Feb 29, 2008 8:33 AM EST
January core consumer price index rose at 0.8% from a year ago, the fourth monthly rise. Rising food and energy prices are lifting prices across Japan. The nationwide CPI which includes fresh food prices rose at slower pace by 0.7%. Monthly household spending in January rose 3.6%, at a slower pace in December rate of 2.2%. January jobless rate was 3.8%, same as in December month.
Feb 28, 2008 11:59 AM EST
Hopes of yet another rate cut in the U.S. sparked a rally in Hong Kong stocks. The Fed chairman Ben Bernanke comments were interpreted as a possible rate cut if the economy remains weak. Property stocks and banks rallied on the prospect of lower interest rates. Separately, telecom fees fell 13.6% in 2007 and fell 53% in five years according to the Ministry of Telecom. Weak U.S. dollar lifted stocks of commodities companies. Dollar fell to a record low against euro and Asian currencies.
Feb 28, 2008 9:28 AM EST
January factory index fell 2% from December but for the year the index rose 2.5%. The decline in manuafacturing prompted worries of economic slowdwn. Nikkei 225 index declined 0.75% or 105.79 to 13,925.51. Aeon Corp reported its net income for the year of 44 billion yen, lower than its estimate of 60 billion yen.
Feb 27, 2008 1:07 PM EST
Financial Secretary of the Hong Kong Special Administrative Region John Tsang told the Legislative Council today that budget surplus for the fiscal 2007-2008 will jump to a record HK$115.6 billion, which is about 7.2% of Hong Kong’s gross domestic product.Tsang added that economic growth leapt 6.3% in 2007. By the end of the fiscal year, fiscal reserves are likely to reach HK$84.9 billion.Exports in 2007 surged 7.9%, while domestic private consumption rose 7.8%.
Feb 27, 2008 8:33 AM EST
Tokyo stocks gained for the third day in a row, nearly 5% gain, on the back of improving sentiment in the international markets. Tech stocks in Japan closed higher on the $15 billion stock buyback from IBM. Commodities, metals, and crude oil closed near record level on falling dollar. Crude oil reached $101.35 a barrel and the U.S. dollar fel to a record low against euro. Gold closed at a new high and silver added 3.5%.
Feb 26, 2008 8:40 AM EST
The worries related to new stock offerings on Shanghai exchange kept investors on the edge again. The CSI index in Shanghai trading rose as much as 3% but closed only a fraction higher. Hong Kong stocks took its lead from Shahghai trading but managed to close higher. Hang Semg added 1.9% and China Enterprise Index increased 1%. Steel companies fell after raising prices of most of its products. Baoshan raised prices by 20%. Yunnan Copper, Wuhan Iron, and Zhongjin gold fel.
Feb 26, 2008 7:56 AM EST
Rising demand for office space in Central Tokyo will lead to a decline in available new space by 45% in 2008, for the second year in a row. Honda, Toyota, and Nissan raised their automobiles production in Japan to meet demands in emerging markets. Sony and Sharp are in an alliance to build LCD panel related manufacturing facility in Osaka.
Feb 25, 2008 12:20 PM EST
Hong Kong stocks edged lower in nervous trading after a sharp sell-off in Shanghai stocks. Large expected public offerings from governmet controlled companies are likely to choke liqidity in the market. Several offerings are expected to raise more than $3 billion in the next three months. Hong Kong taxpayers are likely to revecie H$40 billion of refunds, but it may take at least a year before economy will see any impetus from it.
Feb 25, 2008 7:48 AM EST
Japan stocks rallied on the back of higher market close in the U.S. In Tokyo trading Nikkei 225 gained 3.07% to 13,914.57, and the broader Topix Index rose 2.6% at 1,355.54. China investment Corp is likely to invest $10 billion in oil refiner Inpex in Japan and follow up with more investments in the country. Aioi Insurance reported a net loss of 4 billion in the nine-month period ending in December.
Feb 22, 2008 8:22 AM EST
Asian stocks fell sharply as U.S. recession evidence mounted. Asian markets fearful of slump in exports from the region, decline in foreign direct investment from the U.S., and rising inflation. A sharp and sustained rise in energy and commodities prices such as copper, zinc, aluminum, and steel has put investors on the defensive. India, Japan, and Hong Kong led the decliners in the region.