The Asian markets concluded Wednesday’s trade in green ahead of the conclusion of the US Federal Reserve’s policy meeting. The regional earnings season also continued to roll on, with investors eyeing reports from major companies in Japan and China. Indonesia plans to issue yen and dollar sovereign bonds in the first half of 2014 to fund its budget deficit. Indonesia’s budget for 2014 calls for a deficit of Rp 175.4 trillion ($15.8 billion), which is equivalent to 1.69% of gross domestic product. Japanese industrial production grew by 1.5% in September, with manufacturers expecting further gains for the current month, the Ministry of Economy, Trade and Industry reported. The result marked a swing from August’s 0.9% drop, though it missed forecasts for a 1.8% gain. A monthly survey of manufacturers included with the data showed optimism for the current month with average expectations for a 4.7% rise in October industrial output up from the 2.5% forecast increase seen in the previous month’s survey. For November, however, the manufacturers expected output to fall by 1.2%.
In Hong Kong, mortgage loan approvals in September fell 6.7% compared with August, to $13.5 billion, the Monetary Authority reported. Among approved mortgage loans, those financing primary market transactions rose 67.5% to $2.8 billion, while those for secondary market transactions dropped 17.4% to $8.1 billion. Mortgage loans for refinancing also dropped 12.3% to $2.6 billion. A World Bank Group report stated that China is among the world’s top 20 in making progress on improving its business regulations since 2005, making it a leading power in East Asia and the Pacific. Separately, Shanghai and Beijing posted the slowest economic growth in the first three quarters of this year among China’s 25 provincial areas which have released their economic data due to the two cities’ greater efforts on economic restructuring.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2160.46 | 31.60 | 1.48 |
Hang Seng | 23304.02 | 457.48 | 2.00 |
Jakarta Composite | 4574.88 | 12.11 | 0.27 |
KLSE Composite | 1817.38 | 1.73 | 0.10 |
Nikkei 225 | 14502.35 | 176.37 | 1.23 |
Straits Times | 3230.44 | 21.62 | 0.67 |
KOSPI Composite | 2059.58 | 7.82 | 0.38 |
Taiwan Weighted | 8465.06 | 44.08 | 0.52 |
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