HONG KONG, Wednesday
Asian
markets advanced taking a strong lead from a record close on Wall
Street, while a weaker yen helped Tokyo add to the previous day's
healthy gains.
The dollar sat at more than
five-and-a-half-year lows against the pound after a strong set of
manufacturing figures out of Britain.
Investors are
also eyeing the release later in the week of closely watched US jobs
figures that will provide fresh clues about the strength of the recovery
in the world's number one economy.
Tokyo rose 0.29
percent, or 43.77 points, to 15,369.97, Sydney added 1.48 percent, or
79.5 points, to 5,455.4 and Seoul put on 0.81 percent, or 16.28 points,
to close at 2,015.28.
Shanghai ended 0.44 percent, or
9.04 points, higher at 2,059.42 while Hong Kong advanced 1.55 percent,
or 358.90 points, to 23,549.62.
ALL-TIME HIGHS
US
shares jumped in response to news out of China that a survey of
manufacturing activity in June hit its highest level this year,
suggesting a growth slowdown may have bottomed out. Traders were also
boosted by surprisingly strong figures for US auto sales.
The
Dow climbed 0.77 percent Tuesday and the S&P 500 added 0.67 percent
-- both ending at all-time highs. The Nasdaq surged 1.14 percent.
Investors
were unfazed by the Institute for Supply Management's manufacturing
purchasing managers' index of manufacturing activity, which dipped
marginally in June.
Focus now turns to the release of non-farm payrolls figures from the US Labor Department.
"Upcoming
US jobs data should help to reinforce hopes that the US economic
recovery remains on track," Mizuho Securities senior technical analyst
Yutaka Miura told Dow Jones Newswires.
UNDER PRESSURE
On
currency markets, the dollar headed back towards 102 yen after sinking
over the past few days. In New York on Tuesday the greenback rose to
101.53 yen from 101.40 yen in Tokyo earlier in the day.
In
Asian business on Wednesday the unit sat at 101.55 yen. The euro bought
$1.3678 and 138.90 yen in Tokyo against $1.3677 and 138.88 yen in New
York.
The dollar was also under pressure against the pound after a surprise rise in British manufacturing data for June.
The pound bought $1.7147 in Tokyo after hitting $1.7166 late Tuesday, the highest level since October 2008.
Currency
dealers have been moving into the pound in recent weeks after the head
of the Bank of England suggested interest rates could rise sooner than
initially thought as the economy picks up pace.
AFTERNOON TRADE
On
oil markets US benchmark West Texas Intermediate for August delivery
rose five cents to $105.39, while Brent crude dipped six cents to
$112.23 in afternoon trade.
Gold fetched $1,326.03 an ounce at 1040 GMT compared with $1,325.00 late Tuesday.
In other markets:
-- Taipei rose 0.46 percent, or 43.04 points, to 9,484.96.
Taiwan
Semiconductor Manufacturing Co. gained 3.52 percent to Tw$132.5, while
Hon Hai Precision Industry closed 0.98 percent higher at Tw$103.0.
-- Wellington was marginally higher, adding 3.12 points to 5,149.39.
Chorus edged up 0.58 percent to NZ$1.735 and Fletcher Building ticked 0.23 percent higher to NZ$8.77.
-- Manila ended up 0.35 percent, or 23.99 points, at 6,850.60.
Ayala
Corp. rose 1.47 percent to 9.50 pesos, Alliance Global added 0.51
percent to 29.35 pesos, and Bank of the Philippine Islands gained 1.85
percent to 93.50 pesos.
-- Mumbai surged 1.27 percent, or 324.86 points, to 25,841.21 points.
Adani Ports gained 10.98 percent to 270.90 rupees, while Castrol India rose 8.94 percent to 361.20 rupees.
-- Kuala Lumpur rose 0.41 percent, or 7.72 points, to 1,886.84.
SapuraKencana Petroleum added 1.4 percent to 4.40 ringgit, while utility Tenaga Nasional rose 1.5 percent to 12.38.
-- Bangkok added 0.41 percent, or 6.06 points, to 1,491.81.
Bangkok Bank gained 3.37 percent to 199.50 baht, while convenience store operator CP All lost 3.12 percent to 46.50 baht.
-- Jakarta ended up 0.48 percent, or 23.45 points, at 4,908.27.
Property
firm Ciputra Development gained 3.21 percent to 965 rupiah, while miner
Aneka Tambang slipped 0.91 percent to 1,090 rupiah.
-- Singapore rose 0.66 percent, or 21.27 points, to 3,263.91.
Singapore Airlines rose 1.16 percent to Sg$10.49 while Oversea-Chinese Banking Corporation was up 0.32 percent to Sg$9.48.
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