Mixed Asian sessions; Aussie dollar gains on strong commodity prices

<p>Asian markets had mixed sessions in today’s trading with the Nikkei rising 0.25% and the Hang Seng down 0.5%. Gains in Japan came after copper […]</p>

Asian markets had mixed sessions in today’s trading with the Nikkei rising 0.25% and the Hang Seng down 0.5%.

Gains in Japan came after copper prices increased to a record and companies reported forecasted higher earnings. Mitsubishi Corp, Japan’s largest commodity trader gained 0.5%. Tokio Marine Holdings, a Japanese casualty insurer, climbed 0.6% after the company said profit rose.

In Hong Kong, financials and consumer services were the loser of the day, down 0.75% and 1.3% respectively. The falls in Hong Kong were the first in three days after China said consumer prices rose the most in at least six years. New World Development Co which gets approximately 35% of its revenue from China fell 1.1%. Ausnutria Dairy Corp, a milk producer, sank 6% after forecasting lower profit.

In Australia, the central bank monthly minutes indicated that the current interest rate level may remain on hold for a while. The Reserve Bank of Australia (RBA) said despite the recent floods and cyclone damages in Queensland, the country’s economy remains buoyant and looks positive for the second half of the year.

A strong move in commodity prices (in overseas markets overnight) also helped push the Australian dollar a bit higher in today’s trading.


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