Harver Group Reports Fear Of US Strike Recedes Asian Stocks Finish Up
The easing of Middle Eastern tension has helped to boost the markets globally. China's string of positive data has helped the market there. The Australian market is approaching a 5 year high.
- (1888PressRelease) October 16, 2013 - Asian markets were trading higher as fears of a US military attack on Syria are beginning to recede. The possibility of a diplomatic resolution of the situation has translated to substantial gains across the globe. President Obama said in speech on Tuesday, that he had asked Congress to postpone voting on a military strike until Secretary of State John Kerry meets with Russian officials.
As the tension in the Middle East eases it is reflected by a weaker yen, as investors find the currency a safe haven. The US dollar gained 0.8% against the Yen, trading at 100.27 yen to the dollar. Japan's Nikkei Stock Average finished the day up marginally, 0.1% after jumping 4% on Monday and Tuesday. The construction companies which gained on the back of Japan's Olympic bid erased their earlier gains. Kajima Corp lost 3.3% and Taisei Corp declined 4.6%. Harver Group analysts believe it is better to avoid the Japanese construction sector until contracts are secured.
China reported solid export growth in August, over the week and then on Tuesday reported an increase in industrial output. Harver Group analysts believe that these reports signal that the region's largest economy is beginning to recovery and that China is on pace to achieve its goal of 7.5% GDP growth. The Shanghai Composite gained 0.2% but the Hang Seng in Hong Kong declined 0.2%.
The Australian market has been boosted by the series of positive economic data from China, as it's the primary consumer of Australia's natural resources. The S&P ASX 200 rose 0.6% approaching a five year high.
Companies which supply components to Apple have declined as Apple is down 5%. In Tokyo Murata Manufacturing Co. declined 3.3% and in Hong Kong AAC Technologies Holdings fell 4.2%
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