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Japanese Stock Futures Australian Shares Rise on U S Growth Europe Deal
Post on: 2011-11-02 By: admin
Australian stocks rose as the fastest U.S. economic growth in a
year boosted the earnings outlook for Asian exporters after
Europe announced measures to contain the region’s debt crisis.
American depositary receipts of Honda Motor Co., Japan’s
second-largest carmaker by market value that gets 83 percent of
its revenue abroad, rose 2.1 percent from the closing share
price in Tokyo. Those of Hitachi Ltd. (6501), a maker of electronic
equipment and machinery, gained 1.5 percent. BHP Billiton Ltd. (BHP),
Australia’s No. 1 mining company, advanced 1.9 percent after
metal and crude prices advanced.
Futures on Japan’s Nikkei 225 (NKY) Stock Average expiring in
December closed at 9,045 in Chicago yesterday, up from 8,920 in
Osaka, Japan. They were bid in the pre-market at 9,030 in Osaka
at 8:05 a.m. local time. Australia’s SP/ASX 200 Index rose 1.5
percent today. New Zealand’s NZX 50 Index advanced 1.2 percent
in Wellington.
Fears of a U.S. recession are fading, according toTim Schroeders, who helps manage $1 billion in equities at Pengana
Capital Ltd. in Melbourne. “It’s not an economic scenario at
this stage that the U.S. will go into a recession,” he said.
“The market has been pricing in less macro-economic risks as a
result of what happened over the last 24 hours.”
U.S. Growth
Futures on the StandardPoor’s 500 Index fell 0.1 percent.
In New York, the index rose 3.4 percent yesterday after the U.S.
economy grew in the third quarter at the fastest pace in a year
as gains in consumer spending and business investment helped
support a recovery on the brink of faltering. Household
purchases, the biggest part of the economy, rose at a 2.4
percent pace, beating estimates.
Separately, the number of contracts to buy previously owned
U.S. homes unexpectedly fell in September as lower prices and
borrowing costs failed to support demand. A separate report
showed fewer Americans filed applications for unemployment
assistance last week, while those on benefit rolls dropped to a
three-year low, signaling limited improvement in the labor
market.
Global stocks rallied yesterday as European leaders talked
bondholders into accepting 50 percent writedowns on Greek debt
and boosted their rescue fund’s capacity to 1 trillion euros
($1.4 trillion) in a crisis-fighting package intended to shield
the euro area.
‘Devil in Detail’
“The devil will be in the detail in terms of how proposals
will be executed and how effective policy makers will be,”
Pengana Capital’s Schroeders said.
The MSCI Asia Pacific Index declined 11 percent this year
through yesterday, compared with a 2.1 percent gain by the SP
500 and a 9.6 percent drop by the Stoxx Europe 600 Index. Stocks
in the Asian benchmark are valued at 12.6 times estimated
earnings on average, compared with 12.9 times for the SP 500
and 10.8 times for the Stoxx 600.
The London Metal Exchange Index of prices for six
industrial metals including copper and aluminum rose 4.8 percent
yesterday, gaining for a second day. The Thomson
Reuters/Jefferies CRB Index of raw materials gained 2.6 percent
yesterday, heading for a weekly gain.
To contact the reporter on this story:
Yoshiaki Nohara in Tokyo at
ynohara1@bloomberg.net
To contact the editor responsible for this story:
Nick Gentle at
ngentle2@bloomberg.net.
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Article original from: http://www.bloomberg.com/news/2011-10-27/japanese-stock-futures-australian-shares-rise-on-u-s-growth-europe-deal.html
