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Asian stocks climbed for a second day and Australia’s dollar slid to the weakest in two months as the nation’s Reserve Bank joined the European Central Bank in cutting interest rates to record lows to sustain economic growth. Japanese shares led share gains and oil fell.
The MSCI Asia Pacific Index (AS51) added 1.2 percent as of 2:23 p.m. in Tokyo. The Topix (TPX) Index led regional gains with a 3.1 percent advance as trading resumed after Japanese holidays. Standard & Poor’s 500 Index futures slipped 0.1 percent. The yen rallied 0.2 percent to 99.15 per dollar, while the so-called Aussie slid as much as 0.7 percent to $1.0178, the lowest since March 4. Crude declined 0.9 percent.
The RBA cut its benchmark rate by a quarter percentage point to 2.75 percent today to bolster an economy that’s been weakened by the strong Aussie dollar. ECB President Mario Draghi said yesterday that further interest-rate cuts are possible after reducing them to an all-time low last week.
“Investors like to be reassured from central banks that we are on the straight and narrow,” said James Lindsay, an Auckland-based fund manager at Tyndall Investment Management Ltd., which oversees about $23 billion. “Until economies really start to fire, I can’t see any pull-back of stimulus.”
The S&P 500 (SPX) gained 0.2 percent yesterday, reaching a record high. Financial shares led gains after data last week that showed American employers added more workers in April than economists had forecast.
The Reserve Bank of Australia “judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy,” Governor Glenn Stevens said.
Toyota Earnings
MSCI’s benchmark gauge for Asian shares rose to 141.95 and has climbed 8.5 percent this year through yesterday amid optimism the Bank of Japan will deploy more measures to beat deflation and that policy makers in the U.S., Europe and China remain on standby to buoy growth.
The Topix climbed to 1,188.50 and has erased losses from the fallout of the collapse of Lehman Brothers Holdings Inc. in 2008. The Nikkei 225 Stock Average rose above 14,000 for the first time since June 2008. Australia’s S&P/ASX 200 Index slid 0.2 percent to 5,146.60, trimming losses after the RBA decision.
South Korea’s Kospi (KOSPI) index lost 0.4 percent to 1,953.92, and China’s Shanghai Composite Index rose 0.1 percent to 2,234.
Mitsubishi Heavy Industries Ltd. (7011) jumped 4.6 percent after Japan’s No. 2 maker of electricity-generation equipment and its partner Areva SA won a deal to build a nuclear power plant in Turkey. Toyota Motor Corp. (7203) rose 4.7 percent in Tokyo after the Nikkei newspaper reported the world’s biggest carmaker will report earnings tomorrow that may exceed analyst estimates.
The yen snapped a three-day drop. The euro remained lower against the greenback before data forecast to show factory activity slowed in Europe’s two biggest economies.
German factory orders probably slid 0.5 percent, while French industrial production contracted 0.3 percent, according to the median economist forecasts in Bloomberg News surveys.
Najib Victory
Malaysia’s ringgit climbed for a third day and touched 2.9570 per dollar, the strongest level since August 2011. The currency appreciated 1.8 percent yesterday, the most since June 2010. Prime Minister Najib Razak won a 133-seat parliamentary majority on May 5, Election Commission data showed.
The cost of insuring Asia-Pacific corporate and sovereign bonds against non-payment fell, according to traders of credit- default swaps. The Markit iTraxx Australia index slipped 0.5 basis point to 97.5 basis points as of 10:15 a.m. in Sydney, according to Westpac Banking Corp. prices. The measure is on course for the lowest close since Nov. 5, 2010, according to data provider CMA.
Wheat, Rubber
The Markit iTraxx Japan index dropped 6 basis points to 80, according to Deutsche Bank AG prices. The drop is the biggest since April 5, putting the gauge on track for the lowest close since May 2008, according to CMA. Japanese markets were closed May 3 through May 6 for public holidays.
Gold for immediate delivery slid 0.3 percent to $1,465.17 an ounce. West Texas Intermediate crude dropped to $95.33 per barrel before government data that may show U.S. stockpiles rose from an 82-year high.
