Wednesday, December 19, 2012

Asia Markets: Japan?s Nikkei sails over 10,000, leads Asia gains

By Sarah Turner and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) ? Japanese stocks soared to again lead a broad rally for Asian markets Wednesday, with the Nikkei Stock Average easily sailing over the 10,000-point mark for its highest finish since early April on the back of strong gains for financial and exporter shares.

The Nikkei /quotes/zigman/5986735 JP:100000018 +2.39% ?rose 2.4% to 10,160.40, taking its year-to-date gains to more than 20%.

New Zealand?s NZX 50 climbed 1.1%, Taiwan?s Taiex /quotes/zigman/1565586 XX:Y9999 +0.44% added 0.4% and China?s Shanghai Composite /quotes/zigman/1859015 CN:000001 -0.01% ? ended flat.

Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.49% rose 0.5% to end at a 17-month high, while Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.57% finished 0.6% higher to reach a closing level it hasn?t seen since August last year.

/quotes/zigman/5986735 100000018 10,160.40, +237.39, +2.39%

Nikkei Average

One-year price chart

The South Korean market was closed for the country?s presidential election.

The rally followed strong stock gains in the U.S. on fresh signs of progress in talks to avert the fiscal cliff of tax hikes and spending cuts, due to kick in next year. Read: Stocks lifted by hopes of fiscal-cliff deal.

?What is important and what is driving the market higher is that the two [main U.S. political] parties are now in constructive discussions over specific tax levels and spending programs and working towards a common middle ground,? said IG Markets strategist Cameron Peacock.

Banks were gaining around the region. In Hong Kong, shares of heavyweight HSBC Holdings PLC /quotes/zigman/13834 HK:5 +0.50% ? /quotes/zigman/207333/quotes/nls/hbc HBC +0.25% ?added 0.5%, and China Construction Bank Corp. /quotes/zigman/35073 HK:939 +0.96% /quotes/zigman/529424/quotes/nls/cichy CICHY +0.12% ?rose 1%.

Japanese financials were also notable gainers, with Mitsubishi UFJ Financial Group Inc. /quotes/zigman/267078 JP:8306 +6.10% /quotes/zigman/392753/quotes/nls/mtu MTU +4.67% ?soaring 6.1%, Nomura Holdings Inc. /quotes/zigman/196701 JP:8604 +4.74% /quotes/zigman/296367/quotes/nls/nmr NMR +7.32% ?climbing 4.7%, and Resona Holdings Inc. /quotes/zigman/292482 JP:8308 +3.05% ? /quotes/zigman/292488/quotes/nls/rsnhf RSNHF 0.00% ?up 3.1%.

Deutsche Bank upgraded its rating on major banks to overweight from market-weight, saying that a gradual increase in yields on Japanese government bonds would be positive for bank shares.

Also, expectations of a policy drive the end an era of deflation in the country will likely send risk premiums lower and very long-term interest rates higher, which should be ?basically positive for insurance stocks,? the analysts said. The Bank of Japan is due to review its monetary policy Thursday.

Among Japanese insurers Wednesday, Tokio Marine Holdings Inc. /quotes/zigman/292050 JP:8766 +4.94% ? /quotes/zigman/516907/quotes/nls/tkomy TKOMY +3.05% climbed 4.9% and MS&AD Insurance Group Holdings Inc. /quotes/zigman/487197 JP:8725 +7.14% /quotes/zigman/592802/quotes/nls/msady MSADY +4.56% jumped 7.1%.

Foxconn workers want more overtime

Hon Hai, also known as Foxconn, pledges to limit overtime for its workers to no more than nine hours a week.

Exporters were also strong in Tokyo on dollar /quotes/zigman/4868099/sampled USDJPY +0.4253% strength, as the greenback traded around 84.33 yen, from ?84.20 in late North American trading on Tuesday.

Commonwealth Bank strategists lifted their dollar/yen end-2013 forecast to ?98 from ?83 Wednesday.

