Asian markets moved higher on optimism over the U.S. Fiscal Cliff situation can be settled before tax hikes and spending cuts start to impede the largest world economy.
Markets will be watching Japan this week as they have a policy meeting on Wednesday. The incoming Prime Minister, Shinzo Abe, has applied pressure on enacting a more aggressive form of stimulus.
The Nikkei was a bit higher and settled ever so closer to the 10,000 mark. It hit an 8 ½ month high for the second straight day. Exporters rallied again led by Toyota Motor, Honda Motor and Canon. They we up between 1.9 and 2.2 percent and Sharp Electronics jumped another 8 percent as it extended yesterday’s gains.
The Hang Seng, in Hong Kong, was up 0.2 percent to 22,558.30. Mainland markets reversed early losses as the Shanghai closed up 0.7 percent to 2716 points. China Oilfield Services lost 6.3 percent as it said it does not agree to a Norwegian tax of 872 million yuan.
The KOSPI in South Korea edged up 0.2 percent today. LG Display was up 2.3 percent after 2 days of sharp losses. LG Household and Healthcare also gained 2.9 percent after buying Japanese firm to expand the largest beauty market in the world. Korean airlines was up 2.5 percent after abandoning its attempt to acquire Korea Aerospace Industries for $1.1 billion.
The Australian benchmark, S&P/ASX gained 21.8 points to 4595.20 points.
The USD/JPY has fallen a bit but has good support at 83.50. The EUR/JPY has also come down a bit but can still test 112.00.
DISCLOSURE AND DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
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Asian Markets Move Higher On Fiscal Cliff Hopes
Published 12/18/2012, 06:50 AM
Updated 02/02/2022, 05:40 AM
Asian Markets Move Higher On Fiscal Cliff Hopes
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