Wheat climbed 0.4 percent, gaining for the first time in three days after the U.S. government said winter-crop conditions worsened. Rubber for October delivery jumped as much as 7.9 percent in Tokyo.
The MSCI Asia Pacific Index (AS51) added 1.2 percent as of 2:23 p.m. in Tokyo. The Topix (TPX) Index led regional gains with a 3.1 percent advance as trading resumed after Japanese holidays. Standard & Poor’s 500 Index futures slipped 0.1 percent. The yen rallied 0.2 percent to 99.15 per dollar, while the so-called Aussie slid as much as 0.7 percent to $1.0178, the lowest since March 4. Crude declined 0.9 percent.
The RBA cut its benchmark rate by a quarter percentage point to 2.75 percent today to bolster an economy that’s been weakened by the strong Aussie dollar. ECB President Mario Draghi said yesterday that further interest-rate cuts are possible after reducing them to an all-time low last week.
“Investors like to be reassured from central banks that we are on the straight and narrow,” said James Lindsay, an Auckland-based fund manager at Tyndall Investment Management Ltd., which oversees about $23 billion. “Until economies really start to fire, I can’t see any pull-back of stimulus.”
The S&P 500 (SPX) gained 0.2 percent yesterday, reaching a record high. Financial shares led gains after data last week that showed American employers added more workers in April than economists had forecast.
The Reserve Bank of Australia “judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy,” Governor Glenn Stevens said.
Toyota Earnings
MSCI’s benchmark gauge for Asian shares rose to 141.95 and has climbed 8.5 percent this year through yesterday amid optimism the Bank of Japan will deploy more measures to beat deflation and that policy makers in the U.S., Europe and China remain on standby to buoy growth.
The Topix climbed to 1,188.50 and has erased losses from the fallout of the collapse of Lehman Brothers Holdings Inc. in 2008. The Nikkei 225 Stock Average rose above 14,000 for the first time since June 2008. Australia’s S&P/ASX 200 Index slid 0.2 percent to 5,146.60, trimming losses after the RBA decision.
South Korea’s Kospi (KOSPI) index lost 0.4 percent to 1,953.92, and China’s Shanghai Composite Index rose 0.1 percent to 2,234.
Mitsubishi Heavy Industries Ltd. (7011) jumped 4.6 percent after Japan’s No. 2 maker of electricity-generation equipment and its partner Areva SA won a deal to build a nuclear power plant in Turkey. Toyota Motor Corp. (7203) rose 4.7 percent in Tokyo after the Nikkei newspaper reported the world’s biggest carmaker will report earnings tomorrow that may exceed analyst estimates.
The yen snapped a three-day drop. The euro remained lower against the greenback before data forecast to show factory activity slowed in Europe’s two biggest economies.
German factory orders probably slid 0.5 percent, while French industrial production contracted 0.3 percent, according to the median economist forecasts in Bloomberg News surveys.
Najib Victory
Malaysia’s ringgit climbed for a third day and touched 2.9570 per dollar, the strongest level since August 2011. The currency appreciated 1.8 percent yesterday, the most since June 2010. Prime Minister Najib Razak won a 133-seat parliamentary majority on May 5, Election Commission data showed.
The cost of insuring Asia-Pacific corporate and sovereign bonds against non-payment fell, according to traders of credit- default swaps. The Markit iTraxx Australia index slipped 0.5 basis point to 97.5 basis points as of 10:15 a.m. in Sydney, according to Westpac Banking Corp. prices. The measure is on course for the lowest close since Nov. 5, 2010, according to data provider CMA.
Wheat, Rubber
The Markit iTraxx Japan index dropped 6 basis points to 80, according to Deutsche Bank AG prices. The drop is the biggest since April 5, putting the gauge on track for the lowest close since May 2008, according to CMA. Japanese markets were closed May 3 through May 6 for public holidays.
Gold for immediate delivery slid 0.3 percent to $1,465.17 an ounce. West Texas Intermediate crude dropped to $95.33 per barrel before government data that may show U.S. stockpiles rose from an 82-year high.
Wheat climbed 0.4 percent, gaining for the first time in three days after the U.S. government said winter-crop conditions worsened. Rubber for October delivery jumped as much as 7.9 percent in Tokyo.
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