Strong Asian markets; Australian central bank holds off on interest rate
City Index May 3, 2011 5:46 PM
<p>Most Asian markets were trading higher today, led by Hong Kong and Japan indices, which were up 0.2% and 1.6% respectively (during afternoon trade). The […]</p>
Most Asian markets were trading higher today, led by Hong Kong and Japan indices, which were up 0.2% and 1.6% respectively (during afternoon trade).
The euphoria over Osama bin Laden’s death seems to have muted effect when the Asian markets opened this morning, with most market participants looking more at economic and corporate data than any political development.
In Japan, Toyota Motor Corp, the world’s largest carmaker, and Sony Corp, Japan’s biggest electronics exporter, both advanced at least 1.9%. Komatsu Ltd, the world’s No. 2 manufacturer of construction equipment, jumped 3% after rival Caterpillar Inc posted earnings that beat estimates.
In Hong Kong, stocks rose for the first time in five days after Goldman Sachs Group Inc repeated its buy rating for CNOOC Ltd, and China Resources Power Holdings Co jumped after saying it will build wind farms in Mongolia.
China Resources climbed 4.9% after a unit of the company said it will develop wind farms producing 300 megawatts in Inner Mongolia.
Australian shares struggled for another day and closed flat after the Australian Reserve Bank decided to hold off on interest rate. The Australian dollar had a bit of a pullback from the highs of 1.100 reached the other day, but was still supported at the 1.0900 level.
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