Tag Archives: australia

East Asia Stock Markets

Asian Indices Slide before Fed Cuts Stimulus

Asian stocks decline after the president of the Federal Reserve Bank of Dallas, Richard Fisher, said the U.S. central bank should curb its record stimulus as soon as possible.

Financial companies in South Korea including Shinhan Financial Group Co., Mirae Asset Securities Co. and Hana Financial Group Inc. fell more than 3 percent. Coca-Cola Amatil Ltd. (CCL), Australia’s largest listed drinks company, declined 4.7 percent after predicting 2013 earnings to drop. MStar Semiconductor Inc., an electronics component maker, advanced 7 percent to close at a record in Taipei.
The MSCI Asia Pacific excluding Japan Index dropped 0.3 percent to 478.22 after rising as much as 0.2 percent. Nearly twice as many stocks fell as rose on the index.

The Fed began changing its rhetoric after its last meeting last month mentioning signs of “underlying strength” in American economy that have people talking about the cost of quantitative easing and the possibility of its curbing sooner than previously anticipated.

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Aussie dollar

Aussie Dollar Advances with Increased Retail Sales

The release of Aussie retail sales data early this morning recorded their biggest movement in seven months, exceeding analysts’ expectations and propelling the nation’s currency into an advance in its greatest leap in two weeks. The release of the report also gave rise to speculations that the Reserve Bank will refrain from cutting interest rates tomorrow.

Profits from government bonds advanced to a 2 1.2-week high and the currency gained against all 16 major peers as interest-rate swaps data show traders are fairly confident Governor Glenn Stevens and his board will maintain low borrowing costs through the end of the year.

Australia’s currency advanced 0.5 percent to $0.9488 at %:02 p.m. in Sydney, anticipated to reach its biggest climb since 22nd October.

The yield on Australian debt due in a decade advanced as much as nine basis point to 4.16 percent, the highest since 17th October.

Retail Sales in Australia rose 0.8 percent in September, the greatest advance since February, according to the statistics bureau.

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Australian Iron Ore Output Forecast on the Rise

Australian BHP Biliton Ltd. (BHP), the world’s largest mining company, increased projection of its full-year iron ore production after first-quarter output jumped 23 percent. In the period ending on 30th Sept. production of the material was 48.8 million metric tons, compared to 39.8 million metric tons of the same period last year.

At the same time, Chinese steel mills, the biggest buyers of the raw material, increased their demand for iron, with imports rising to a record 75 million tons in September.

Total iron output is now expected to reach 212 million tons this year, as opposed to 207 million tons of earlier forecasts, after improvements in the supply chain of West Australian mines resulted in record production.

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