Asian markets rise on Wall Street lead

Asian markets mostly rose on Wednesday following a positive lead from Wall Street, while European Group of Seven members promised a speedy response to the continent's debt crisis.

The euro edged higher as traders looked to a European Central Bank policy meeting later in the day in the hope of stimulus measures to boost the crisis-hit eurozone.

Tokyo closed up 1.81 percent, or 151.53 points, at 8,533.53, while Sydney edged up 0.29, or 11.6 points, to close at 4,055.3, after data showed the economy grew better than expected in the January-March period.

Hong Kong was 1.43 percent, or 261.50 points, higher at 18,520.53 and Shanghai eased 0.10 percent, or 2.37 points, to 2,309.55.

Seoul was closed for a public holiday.

As well as the boost from hopes for an ECB stimulus, sentiment was lifted by a Wall Street Journal report saying the US Federal Reserve was again contemplating stimulus measures.

"Investors are expecting global central banks to roll out policies," Jackson Wong, an investment manager at Tanrich Securities, told Dow Jones Newswires.

In an emergency teleconference Tuesday, the European members of the Group of Seven industrialised economies vowed to respond "speedily" to the continent's crisis, Japanese Finance Minister Jun Azumi was cited as saying by Jiji Press.

Some analysts expressed disappointment, however, saying the leaders appeared to lack a sense of urgency.

European leaders are under mounting pressure to take bold steps at an end-June summit to save the euro as eurozone states buckle under the pressure of recession and debt.

The White House said it hoped for "accelerated" action in coming weeks ahead of a G20 summit in Mexico later in June.

Tuesday's talks came after Spain asked for help for its under-pressure banking system in order to avoid a bailout.

Spanish Prime Minister Mariano Rajoy has called for a European banking union that would be able to provide aid to lenders, a move that was seeing support in France and at the ECB. Germany remains strongly opposed.

In Australia, stellar growth provided a bright spot, with Treasurer Wayne Swan hailing the figures in the mining-driven economy as "remarkable."

The Australian Bureau of Statistics (ABS) said the 1.3 percent quarter-on-quarter expansion, compared with an upwardly-revised 0.6 percent for the final quarter of 2012, took annual growth to 4.3 percent.

The figures beat forecasts of 0.7 percent and 3.4 percent respectively.

On currency markets the euro bought $1.2496 and 98.92 yen in early European trade, against $1.2450 and 98.03 yen in New York late Tuesday. The dollar rose to 79.15 yen from 78.72 yen.

In New York stocks ended higher after the Institute for Supply Management's index on the services sector -- which accounts for about 70 percent of the US economy -- rose unexpectedly.

The Dow ended 0.22 percent higher Tuesday, the S&P 500 gained 0.57 percent and the Nasdaq Composite was up 0.66 percent.

Oil was up in late afternoon trade. New York's main contract, West Texas Intermediate crude for delivery in July, was up $1.01 to $85.30 per barrel while Brent North Sea crude for July gained 86 cents to $99.70.

Gold was up at $1,635.50 an ounce at 1100 GMT, compared with $1,617.60 late Tuesday.

In other markets:

-- Mumbai jumped 2.71 percent, or 433.66 points, to close at 16,454.3.

Leading vehicle maker Tata Motors rose 5.71 percent to 234.2 rupees while State Bank of India rose 3.81 percent to 2,159.45.

-- Taipei gained 0.80 percent, or 55.70 points, to 7,056.15.

-- Manila closed 0.83 percent, or 40.91 points, up at 4,966.58.

Alliance Global Group gained 1.01 percent to 11.94 pesos while DMCI Holdings rose 2.61 percent to 55 pesos.

-- Wellington rose 1.28 percent, or 43.72 points, to 3,464.52.

Fletcher Building was up 2.61 percent at NZ$6.30, Telecom Corp. rose 1.64 percent to NZ$2.475 and Chorus was up 2.19 percent at NZ$3.26.

-- Singapore closed up 1.79 percent, or 48.52 points, to 2,760.83.

Oil rig maker Keppel Corp was up 1.66 percent to Sg$9.83 while palm oil producer Wilmar International gained 1.71 percent at Sg$3.57.

-- Kuala Lumpur ended 0.58 percent, or 9.07 points higher, at 1,569.43.

