Asian markets conclude Tuesday’s trade in green

10 Sep 2013 Evaluate

All the Asian markets concluded Tuesday’s trade in green as the latest data from China continued to point towards a recovery in the world’s second-largest economy, while there were also signs that Syrian tensions are easing. Chinese economic data released showed a stronger-than-anticipated picture in August for the industrial and retail sectors, sending stocks higher. China’s industrial production rose to its fastest in 17 months in August, the latest in a series of better-than-expected indicators. The main gauge of output at China’s factories, workshops and mines increased 10.4 percent year-on-year in August, the National Bureau of Statistics (NBS) stated, the strongest growth since March 2012. Meanwhile, retail sales increased by 13.4% compared to August last year, with the forecast have expected sales growth to hold steady at July’s 13.2% rate.

Besides, China’s consumer inflation growth eased in August, paving the way for the central government to adjust its policies to further bolster economic expansion. The Consumer Price Index, the main gauge of inflation, rose 2.6 percent from a year earlier last month, the National Bureau of Statistics reported. June and July saw 2.7 percent increases. The government has set a target of 3.5 percent for the year. Separately, Shanghai’s new home sales stayed above the 250,000-square-meter threshold for the second straight week despite a slight dip, with robust sales of mid- to high-end homes. The purchases of new homes, excluding government subsidized affordable housing, fell 6.5 percent to 259,100 square meters last week.

A revised estimate showed Japan’s economy expanded faster in April-June than earlier reported, clocking a real annualized growth rate of 3.8 percent thanks to higher spending on private and public investment. The first preliminary estimate had put the rate of growth for the world’s third-largest economy at 2.6 percent. The Cabinet Office also stated that the economy expanded 0.9 percent from the previous quarter, compared with an earlier estimate of a 0.6 percent increase. The stronger data make it more likely the government will go ahead with a planned sales tax increase that some economists worry could slow the recovery, but which is needed to help curb the country’s massive national debt. Indonesia’s finance ministry sold 12 trillion rupiah ($1.08 billion) of bonds at an auction, well above an indicative target of 8 trillion, as demand for state debt increased despite an economic slowdown and recent turmoil in emerging markets.

Meanwhile, the OECD Development Center stated that Indonesia is among emerging Asian nations with weak business cycles, due to prolonged weak external demand and a deficit in the current account. The Organization for Economic Cooperation and Development added that the slowdown in China has weakened the growth momentum of the 10-member Association of Southeast Asian Nations. Thailand entered a technical recession in the second quarter, while Indonesia’s year-on-year growth momentum is slowing to 5.8 percent in the second quarter from 6 percent a quarter earlier. Elsewhere in Asia, the OECD saw signs of growth stabilization in China and a more positive outlook for the Philippines and Singapore.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2237.98	25.47	1.15
Hang Seng	22976.65	226.00	0.99
Jakarta Composite	4358.14	166.89	3.98
KLSE Composite	1764.95	17.92	1.03
Nikkei 225	14423.36	218.13	1.54
Straits Times	3123.89	35.69	1.16
KOSPI Composite	1994.06	19.39	0.98
Taiwan Weighted	8208.77	16.66	0.20

Asian markets conclude Tuesday’s trade in green

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