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Asia: Upbeat data boosts confidence
Wed, 08 Feb, 2012
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Asia: Upbeat data boosts confidence
Wed, 1 Sep 2010, 08:40:00
The Nikkei rose 1.17% on Wednesday, dusting off an earlier 16-month low, as positive data from China and Australia restored confidence. A slight retreat in the yen against the dollar also encouraged interest in exporters such as <b>Canon</b>, up 1.17% and <b>Honda</b>, up 0.72%. Shares of <b>Hitachi</b> rallied over 2% on rumours that it is planning an IPO of one of its US divisions. Real estate was in demand after upbeat housing market data earlier in the week. Shares of <b>Mitsui Fudosan</b> rose 1.8% and <b>Mitsubishi Estate</b> climbed 1.7%. The benchmark Nikkei 225 index closed up 102 points at 8,927 in Tokyo. Meanwhile Australian stock markets were boosted by better-than-expected second quarter GDP. Data from the Australian Bureau of Statistics showed GDP grew 1.2%. Hong Kong's Hang Seng index rose as investors cheered upbeat Chinese economic data. China's official purchasing managers' index rose to 51.7 in August from 51.2 the month before. Heavyweights <b>HSBC</b> and <b>China Life</b> were both up over 1% in Hong Kong. <b>China Shenhua</b> added 1.59%. Real estate came under pressure on concern that the government may take further measures to contain prices if they continue to rise. <b>Cheung Kong</b> fell 0.3% to HK$97.90 while <b>Sun Hung Kai Properties</b> fell 1.5%. The Hang Seng index closed up 87 points at 20,624.
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