On the day Chinese manufacturing data is expected, the Asian stocks took a breather. The news that the US Federal Reserve will continue to stimulate growth in the US has given wings to the markets, after three days of declines. The expectations that the Japanese Central Bank will announce more aggressive stimulus policies also favor the good performance. On the corporate front, Nissan, the Japanese automaker that sells 80% of its production overseas, rose 2% as the yen weakened. Bhp Billiton rose 0,7% on the back of a broad-based rise in metal prices. Yahoo Japan rose 4,4% after it revised its dividend forecast upwards.
The index MSCI Asia Pacific recovered 0,4% at 134.98 at 9:29 in Tokyo before the opening of the markets of China and Hong Kong. The Nikkei 225 Stock Average gained 1,4% on its way to its highest since September 2008. Australia's S&P/ASX 200 rose 0,1%, while South Korea's Kospi gained 0,4 percent.
“Asian stocks can still rise 15 to 20% by the end of the year,” said Herald Van Der Linde, head of equity strategy for Asia Pacific at HSBC Holding in Hong Kong. “Securities will continue to benefit from the improved financial conditions resulting from central bank interventions.
Attachments: The Bloomberg article
