Many Asian markets trading lower
City Index March 28, 2012 9:30 AM
<p>Asian stocks were mostly lower with the MSCI Asia Pacific index down by around 0.5% at noon in Tokyo trading. The exception was the Australian […]</p>
Asian stocks were mostly lower with the MSCI Asia Pacific index down by around 0.5% at noon in Tokyo trading.
The exception was the Australian S&P/ASX200 index which was up by around 0.9% going into the final hour of trading. The Australian market has lagged the regional indices for a few months now so today’s movement and break above 4300 was seen as a much needed catch up.
The fact that the Australian dollar slipped against the US dollar possibly also lends some support to stocks which have been perceived as expensive due to the Australian dollar’s record rise over the past six months.
The Australian dollar was last buying 1.0425 against the US dollar. In other currencies, the Euro gained some ground against the dollar to last settle at 1.3329. The Japanese Yen booked most gains against the US dollar which last bought at 82.85.
Outside of Australia, Japan’s Nikkei 225 pared back last year’s losses, since the country’s record earthquake, as the declining Yen and $241bn of rebuilding commitments helped make it the best-performing benchmark index in the developed world this year.
The Bank of Japan today reiterated a pledge to continue monetary easing to bear deflationary pressures. A continuing improvement in global financial markets will continue pushing up corporate investment, said the central bank.
Meanwhile in regional debt news, Singapore is set to sell 30-year bonds for the first time today, extending the maturity of debt it will have on offer to the longest on record. The city-state will auction S$2.1bn of notes maturing in April 2042.
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.