Asian stocks broadly bounce higher on tech gains
Thursday, Aug 17, 2017 01:22 by InvestingPie

Equities extended this week’s gains a bit further early Thursday as minutes of the Federal Reserve’s meeting revealed a deeper-than-expected divide on the timing of the next interest rate increase.

The prospect of a slower pace of additional rate increases pressured the dollar in Wednesday afternoon U.S. trading, and the subsequent gain in the yen weighed on Japanese stocks early Thursday. The Nikkei NIK, -0.14%   was recently down 0.2% at the dollar JPYUSD, +0.179099%   fell to session lows of ¥109.80 in Asian trading, the greenback’s lowest level since Tuesday.

Still, this year’s rebound for the yen doesn’t seen to be hitting Japan’s economy. Exports rose 13% in July from a year ago, the eighth-straight monthly gain, government data showed Thursday. Japanese stocks often fall when the yen strengthens amid fears that a stronger currency will hit exporters — a key facet of the country’s economy.

Stocks elsewhere in Asia were generally slightly higher Thursday, mirroring modest gains in U.S. equities overnight.

While Rob Carnell, head of Asia research at ING, said, “Confusion reigns at the Federal Reserve,” he added Asian markets were likely to take comfort in additional rate increases are likely to come “at worst at a very-modest pace.”

Gains of 0.2% to 0.4% were seen in the likes of Australia XJO, -0.10%  , South Korea SEU, +0.57%   and New Zealand NZ50GR, +0.21%  — the latter having set record closing highs each of the past two sessions. Meanwhile, helping Korea’s Kospi was a 1.8% rebound in Samsung 005930, +1.82%   amid broad early strength for tech stocks in general.

In Taiwan, Pegatron 4938, +1.66%  , Foxconn 2354, +1.49%   and Catcher 2474, +2.30%   rose about 1

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Very informative
05-03 04:23 by Liam
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