Asian stocks rose for the first time in three days and the regional index headed towards new highs since June 2008. New US consumer confidence data (at 83.7, the highest level since July 2007) which exceeded analysts' estimates. Highlights are Japanese utilities.
Notably, Osaka Gas made its biggest jump in five years as the US government conditionally approved a liquefied natural gas project in Texas, partially owned by Japanese energy supplier Tokyo Electric Power advanced by 14% after the newspaper "Yomiuri" revealed that the utility will apply to restart its reactors. Also in evidence was Li & Fung, a company active in the toy and clothing sector which obtains 63% of its turnover in the United States, which increased by 2,2% in Hong Kong.
The MSCI Asia Pacific index was up 1,3% at 144.28 as of 10:13 am in Hong Kong. The measure has gained 11% this year, led by Japanese equities. Growth was supported in particular by data signaling an improvement in the US economy and the anti-deflationary measures implemented by Japan.
“The numbers continue to confirm the recovery” comments Mark Matthews, head of Asia research at Bank Julius Baer & Co. According to Matthews this year the growth of the equity markets “will continue. There is continuous improvement in the data and the next step will be to see greater evidence of the recovery in consumption”. The Topix was up 1.3% to 1,269.67, nearing its highest since August 2008. Australia's S&P/ASX 200 was also up, adding 1,8%.
