Most of Asian markets conclude Wednesday’s trade in green

Most of the Asian markets concluded Wednesday’s trade in green as the threat of US military intervention in Syria appeared to diminish. An address to the nation by President Barack Obama, broadcast early today in Asia, also gave some markets a push. Obama has asked Congress to postpone a vote on action and told Secretary of State John Kerry to meet with his Russian counterpart. The growth of new home purchases in China continued to slow down in the first eight months of this year, the National Bureau of Statistics stated. Between January and August, 3.85 trillion yuan ($628 billion) of new homes were sold across the country, up 35.7 percent year on year, compared with a 39.9 percent rise in the first seven months and a 46 percent jump in the first half of this year.

Optimism among big Japanese manufacturers in the third quarter reached the highest level in four years due to improving earnings, adding to recent evidence suggesting the economy is strong enough to withstand the blow from an expected sales tax hike. The confidence boost comes on the heels of a series of data pointing to the world’s third-largest economy steadily picking up momentum. Japanese Prime Minister Shinzo Abe ordered his government to craft measures to bolster the economy to cushion the impact of an increase in the national sales tax. Buoyed by data showing that the world’s third-biggest economy recovering briskly and a successful trip to secure the rights to host the 2020 Olympic Games, Abe wasted no time in preparing the groundwork for the April tax increase.

Indonesia sold $1.5 billion of dollar-denominated Islamic bonds at the highest yield since 2009 as it seeks to bolster its foreign-exchange reserves to support the plunging rupiah. Indonesia faces pressure to add to its most aggressive monetary-tightening cycle since 2008, underscoring a widening divergence in its growth outlook with the Philippines in a reversal of fortunes for the two economies. According to a survey, Bank Indonesia will probably raise its deposit facility rate tomorrow a fourth time this year while the Philippines will hold its benchmark at 3.5 percent the rest of the year. Indonesia’s central bank stated monthly inflation in September would ease significantly, helped by subdued domestic demand and following a spike after an average 33 per cent increase in fuel prices at the end of June.

Malaysia’s industrial production in July rose 7.6 percent from a year earlier, beating expectations to mark its fastest growth since May 2012, data from the Statistics Department showed.  A poll of 13 economists had forecast factory output grew at its fastest pace since November as export demand rose and domestic consumption remained resilient. June’s factory output was revised to 3.7 percent year-on-year from 3.3 percent previously.