If you want to keep updated one needs to read from Bloomberg on line !!
"Jan. 19 (Bloomberg) -- Asian stocks rose, spurring a record start to the year for the MSCI Asia Pacific Index, while copper gained and South Korea’s won strengthened amid signs China will relax credit controls. Oil advanced after U.S. crude stockpiles fell the most in six weeks.
The MSCI gauge rallied 0.9 percent as of 2:16 p.m. in Tokyo, poised for the highest close since Nov. 9. The Hang Seng China Enterprises Index jumped 1.6 percent, while Standard & Poor’s 500 futures were little changed. Oil added 0.9 percent to $101.51 a barrel. Copper reached a four-month high, gaining 1.1 percent. South Korea’s won rose against all of its 16 major counterparts. Bond risk in Australia fell to a two-month low.
China is letting its five biggest banks boost lending and weighing a plan to relax capital requirements, according to people with knowledge of the matter, who declined to be identified. The world’s second-biggest economy expanded 8.9 percent in the fourth quarter, the slowest in two years, and banks’ reserve requirements were relaxed in December for the first time since 2008.
"The government’s major task will be maintaining stable economic growth this year," said Zhang Ling, general manager at Shanghai River Fund Management Co. in Shanghai. "We should be seeing more pro-growth measures going forward and easing restrictions on lending is a good start."
Technology Stocks
The MSCI Asia Pacific Index has climbed 4.8 percent in 2012, the best start to any year in Bloomberg data going back to 1988. Hero Motocorp Ltd., India’s largest two-wheeler manufacturer, Bajaj Auto Ltd. and Hang Lung Properties Ltd. are among companies in the region scheduled to report earnings.
More than two stocks rose for each that fell in the benchmark index for Asian shares. Technology companies rallied 1.6 percent for the biggest advance among 10 industries. ASML Holding NV, Europe’s biggest semiconductor-equipment maker, forecast higher first-quarter orders and sales at Linear Technology Corp., a U.S. chipmaker, beat analysts’ projections.
Sumco Corp., which produces silicon wafers, surged 7.9 percent in Japan trading. Elpida Memory Inc. and Advantest Corp. climbed at least 4.6 percent.
The Shanghai Composite Index added 0.9 percent. Chinese banks can increase new loans this quarter by a maximum of about 5 percent from a year earlier, according to two people at state lenders who have knowledge of the matter. Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. advanced at least 0.9 percent.
"China is now beginning to ease policy and the big banks are actually reporting relatively strong earnings," said Amit Rajpal, manager of global financial funds for London-based Marshall Wace LLP, in a Bloomberg Television interview. "There’s still a 40-to-50 percent upside" in shares of large Chinese banks.
Copper, Oil
Copper in London gained as much as 1.6 percent to $8,372 a metric ton, the highest level since Sept. 21, on the London Metal Exchange. Gold increased 0.2 percent to $1,663.60 an ounce for a fourth day of gains. Palladium and platinum touched the highest levels in more than a month.
Oil futures have increased 2.8 percent in the past three days. U.S. crude inventories dropped 4.81 million barrels last week, the most since the week ended Dec. 2, figures from the industry-funded American Petroleum Institute showed.
The South Korean won appreciated 0.5 percent to 1,136.05 per dollar. Taiwan’s dollar rose to its strongest level since October amid speculation exporters are repatriating income before the weeklong Chinese New Year holiday. The currency touched NT$29.86 against the dollar.
Currencies
The Australian dollar declined for the first time in three days, sliding 0.4 percent to $1.0398, after a government report showed the nation’s employers unexpectedly cut jobs in December. New Zealand’s currency dropped from an 11-week high, retreating 0.2 percent to 80.26 U.S. cents, following an unexpected drop in consumer prices in the fourth quarter.
The cost of protecting Australian bonds against non-payment fell, according to credit-default swap traders. The Markit iTraxx Australia index declined four basis points to 169, Royal Bank of Scotland Group Plc prices show. The gauge is on track for its lowest close since Oct. 31, 2011, according to data provider CMA.
To contact the reporter on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net
To contact the editor responsible for this story: James Regan in Hong Kong at jregan19@bloomberg.net . "
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Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
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