ASIAN STOCK EXCHANGES GET BREATHED AWAITING THE BOJ
I Asian markets they have recovered from the worst drop in the last two weeks suffered at the beginning of the week and have started to travel again under the positive sign thanks to data showing an improvement in Chinese credit and pending the conclusion of a meeting of the Japanese Central Bank.
In particular highlight, Taiheiyo Cement, Japan's largest producer of building materials, rose 5% on news that the group's US unit will report its first profits in six years. Yamada Denki instead increased by 1,5% following the upward revision of the rating by JPMorgan Chase. Sihuan Pharmaceutical Holdings jumped 7,7% in Hong Kong after the pharmaceutical group reported higher annual profits and proposed a bonus issue.
The MSCI Asia Pacific Index was up 0,4% at 138.11 at 11:11 a.m. Tokyo. The index contracted on Monday on news of a slowdown in Chinese exports in February. After local markets shut down, a separate report showed that new local currency lending totaled 644,5 billion yuan, accounting for 69 percent of aggregate lending. China's central bank governor Zhou Xiaochuan said China's deposit rates would be liberalized within a year or two, suggesting the government would move faster than experts predicted. The Governor also suggested that interest rates could rise initially following the removal of controls.
In the morning the Japanese Topix was up 0,7%, Taiwan's Taiex gained 0,4% and Australia's S&P/ASX 200 was up a small 0,1 percent. In contrast, New Zealand's NZX 50 slipped 0,4% and South Korea's Kospi fell 0,1%.
http://www.bloomberg.com/news/print/2014-03-11/asia-stocks-climb-as-investors-weigh-china-credit-boj.html
