Asian Stocks Rally From Four-Week Low as Consumer Shares Climb

Asian stocks rose, with the regional benchmark index rebounding from a four-week low, as consumer companies advanced. Chinese shares in Hong Kong fell after the nation’s industrial output matched the weakest growth since the global financial crisis.

Tencent Holdings Ltd. rose 0.6 percent in Hong Kong trading after the Internet company posted record third-quarter profit, withstanding a slowing Chinese economy. Fortescue Metals Group Ltd. gained 3 percent in Sydney after Australia’s third-largest iron-ore supplier offered to repurchase $ 750 million in debt. Inpex Corp., climbed 4.2 percent in Tokyo after the energy explorer maintained its profit forecast above consensus following a drop in first-half earnings. Sumitomo Metal Mining Co. slumped 8.1 percent after cutting its full-year operating profit forecast by 37 percent.

The MSCI Asia Pacific Index added 0.2 percent to 133.07 at 4:01 p.m. Hong Kong time. The gauge closed at its lowest level since Oct. 14 on Tuesday as slower-than-forecast inflation increased concern that demand is weakening in the Chinese economy. China’s industrial production and investment slowed further in October, showing the government’s pro-growth measures are yet to revive the nation’s old economic engines. Retail sales defied the weakness, rising more than economists forecast.

Japan’s Topix index rose 0.4 percent to the highest close since Aug. 20. Taiwan’s Taiex index slipped 1.4 percent to a one-month low. Singapore’s Straits Times Index lost 0.4 percent. South Korea’s Kospi index was little changed. New Zealand’s S&P NZX 50 Index added 0.2 percent and Australia’s S&P/ASX 200 Index rose 0.5 percent. Hong Kong’s Hang Seng Index fell 0.2 percent.

Chinese shares in Hong Kong dropped as weaker-than-forecast growth in industrial output increased concern China’s economic slowdown is deepening, with the Hang Seng China Enterprises Index sliding 0.7 percent. The Shanghai Composite Index added 0.3 percent.

E-mini futures on the Standard & Poor’s 500 Index added 0.1 percent. The underlying measure gained 0.2 percent on Tuesday as health-care and consumer shares rose after equities’ steepest decline in six weeks

Source: Bloomberg

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Japan Stocks Fall as Yen Climbs to Four-Week High Amid Oil Drop

Japanese stocks fell for a second day as the yen traded near a four-week high against the dollar.

The Topix index lost 0.6 percent to 1,365.67 as of 9:02 a.m. in Tokyo, with all of its 33 industry groups falling. The Nikkei 225 Stock Average dropped 0.8 percent to 16,956.80. The yen added 0.1 percent percent to 117.81 per dollar, rising for a fourth day after yesterday touching its strongest level since Dec. 17. U.S. stocks swung between gains and losses amid surging volatility as crude fluctuated near the lowest level in five years.

West Texas Intermediate crude oil dipped below $ 45 a barrel yesterday for the first time since April 2009 amid speculation data today will show an increase in U.S. stockpiles, fueling concern over the global supply glut. Copper sank to its lowest price since 2009.

U.S. stocks swung as the fourth-quarter earnings season begun, with analysts cutting profit estimates for Standard & Poor’s 500 Index companies on the slump in oil.

Source: Bloomberg

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