Conglomerate YTL Corp. gained 2.1 percent to 1.92 ringgit, Kuala Lumpur Kepong added 1.4 percent to 22.54 and financial firm CIMB Group rose 0.9 percent to 7.49.

-- Jakarta rose 3.32 percent, or 123,455 points, closing at 3,841.331.

Bank Mandiri was up 3.8 percent to 6,900 rupiah and car maker Astra gained 5.3 percent to 6,950 rupiah.

-- Bangkok was up 1.71 percent, or 18.80 points, to 1,117.95.


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Mercy pleas for Indonesia death row inmates as families arrive
    Mercy pleas for Indonesia death row inmates as families arrive

    Families of foreign drug convicts set to be hauled before the firing squad in Indonesia issued desperate mercy pleas on Saturday, as France warned of "diplomatic consequences" if one of its nationals is executed. Consular officials and relatives were arriving at a town near Nusakambangan, the high-security prison island where Indonesian executions are carried out, and where all of the death row convicts are now congregated. The foreigners -- two from Australia, one each from Brazil, France …

  • United States seeks access to Philippine bases as part of Asia pivot
    United States seeks access to Philippine bases as part of Asia pivot

    The United States has asked for access to Philippine military bases in eight locations to rotate troops, aircraft, and ships as Washington shifts its forces to Asia and as China expands its military presence in the South China Sea. U.S. Defense Secretary Ash Carter, in a speech in Arizona, has outlined Washington's next phase in its Asia "pivot", deploying its most sophisticated destroyers, bombers and fighters to the region. The Asia "pivot" has already seen U.S. Marines rotating through the …

  • China's island-building to loom large at SE Asia summit
    China's island-building to loom large at SE Asia summit

    China's creation of new island footholds in contested seas will hover over a Southeast Asian summit that has become an annual test of the region's nerve in standing up to its massive neighbour. The South China Sea hot potato drops this year into Malaysia's lap as the rotating chair of the 10 member Association of Southeast Asian Nations (ASEAN) and host of Monday's meeting. ASEAN states Vietnam, the Philippines, Malaysia and Brunei claim parts of the strategic South China Sea, but Beijing …

  • Philippines, China trade accusations over sea threats

    MANILA, Philippines (AP) — The Philippines accused China of aggressive maneuvers against its reconnaissance plane and fishermen in disputed seas where Beijing has stepped up construction of artificial islands, but China reiterated its claim on the strategic waterways. …

  • Indonesia orders execution of Mary Jane, 9 others
    Indonesia orders execution of Mary Jane, 9 others

    Indonesia has ordered preparations for the execution of 10 drug convicts, including Filipina Mary Jane Veloso, as the Philippine government filed yesterday a second appeal for judicial review of the case to save the maid from death by firing squad. The Attorney General’s Office (AGO) of Indonesia released an official letter dated April 23, instructing prosecutors to prepare for the execution of 10 convicts, the Jakarta Post reported yesterday. The execution would be conducted after the …

  • Business groups back K to 12 program
    Business groups back K to 12 program

    The government’s K to 12 program adding two more years to basic education received support from various business groups yesterday. However, they urged relevant government agencies to deal with issues regarding the implementation of Republic Act 10533, the Enhanced Basic Education Act or K-12 Law. In a statement, business groups led by the Philippine Business for Education (PBEd) said RA 10533 is a milestone piece of legislation that intends to bring the Philippines up to par with the rest of …

  • Happiest nations: Phl ranks 90th
    Happiest nations: Phl ranks 90th

    Switzerland is the happiest country in the world, while the Philippines placed 90th, according to a global ranking of happiness unveiled in New York on Thursday. Switzerland was followed closely by Iceland, Denmark, Norway and Canada. The 2015 World Happiness Report is the third annual report seeking to quantify happiness as a means of influencing government policy. The United Nations published the first study in 2012. …

  • Asean leaders want binding sea code with China
    Asean leaders want binding sea code with China

    Southeast Asian leaders will seek to speed up plans for a binding code of conduct with China governing behavior in the disputed South China Sea at a summit next week, Malaysia’s foreign minister said Friday. Foreign Minister Anifah Aman said a massive flow of Muslim Rohingya refugees from Myanmar to neighboring countries will also be discussed at the two-day summit of the 10-member Association of Southeast Asian Nations, which starts Monday. Anifah said leaders are expected to raise concerns …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options