Asian shares open a new quarter slightly higher; Aussie dollar still rising
City Index April 1, 2011 3:26 PM
<p>Asian markets were trading only slightly higher today with the benchmark Hang Seng and Nikkei indices both up around 0.1%. In Japan, Inpex Corp, the […]</p>
Asian markets were trading only slightly higher today with the benchmark Hang Seng and Nikkei indices both up around 0.1%.
In Japan, Inpex Corp, the country’s largest energy exploration company, jumped 4.3% set for the highest close since May 10. Japan Petroleum exploration Co, the second largest oil driller, rose 2.8%, a level not seen since May 21.
In Hong Kong, stocks fluctuated as growth in China’s manufacturing sector boosted energy companies. CNOOC Ltd, China’s biggest offshore oil producer, rose 1.1% while PetroChina Co, the nation’s top energy producer gained 0.7% as manufacturing growth eased concern that monetary policy tightening will slow China’s economic expansion.
In Australia, shares were generally stronger as speculation continues around a possible takeover or buy into Woodside Petroleum. The big miners and major banks led the market’s strong performance at the start of another quarter.
The Australian dollar is also holding its ground around the US$1.0344 level on the back of strong commodity and base metals prices.
The market will focus on tonight’s US non-farm payroll numbers, which is expected to come just below last month’s 192,000 jobs.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.