Overnight, European and US equities once again found themselves subject to sentiment surrounding Greek debt talks, resulting in sessions characterised by consolidation trading. Also, some investors might be on the sidelines ahead of the payrolls report out of the US at 08:30 EST.
In Asia, major equity markets are mixed, but the JPN225 and AUS200 are in the red. Nonetheless, some mining stocks in Australia gained on news that Glencore International, the world’s largest publicly traded commodities supplier, is in merger talks with Xstrata, which would create an $88 billion mega-company. Sony surged in Japan on hopes that its new CEO would turn things around for the company that posted a $2.9 billion annual loss, but Honda is currently down around 1.29% after cutting its fiscal earnings earlier in the week.
In general, Asian equities look more attractive than their European counterparts due to the uncertainty surrounding Europe and expected weak levels of growth in the region. However, the Nikkei has its own problems, especially the rising yen which is weighing heavily on exporters in Japan.
On the other hand, Australian equities look somewhat cheap and our outlook for the Australian economy is robust. China is looking increasingly like it will be able avoid a hard landing, which should help demand for Australian resources and keep the mining sector surging forward. Nevertheless, as long as global sentiment remains tied to Europe, stock markets in Asia might not be able to break away from moving in line with overall risk.
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Indices Update (Asia)
Published 02/03/2012, 10:09 AM
Updated 05/18/2020, 08:00 AM
Indices Update (Asia)
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