Stocks across Asia rallied Thursday despite worries about U.S. economic growth, while China shares took a breather having gained 24% since early February.
Markets were higher across the region even though U.S. stocks fell Wednesday.
“At some point this year shares are likely to see a decent correction, with the anticipation of the Fed’s first interest rate hike likely to provide the trigger,” said Shane Oliver, head of investment strategy at AMP Capital. “However, the trend in shares is likely to remain up,” he said, citing economic growth and further easing in Europe, Japan, China and Australia, and only gradual tightening in the U.S., as reasons.
Japan’s Nikkei Stock Average NIK, +1.57% was up 1.2% at 19,255.32 after the prior session’s 0.9% fall. Underlying buying support from the Bank of Japan, the government pension fund and others remains strong, said Allianz Global Investors chief investment officer Kazuyuki Terao.
Hong Kong’s Hang Seng Index HSI, +0.44% was up 0.4% to 25,177.61, even as the HSBC Hong Kong purchasing managers’ index for March fell to 49.6 after reaching a one-year high of 50.7 in February.
Weak economic data in the U.S. on Wednesday added to concerns about growth there, but encouraged investors hoping for a later U.S. rate increase. Mr. Oliver said that eurozone, Japanese and North Asian shares are likely to outperform.
The Shanghai Composite Index SHCOMP, +0.19% was flat after a whirlwind rally this year. Margin trading--the use of borrowed money for trading--surpassed 1 trillion yuan ($160 billion) for the first time yesterday, according to the Shanghai Stock Exchange.
Australia’s S&P/ASX 200 XJO, +0.61% was up 0.5% after trade figures came in line with expectations. Australia posted a seasonally adjusted trade deficit of A$1.3 billion ($988 million) in February, compared with a deficit of A$1.0 billion in January, the statistics bureau said Thursday. It was the biggest shortfall since September 2014.
In Hong Kong, telecommunications firm PCCW Ltd. 0008, +4.59% jumped 5.1%, after its subsidiary Hong Kong Television Entertainment Co. received a 12-year free-to-air license from the local government.
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Markets were higher across the region even though U.S. stocks fell Wednesday.
“At some point this year shares are likely to see a decent correction, with the anticipation of the Fed’s first interest rate hike likely to provide the trigger,” said Shane Oliver, head of investment strategy at AMP Capital. “However, the trend in shares is likely to remain up,” he said, citing economic growth and further easing in Europe, Japan, China and Australia, and only gradual tightening in the U.S., as reasons.
Japan’s Nikkei Stock Average NIK, +1.57% was up 1.2% at 19,255.32 after the prior session’s 0.9% fall. Underlying buying support from the Bank of Japan, the government pension fund and others remains strong, said Allianz Global Investors chief investment officer Kazuyuki Terao.Hong Kong’s Hang Seng Index HSI, +0.44% was up 0.4% to 25,177.61, even as the HSBC Hong Kong purchasing managers’ index for March fell to 49.6 after reaching a one-year high of 50.7 in February.
Weak economic data in the U.S. on Wednesday added to concerns about growth there, but encouraged investors hoping for a later U.S. rate increase. Mr. Oliver said that eurozone, Japanese and North Asian shares are likely to outperform.
The Shanghai Composite Index SHCOMP, +0.19% was flat after a whirlwind rally this year. Margin trading--the use of borrowed money for trading--surpassed 1 trillion yuan ($160 billion) for the first time yesterday, according to the Shanghai Stock Exchange.
Australia’s S&P/ASX 200 XJO, +0.61% was up 0.5% after trade figures came in line with expectations. Australia posted a seasonally adjusted trade deficit of A$1.3 billion ($988 million) in February, compared with a deficit of A$1.0 billion in January, the statistics bureau said Thursday. It was the biggest shortfall since September 2014.
In Hong Kong, telecommunications firm PCCW Ltd. 0008, +4.59% jumped 5.1%, after its subsidiary Hong Kong Television Entertainment Co. received a 12-year free-to-air license from the local government.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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