Asia markets mostly up as traders extend last week’s rally

AFP, HONG KONG: Asian equities reversed early losses yesterday and built on last week’s rallies, while the the euro was boosted by hopes Chancellor Angela Merkel will be able to form a new German government.

While a shutdown of the US government looks unlikely to be resolved immediately, analysts said investors remained upbeat due to the strong global economic outlook and healthy corporate earnings.

The morning saw a more cautious tone after Hong Kong hit new highs and Tokyo’s Nikkei cracked 24,000 for the first time in 26 years.

However, with the earnings season about to go into full swing and data showing economies across the globe continuing to improve, prices rebounded in most of the region in the afternoon.

Hong Kong closed up 0.4 per cent at a new record and Shanghai also added 0.4 per cent . Tokyo finished slightly higher on late bargain-buying.

Singapore gained 0.2 per cent, while Wellington, Manila and Taipei tacked on healthy gains.

However, Sydney eased 0.2 per cent and Seoul lost 0.7 per cent. In early European trade London fell 0.3 per cent and Paris shed 0.2 per cent but Frankfurt added 0.1 per cent.

There was little concern over the midnight Friday shutdown of the US government after lawmakers failed to agree a funding bill. Democrats in the Senate held out for Republican concessions on immigration issues.

The two sides remain locked in talks to resolve the issue but expectations are for the shutdown to continue for some time, with a planned vote on Sunday evening delayed until noon Monday.

 

Asia markets mostly up as traders extend last weeks rally

AFP, HONG KONG: Asian equities reversed early losses yesterday and built on last weeks rallies, while the the euro was boosted by hopes Chancellor Angela Merkel will be able to form a new German government. While a shutdown of the US government looks unlikely to be resolved immediately, analysts said investors remained upbeat due to the strong global economic outlook and healthy corporate earnings. The morning saw a more cautious tone after Hong Kong hit new highs and Tokyos Nikkei cracked 24,000 for the first time in 26 years. However, with the earnings season about to go into full swing and data showing economies across the globe continuing to improve, prices rebounded in most of the region in the afternoon. Hong Kong closed up 0.4 per cent at a new record and Shanghai also added 0.4 per cent . Tokyo finished slightly higher on late bargain-buying. Singapore gained 0.2 per cent, while Wellington, Manila and Taipei tacked on healthy gains. However, Sydney eased 0.2 per cent and Seoul lost 0.7 per cent. In early European trade London fell 0.3 per cent and Paris shed 0.2 per cent but Frankfurt added 0.1 per cent. There was little concern over the midnight Friday shutdown of the US government after lawmakers failed to agree a funding bill. Democrats in the Senate held out for Republican concessions on immigration issues. The two sides remain locked in talks to resolve the issue but expectations are for the shutdown to continue for some time, with a planned vote on Sunday evening delayed until noon Monday.