth Hopes
Sep 13,2010 10:36CST
industry news
Source:SMM
Stocks Climb in Asia

Sep 13 (Bloomberg)—

Asian stocks rose, extending a two- week rally, after higher-than-forecast wholesale inventories in the U.S. and China’s industrial output increased at a faster pace than economists estimated.

Honda Motor Co., which generates 46 percent of its sales in North America, increased 1.4 percent in Tokyo. Komatsu Ltd., which counts China as its biggest market, advanced 1.3 percent. Hon Hai Precision Industry Co., the world’s largest contract maker of electronics, rose 2.8 percent in Taipei after saying sales in August surged. BHP Billiton Ltd., the world’s largest mining company, gained 1.5 percent on higher commodity prices.

"Concerns are easing about the future of the global economy,” Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc.

The MSCI Asia Pacific Index gained 0.9 percent to 122.86 as of 10:51 a.m. in Tokyo, with almost four stocks rising for each one that fell. The measure has climbed 6 percent from a one- month low on Aug. 25 amid speculation the U.S. will avoid slipping back into recession.

Japan’s Nikkei 225 Stock Average jumped 1.1 percent and the Kospi index increased 0.4 percent in Seoul. Australia’s S&P/ASX 200 Index advanced 1 percent while China’s Shanghai Composite Index gained 0.2 percent.

Futures on the Standard & Poor’s 500 Index climbed 0.6 percent. The index rose 0.5 percent in New York on Sept. 10 after a government report showed inventories at U.S. wholesalers rose in July by the most in two years as a rebound in demand prompted companies to add to stockpiles.

Toyota, Sony RiseHonda, which counts North America as its biggest market for sales, rose 1.4 percent to 2,825 yen in Tokyo. In Seoul, Hyundai Motor Co., which gets 13 percent of its revenue in North America, advanced 1.4 percent to 150,000 won.

In China, industrial production gained 13.9 percent in August from a year earlier, more than the 13 percent median estimate of 29 economists, a statistics bureau report showed in Beijing on Sept. 11. Consumer prices jumped 3.5 percent, the most in 22 months, as food costs climbed while retail sales increased 18.4 percent.

A gauge of industrial companies in the MSCI Asia Pacific Index, which includes trading houses, machinery makers and railway companies, rose 0.9 percent, the second-biggest increase of 10 industry groups.

Komatsu, which receives 26 percent of its revenue from China, rose 1.3 percent to 1,850 yen in Tokyo. Fanuc Ltd., the robotics maker which counts Asia excluding Japan as its biggest market, rose 1.7 percent to 9,860 yen.

Copper, Oil

In Taipei, Hon Hai jumped 2.8 percent to NT$111. The company said non-consolidated sales almost doubled in August from the same month last year.

The gauge of raw-material producers in the MSCI Asia Pacific Index rose 1.2 percent. Copper futures in New York climbed 1.9 percent in after-hours trading, while crude oil jumped 1.1 percent as the economic data from China boosted prospects for commodity demand.

BHP rose 1.4 percent to A$38.51 in Sydney and was the biggest contributor to the MSCI Asia Pacific Index’s advance today. Rio Tinto Group, the world’s third-biggest mining company, climbed 1.3 percent to A$75.19. Inpex Corp., Japan’s largest oil and gas explorer, increased 2.4 percent to 418,500 yen in Tokyo.


              
      

 

 

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