Asian stocks rebounded after U.S. President Barack Obama unveiled a $447 billion package to stimulate jobs growth and China said inflation was easing.
Hynix Semiconductor Inc. led technology stocks higher on speculation the company will benefit from production cuts by smaller rivals. Unimicron Technology Corp. jumped 6.8 percent in Taipei after saying sales rose last month. China Construction Bank Corp., the nation’s second-largest lender by market value, gained 1.2 percent. Futures on the Standard & Poor’s 500 Index climbed 0.6 percent even as Federal Reserve Chairman Ben S. Bernanke failed to outline any extra measures to shore up flagging economic growth in a speech yesterday.
The MSCI Asia Pacific Index rose 0.4 percent to 122.51 at 11:31 a.m. in Tokyo. The gauge reversed an earlier decline of as much as 0.5 percent after Bernanke spoke. The measure is on course to fall 1.4 percent this week, its first weekly decline since Aug. 19. About two stocks rose for each that fell on the 1,017-member index.
Japan’s Nikkei 225 (NKY) Stock Average climbed 0.1 percent, reversing an earlier loss of 0.7 percent after the Cabinet Office said Japan’s economy contracted more than the government initially estimated.
South Korea’s Kospi Index fell 0.2 percent. Australia’s S&P/ASX 200 Index increased 1 percent.
Hong Kong’s Hang Seng Index rose 0.8 percent while the Hang Seng China Enterprises Index increased 1.5 percent after China’s inflation eased to 6.2 percent last month from a three-year high the month before. China’s Shanghai Composite Index rose 0.8 percent.
To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
®2011 BLOOMBERG L.P. ALL RIGHTS RESERVED
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment