CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Euro optimism helps Asian stocks Nikkei rises over 1

Article By: ,  Financial Analyst
May 31, 2011 6:24 PM

The MSCI Asia Pacific Index gained 1.1% to 135.8 in early afternoon trade, heading for its highest close since May 13. Five stocks advanced for each that fell in the gauge, which last week completed its longest string of weekly losses in two years as concern deepened over Europe’s debt crisis and amid speculation a slowing global recovery will crimp earnings.

Japan’s Nikkei 225 (NKY) Stock Average climbed 1.1%, South Korea’s Kospi Index advanced 1.5% and Australia’s S&P/ASX 20 Index gained 0.9%. Hong Kong’s Hang Seng Index increased 0.9%, while China’s Shanghai Stock Exchange Composite Index added 0.3%.

In corporate news, Hong Kong based Cosco Pacific , operator of container facilities in Greece, climbed 1.2%. Sony, the maker of PlayStation gaming consoles that counts Europe as its biggest market outside of Japan, gained 1.1% in Tokyo. Meanwhile Hanwha Chemical, South Korea’s fourth-largest maker of plastic resins by sales surged 8.3% after Samsung Securities raised its share-price forecast.

The cost of protecting Tokyo Electric Power’s debt from default climbed and shares of Japan’s largest utility declined after ratings on its debt were lowered to junk status by Standard & Poor’s Ratings Services. Shares fell 3.4% to 315 yen at 11 am in Tokyo and have fallen 86% since March 10, the day before an earthquake and tsunami crippled one of Tepco’s nuclear plants.

Australian listed Lend Lease announced a rail contract for design and delivery for Pacific National. The deal was struck through Abigroup which is part of the Valemus acquisition Lend Lease recently made. The contract, worth around $100 million is significant and positions Lend Lease in the very lucrative rail infrastructure services market. Pacific National could see more contracts in this area for Lend Lease through Abigroup, potentially threatening United Group and Downer EDI which is struggling with its own rail issues.

Staying in the Pacific region, New Zealand’s business confidence rose to a 12-month high in May as record-low interest rates and higher commodity prices bolster the prospect for an economic recovery from the nation’s deadliest earthquake in 80 years. New Zealand’s currency was little changed at 82.31 US cents at 1.10 pm after rising to 82.43 cents, the highest since exchange-rate controls were lifted in 1985.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024