Mixed gains for Asian markets

<p>Asian markets were mixed today after yesterday’s gains. The MSCI Asia Pacific Index gained 0.2% to 113.69 in afternoon Tokyo trading, having swung between gains […]</p>

Asian markets were mixed today after yesterday’s gains. The MSCI Asia Pacific Index gained 0.2% to 113.69 in afternoon Tokyo trading, having swung between gains and losses at least 10 times. The measure slumped 7.1% last week, the most in almost three years, as concern grew that the global economy is heading for a recession.

In corporate news, China’s largest brokerage house by market value sold 995.3 million shares in Hong Kong at HK$13.30 a share, raising around HK$13.2 billion. It’s a brave time to be tapping the market for money but the ability to get the deal through shows there is still a willingness in the Asian region to back large name companies.

Australian corporate news remains very quiet with AGM season set to commence from next week. SABMiller received Australian competition regulatory approval today from the ACCC for its Fosters purchase, a further step towards completion.

Mining contractor Sedgman announced a $85 million contract through a joint venture for new coal commissioning in the Bowen Basin of Queensland. The deal shows there is still a very healthy pipeline of infrastructure and minerals development work in Australia.

All eyes will be on durable goods orders tonight in the US with the August numbers expected to fall by 0.5% compared to a prior 4.1% gain. Tomorrow will see initial jobless claims, pending home sales for August and revised real GDP numbers for the second quarter.

The market is still very fragile and a poor reading in these numbers could see more downside.

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