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Strong US data spurs Asian equities

23 Dec 2011 Evaluate

Sentiments remained bolstered in the Asian region and all the Asian equity indices ended higher as signs that the US economic recovery is gathering pace lifted investor sentiment following better-than-expected economic data on Thursday. The number of people applying for unemployment benefits dropped last week to the lowest level since April 2008, the third week in a row that applications fell. The Conference Board reported that its measure of future economic activity jumped last month, the second straight gain. Investors were also encouraged by an agreement in the US Congress to extend a payroll tax cut for two months.

Credit ratings agency Fitch said it expects growth in Asia's developing economies will slow slightly next year but still expand by a robust 6.8 percent, which should help bolster the region's wealthier nations. Meanwhile, China stocks ended up 0.85%, in line with gains in the Hong Kong market, which rose amid signs of strengthening in the US economy.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,204.78

18.49

0.85

Hang Seng

18,629.17

250.94

1.37

Jakarta Composite

3,797.15

1.71

0.04

Straits Times

2,676.47

11.67

0.44

Seoul Composite

1,867.22

19.73

1.07

Taiwan Weighted

7,110.73

144.38

2.07

Nikkei 225

-

-

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