?The sharp contraction in Japan?s current-account surplus is the major reason we expect the yen to weaken substantially further in 2013,? they said.

/quotes/zigman/5986735

JP : Nikkei Idx

Volume: 0.00

Dec. 19, 2012 3:00p

/quotes/zigman/1565586

XX : Taiwan

Volume: 3.89B

Dec. 19, 2012 1:33p

/quotes/zigman/1859015

CN : China: Shanghai

Volume: 94.39M

Dec. 19, 2012 3:15p

/quotes/zigman/1653884

AU : Australia: Sydney

Volume: 0.00

Dec. 19, 2012 4:11p

/quotes/zigman/2622475

HK : HangSeng Ind

Volume: 0.00

Dec. 19, 2012 4:01p

/quotes/zigman/13834

HK : Hong Kong

Volume: 10.19M

Dec. 19, 2012 4:01p

Market Cap

HK$1492.03 billion

Rev. per Employee

HK$2.96M

/quotes/zigman/207333/quotes/nls/hbc

US : U.S.: NYSE

Volume: 1.49M

Dec. 18, 2012 4:03p

Market Cap

$192.70 billion

Rev. per Employee

$377,633

/quotes/zigman/35073

HK : Hong Kong

Volume: 318.95M

Dec. 19, 2012 4:01p

Market Cap

HK$1553.87 billion

Rev. per Employee

HK$2.55M

/quotes/zigman/529424/quotes/nls/cichy

US : U.S.: OTCBB

Volume: 48,315

Dec. 18, 2012 3:56p

Market Cap

$194.38 billion

/quotes/zigman/267078

JP : Japan: Tokyo

Volume: 168.69M

Dec. 19, 2012 3:00p

Market Cap

?5658.21 billion

Rev. per Employee

?52.97M

/quotes/zigman/392753/quotes/nls/mtu

US : U.S.: NYSE

Volume: 2.56M

Dec. 18, 2012 4:00p

Rev. per Employee

$669,011

/quotes/zigman/196701

JP : Japan: Tokyo

Volume: 89.96M

Dec. 19, 2012 3:00p

Market Cap

?1441.11 billion

Rev. per Employee

?55.81M

/quotes/zigman/296367/quotes/nls/nmr

US : U.S.: NYSE

Volume: 451,631

Dec. 18, 2012 4:02p

Rev. per Employee

$707,785

/quotes/zigman/292482

JP : Japan: Tokyo

Volume: 28.21M

Dec. 19, 2012 3:00p

Market Cap

?961.01 billion

Rev. per Employee

?44.12M

/quotes/zigman/292488/quotes/nls/rsnhf

US : U.S.: OTCBB

Volume: 1,900

Dec. 13, 2012 11:15a

/quotes/zigman/292050

JP : Japan: Tokyo

? 2,337.00

+110.00 +4.94%

Volume: 4.33M

Dec. 19, 2012 3:00p

Market Cap

?1673.72 billion

Rev. per Employee

?109.25M

/quotes/zigman/516907/quotes/nls/tkomy

US : U.S.: OTCBB

Volume: 27,829

Dec. 18, 2012 3:57p

/quotes/zigman/487197

JP : Japan: Tokyo

? 1,651.00

+110.00 +7.14%

Volume: 4.52M

Dec. 19, 2012 3:00p

Market Cap

?937.91 billion

Rev. per Employee

?93.33M

/quotes/zigman/592802/quotes/nls/msady

US : U.S.: OTCBB

Volume: 184,629

Dec. 18, 2012 3:58p

/quotes/zigman/4868099/sampled

US : ICAP Currencies

Volume: 0.0000

Dec. 19, 2012 9:15a

Source: http://www.marketwatch.com/news/story.asp?guid=%7BD98BFDE0-496B-11E2-ACE1-002128040CF6%7D&siteid=rss&rss=1

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