All the Asian markets barring KLSE Composite, which was down by around a quarter percent, concluded Tuesday’s trade in green. Japanese and mainland Chinese stocks rebounded from a string of losses, with a weakened yen lifting exporters in Tokyo. Japan’s Nikkei concluded the trade in green, snapping a four-day losing streak that had pulled the benchmark to its lowest level in more than a month on Monday. Japan’s industrial production took an unexpectedly sharp drop in June, falling a seasonally adjusted 3.3% from May, though manufacturers offered an upbeat outlook for the current month, the Ministry of Economy, Trade and Industry reported. The decrease in output, swinging from a revised 1.9% gain in May, trailed expectations for a 1.7% drop. However, a survey of manufacturers raised their forecast for July’s industrial production to a rapid gain of 6.5%, up from 3.3% projected in last month’s survey. Besides, the consumer spending made a surprise downturn in June, though the unemployment rate eased in the same month. Spending by households of two or more people fell 0.4% on a price-adjusted basis compared to a year earlier, confounding expectations for a 1.2% gain.
Chinese shares closed higher after the central bank injected liquidity into the money market for the first time since February in order to quell credit crunch worries. The People’s Bank of China (PBOC), or the central bank, injected liquidity into money markets via open market operations to rid worries of another possible credit crunch at the end of July, as a reported credit crunch in late June pushed up interbank rates and affected the stock market. Indonesian inflation is probably accelerating to the fastest pace in more than four years this month as higher subsidized fuel prices push up the costs of food and other goods. OCBC Bank forecasts the consumer price index in Indonesia to rise 8.4 percent in July from a 5.9 percent gain in June. The Central Statistics Agency (BPS) will report July inflation data on Thursday.
According to the latest report of the United Nations Development Program (UNDP), the 7.8 percent growth in Philippines’ first quarter gross domestic product (GDP), the fastest in Asia, did not result in a more equitable development in the Philippines.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 1990.06 | 13.76 | 0.70 |
Hang Seng | 21953.96 | 103.81 | 0.48 |
Jakarta Composite | 4608.49 | 28.02 | 0.61 |
KLSE Composite | 1795.08 | -3.70 | -0.21 |
Nikkei 225 | 13869.82 | 208.69 | 1.53 |
Straits Times | 3245.45 | 8.48 | 0.26 |
KOSPI Composite | 1917.05 | 17.16 | 0.90 |
Taiwan Weighted | 8163.55 | 79.05 | 0.98 |
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