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Asian stocks trade higher on optimism around Europe

Article By: ,  Financial Analyst
December 5, 2011 1:57 PM

Asian stocks were higher as optimism around Europe improved early in the trading week.

The MSCI Asia Pacific index was 0.2% higher in early afternoon Tokyo trading. S&P futures, having finished flat on Friday, are pointing to a modest 0.8% gain when markets resume trading tonight Asian time.

Most regional indices were higher with the exception of the Shanghai Stock Exchange Composite index which was around 0.6% lower at the time of trading.

The Australian dollar was last trading slightly above 1.02 U.S. cents ahead of tomorrow’s interest rate decision by the Australian Reserve Bank (RBA). The Japanese Yen found some support after earlier weakness, with the USD/JPY last trading just below 78.00.

In corporate news, Australian listed uranium producer Energy Resource of Australia was a standout performer across the region, up by around 9% after the Australian Labor party passed an internal party motion to allow uranium exports to India. Other uranium exposures like Paladin and Deep Yellow were also higher following the weekend conference.

In commodities, copper continues to find support, last trading at around US$3.60/lb having recovered last week’s losses. The metal looks solid and well above the important US$3/lb test level but is trading near a double top to a break above these levels is important to maintain momentum.

In Hong Kong, Chow Tai Fook Jewellery group announced plans to raise around US42.8bn in an initial public offering which will make it the largest in Hong Kong this year. The business generates revenue greater than Tiffany & Co. and plans to tap growing affluence in China.

Companies have raised around US$16.2bn in Hong Kong IPO’s this year which is down on last year’s $50.3bn but as many as 20 names planned to add to the list by the end of the year might see a turning point in sentiment.

 

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