World Stock Market Updates : TOKYO; HONG KONG; SEOUL; CHINA; LONDON; US MARKET UPDATES

Source : economictimes

 Nikkei hits 9-mth high on weaker yen, foreign buying
TOKYO: Japan's Nikkei stock average climbed to a nine-month high above 10,800 on Wednesday helped by a softer yen, with the benchmark's strong run encouraging foreign investors to broaden their buying to financial shares.

It was a third straight day http://www.blogger.com/post-create.g?blogID=8843738645395069893of gains for the Nikkei, which has climbed some 18 percent since November when foreigners began snapping up lagging Tokyo stocks, with recent momentum coming from a big shift in market focus to developed economies from emerging ones.

The gains were underscored by high volume with the day's total set to come in above last week's daily average of 2.2 billion shares. The Tokyo stock exchange's first section has seen more than 2.0 billion shares change hands for seven consecutive sessions.

"Looking at trading volumes in banking, securities or property sectors we can see a clear pattern of systematic, sector-wide buying of these shares from foreign investors that has at last emerged."

The dollar climbed against the yen to its highest in eight weeks on Tuesday, boosted by the recent rise in U.S. Treasury yields, with more gains seen likely if bond markets continue to factor in inflation.

By mid afternoon, the Nikkei average was up 0.5 percent, or 56.91 points at 10,803.57, after hitting an intraday high of 10,842.31, its highest level since May 6, 2010.

Immediate resistance now lies at the May 6 intraday high of 10,847.90, traders said.

The broader Topix rose 0.6 percent to 968.16.

Hong Kong shares gain 0.62% in morning

HONG KONG: Hong Kong shares rose 0.62 percent in the morning session on Wednesday, in line with most regional markets, boosted by upbeat economic data out of the United States.

The benchmark Hang Seng Index added 141.30 points to 23,041.08 on turnover of HK$36.85 billion ($4.72 billion).

Seoul shares dip as autos, refiners fall

SEOUL: Seoul shares slipped after volatile trade on Wednesday, pressured by a second straight session of foreign selling and falls in automakers and crude refiners like SK Innovation.

The Korea Composite Stock Price Index (KOSPI) finished down 1.06 percent or 21.41 points at 1,989.11 points. 

China shares end up 0.9 per cent, supported on steel firms

SHANGHAI: China's main stock index closed up 0.9 per cent on Wednesday, after trading mostly rangebound near a crucial psychologically level.

The benchmark Shanghai Composite Index was at 2,924.2 points, breaking above a key psychologically level of 2,900 points. 

European stocks firm at open, London up 0.19%

LONDON: European stock markets rose in opening trade on Wednesday, with London's benchmark FTSE 100 index up 0.19 per cent at 6,049.43 points.

In Paris, the CAC 40 gained 0.34 per cent to 4,124.26 points while Frankfurt's DAX 30 added 0.19 per cent to 7,414.23 points.

US markets open higher on earns, M&A

NEW YORK: U.S. stocks opened higher on Wednesday after strong results from Dell and a burst of merger and acquisition activity.

The Dow Jones industrial average was up 18.77 points, or 0.15 percent, at 12,245.41. The Standard & Poor's 500 Index rose 4.10 points, or 0.31 percent, at 1,332.11. The Nasdaq Composite Index gained 10.55 points, or 0.38 percent, at 2,814.90.

Asian shares head higher despite weak Wall Street

Source : Economicstimes
TOKYO: Asian stock markets rose Wednesday, reversing course after an indecisive opening following a sluggish day on Wall Street .

Oil prices rose to near $85 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly fell last week, suggesting demand may be improving.

The Nikkei 225 stock average in Tokyo added 0.4 percent to 10,788.13. Exporters, including electronics makers, generally rose as the dollar hovered in the upper 83-yen range. Toshiba Corp. was up 2.8 percent, Pioneer Corp. rose 2.6 percent, and Sharp Corp. rose 0.9 percent. Financial issues also advanced, with Sumitomo Mitsui Financial Group Inc. up 2.3 percent.

Hong Kong's Hang Seng index rose 0.4 percent to 22,996.87, and the Shanghai Composite index was up 0.1 percent to 2,902.59. South Korea's Kospi index was nearly flat at 2,011.36, while benchmarks in Singapore and Indonesia retreated.

Australia's S&P/ASX 200 was up narrowly to 4,932.60. Among the day's worst performers, BHP Billiton Ltd. shed 1.8 percent despite reporting robust earnings. The world's biggest mining company said its first half net profit soared more than 71 percent in the six months through December.

In New York Tuesday, a surprisingly weak retail sales report drove stocks lower on Tuesday, giving the Dow Jones industrial average its second straight day of losses.

The Dow fell 41.55, or 0.3 percent, to close at 12,226.64. The broader Standard & Poor's 500 index fell 4.31, or 0.3 percent, to 1,328.01. The Nasdaq composite index fell 12.83, or 0.5 percent, to 2,804.35.

In currencies, the dollar eased to 83.75 yen from 83.82 yen late Tuesday. The dollar rose from the lower-83 yen level overnight, at one point hitting a two-month high of 83.91 yen. The euro stood at $1.3532 from $1.3492.

Benchmark crude oil for March delivery was up 35 cents at $84.67 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 49 cents to settle at $84.32 a barrel Tuesday.