Asian markets rise strongly as Europe’s debt issue eases slightly
City Index January 18, 2011 3:57 PM
<p>Asian markets were stronger today, with Hong Kong’s Hang Seng Index advancing 182 points to 24,399.27 led by strong earnings from Aluminium Corp. of China. […]</p>
Asian markets were stronger today, with Hong Kong’s Hang Seng Index advancing 182 points to 24,399.27 led by strong earnings from Aluminium Corp. of China.
This is the fifth rise in six days for the Hang Seng as the nation’s largest maker of metal jumped 6.9% after saying it will return to profit on increased market prices and sales volumes.
Anticipated rises in casino revenue saw a 4.6% surge in Wynn Macau Ltd – the Hong Kong listed casino unit of Wynn Resorts Ltd.
Japan’s Nikkei Index was slightly higher, trading up 35.04 points at 10,537.34 on the back of renewed optimism that European officials will combat the region’s sovereign-debt crisis. This is the first time in three days the index has risen as Japan’s two real estate giants Mitsubishi Estate Co and Mitsui Fudosan Co climbed 2% after Nomura Securities raised its price targets on both firms.
In Australia, the materials sector is trading strongly. Fortescue Metals (FMG) is doing particularly well today, gaining more than 4 per cent. Companies with exposure to China seems to be doing well and enjoying investors’ favour and FMG is definitely associated with China’s growth and demand for resources.
The market is still focusing on China, which is expected to release its latest GDP numbers this Thursday. Speculations are rife that China will still show a double digit GDP growth, which could mean continuing demand for (Australian) resources.
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