Tuesday 13 August 2013

Asian markets mostly up as investors eye US data


HONG KONG: Asian markets mostly rose Tuesday with Tokyo lifted by a weaker yen ahead of fresh numbers that will give an indication of the strength of the US economy. Tokyo climbed 1.35 percent by the break after slipping on Monday following disappointing Japanese growth figures. Seoul rose 0.53 percent, Sydney was up 0.12 percent and Hong Kong opened 0.44 percent higher. But Chinese shares were down 0.14 percent. Shares in Tokyo were boosted by a fall in the yen against the dollar. Investors bought back Tokyo shares as the greenback rose to 97.30 yen in early trade, compared with 96.90 yen in New York Monday. The euro was at $1.3292 and 129.31 yen, mixed from $1.3299 and 128.84 yen in New York. Investors are also closely watching a string of data releases due this week from the United States. Figures for retail sales, housing and industrial production will give the markets clues as to whether the Federal Reserve could begin to taper its huge $85 billion a month quantitative easing programme which has buoyed international markets in recent months. Retail data are expected on Tuesday while housing and industrial figures will be released later in the week. US markets closed flat on Monday with the The Dow Jones Industrial Average slipping 0.04 percent while the Nasdaq Composite Index gained 0.27 percent. European stocks also closed mixed as investors kept their positions amid heightening concerns of yet another Greek bailout, dealers said. In oil markets, New York's main contract, West Texas Intermediate for delivery in September, was down four cents at $106.07 a barrel in morning Asian trade. Brent North Sea crude for September gained two cents to $108.99. Gold continued its recent rise, selling at $1332.97 an ounce at 0210 GMT compared with $1,323.23 late Monday and $1,309.00 late Friday.