Asian stocks mostly lower despite strong US leads
City Index March 16, 2012 8:30 AM
<p>Asian stocks were mixed after positive offshore leads. Most stocks firmed across the region with the regional MSCI Asia Pacific index set for its 12th […]</p>
Asian stocks were mixed after positive offshore leads. Most stocks firmed across the region with the regional MSCI Asia Pacific index set for its 12th week of gains.
The economic data out of the US has been enough to offset some negative news out of China last week.
The MSCI Asia Pacific index was flat at noon in Tokyo. Australia’s S&P/ASX200 index swung into positive territory going into the final hour of trading after trading in negative territory for most of the trading session.
Currencies also saw a late recovery against the US dollar although nothing large in size. The Australian dollar was last buying 1.0535 against the US dollar, not far from its intra-day high.
The Euro was trading at 1.3085 while the dollar bought 83.35 Japanese Yen, consolidating its recent gains.
Gold climbed slowly throughout the session to last trade at US$1660/oz. Silver was flat at US$32.62/oz while copper was flat. The gold to silver ratio is now back above 50x, last trading at 50.9x.
Platinum is a key commodity we don’t spend too much time covering but its recent move against gold is one being watched by regional Asian traders. Up until a few months ago it was trading at a 10% discount and it traded there for the past six months but this week’s move has seen it now trading at a slight premium.
Platinum producers like Aquarius Platinum listed in Australia have seen the share prices rise over the week in response to the move, while gold producers have suffered large losses.
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