Arab Today, arab today asian markets up on china data
Last Updated : GMT 00:00:12
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Asian markets up on China data

Arab Today, arab today

Arab Today, arab today Asian markets up on China data

Hong Kong - AFP

Asian markets mostly rose on Tuesday, boosted by positive inflation data from China, but Tokyo's winning streak ended on profit-taking as the yen edged up slightly after hitting multi-year lows. Wall Street also provided a strong lead ahead of the January-March corporate earnings season. Tokyo ended flat, edging down 0.24 points to 13,192.35 following an almost 10 percent rally since Wednesday fuelled by the Bank of Japan's stimulus measures. But Sydney added 1.45 percent, or 71.3 points, to 4,976.8, while Seoul was 0.11 percent higher, adding 2.05 points to 1,920.74. Shanghai was 0.64 percent higher, adding 14.19 points to 2,225.78, while Hong Kong added 0.70 percent, or 152.29 points, to 21,870.34. Beijing unveiled data Tuesday showing inflation at 2.1 percent in March, well down from the 10-month-high 3.2 percent seen the month before and below forecasts for 2.4 percent. The news eased investor concerns that another high figure would prompt authorities to tighten monetary policy further. "Markets were overly worried when headline CPI inflation jumped to 3.2 percent in February, so today's reading will definitely help alleviate the inflation and monetary-tightening concerns," Bank of America Merrill Lynch economist Lu Ting said in a note, according to Dow Jones Newswires. Chinese shares have suffered in recent months on concerns on the world's number-two economy, while the recent spike in inflation fuelled expectations the government would tighten monetary policy. Inflation is a key issue for the ruling Communist Party as it brings with it the risk of popular discontent and the threat of social unrest. Japanese shares dipped after a four-day run that saw the Nikkei put on almost 1,200 points thanks to the tumbling yen which helps exporters. However, the Nikkei is still sitting at highs not seen since August 2008. Tokyo investors have gone on a buying spree since the Bank of Japan last week unveiled a huge stimulus package aimed at reversing decades of deflation. The yen has lost almost eight percent since the bank announced its shift in monetary policy that will see a flood of cash hit financial markets. In afternoon trade the dollar bought 99.15 yen from 99.36 yen in New York late Monday -- around levels not seen since May 2009. The euro was at a more than three-year high of 129.20 yen, from 129.23 yen in US trade. The European unit was at $1.3028 compared with $1.3005. New York trading ended on a positive note, providing more lift to Asia in anticipation of positive earnings reports. The Dow rose 0.33 percent and the S&P 500 put on 0.63 percent, while the Nasdaq added 0.57 percent. Oil prices rose, with New York's main contract, light sweet crude for delivery in May, adding 35 cents to $93.71 a barrel and Brent North Sea crude for May up 34 cents to $105.00. Gold was at $1,574.80 an ounce at 0808 GMT compared with $1,577.10 late on Monday. In other markets: Taipei ended 0.31 percent lower, shedding 24.25 points to 7,728.54. Taiwan Semiconductor Manufacturing Co. fell 1.02 percent to NT$97.5 while Hon Hai was 0.37 percent lower at NT$80.5. Wellington was flat, edging down 2.00 points to 4,395.21. Fletcher Building ended off 1.73 percent at NZ$8.50, Chorus was flat on NZ$2.69 and Telecom Corp closed up 1.67 percent at NZ$2.44. Manila was closed for a public holiday.

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