Asian markets rebound strongly; Aussie dollar rockets higher
City Index April 21, 2011 2:40 PM
<p>Asian markets rebounded strongly and recovered from losses early this week on the back of positive lead from the US overnight. It was a buoyant […]</p>
Asian markets rebounded strongly and recovered from losses early this week on the back of positive lead from the US overnight. It was a buoyant trading day on the lead up to the Easter holiday with technology shares pushing the Japanese index higher.
In Hong Kong, stocks rose for a second day as Chinese banks climbed on the prospect of increased earnings, and as commodity companies gained on higher oil and metal prices.
ICBC, the nation’s largest lender, rose 1.2% after Citigroup Inc said earnings may increase for the nation’s banks. Aluminium Corp of China Ltd, the country’s number one producer of the lightweight metal, gained 2.7%. China Unicom (Hong Kong) Ltd, the mainland’s second largest mobile phone company, surged 5% after the government said new users of third-generation handsets rose.
In Japan, Sony Corp, Japan’s biggest electronics exported, gained 1.6%. Renesas Electronics Corp and other makers of semiconductors and related tools advanced after Qualcomm Inc the biggest maker of mobile-phone chips, reported profit that topped estimates.
In Australia, retailer Harvey Norman posted a decline in sales figures compared to the same period last year. Like other discretionary retailers, Harvey Norman is suffering from subdued domestic retailing environment.
The Australian dollar continued to rocket higher, pushing through the 1.0748 level at midday. With commodity prices still holding up strongly and the ongoing weakness in the US dollar, we see more strength and energy to push the Aussie higher in the near term.
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