posted at 20:50
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Asia shares rally after US growth figures
Japanese stocks led the way as the weakening of the yen and a report that the country's vast national pension fund would double its domestic stock holdings offset another batch of poor indicators. Tokyo climbed 1.73 percent, Hong Kong put on 0.70 percent, Shanghai added 0.23 percent, Sydney was 0.59 percent higher and Seoul tacked on 0.21 percent. The US Commerce Department said the world's largest economy grew at an annualised 3.5 percent in July-September owing to stronger exports and defence spending. Expectations had been for a 3.0 percent rise. With rates widely expected to rise next year, traders have piled back into the dollar, pushing it back towards 110 yen. In early Tokyo trade the greenback fetched 109.34 yen, compared with 109.22 yen in New York and 109.08 yen in Tokyo earlier Thursday. US stocks were also pushed higher, with the Dow surging 1.30 percent, while the S&P 500 added 0.62 percent and the Nasdaq gained 0.37 percent. In Japan a report in the Nikkei business daily that the country's $1.2 trillion Government Pension Investment Fund plans to boost investment in domestic and foreign stocks outweighed more weak economic data.

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