The Chinese markets traded higher as they published data showing that industrial output and retail sales increased in August. Japan continues to climb on the back of their successful Olympic bid, and Australia´s new government has increased business confidence.
In China the Shanghai Composite rose 1.2% and in Hong Kong the Hang Seng climbed one percentage point. As Chinese authorities released more positive data, they stated that industrial output climbed 10.4% in August, beating the forecasted 9.9% increase. Retail sales have also increased 13.4% in August, up from an increase in 13.2% in July. China Coal Energy Company Ltd gained nearly 7%, Lenovo group traded 3.8% higher and CITIC Pacific Ltd climbed to 4.8%. Financial shares traded higher as investors speculate that lenders will be able issue preferred shares to raise capital. Bank of Communications Co. 1.7% and China Merchants Bank Co. jumped 3%. China Mobile Ltd rose 1.3% ahead of a predicted announcement that they will sell Apple's iPhone. TCL Associates’ analyst have put a strong buy rating on China Mobile as they believe the new iPhone will generate massive profit for both them and Apple.
The Nikkei Stock Average added 1.5%, after climbing 2.5% in the previous day's trading session because of Tokyo winning the bid for the 2020 Summer Olympics. The effect this had on shares yesterday continued today. Construction firms profited from the expectations of demand that the event will create. Kajima Corp. soared 7.8% and Taisei Corp. jumped 13.2%. Analysts at TCL Associates predict that these shares will see gains in the short term, but long term growth is not really sustainable. Isetan Mitsukoshi Holdings gained 2.1% after reporting that they expected profits to rise for the fiscal year by 30%.
In Australia the S&P ASX 200 gained 0.4%, as the National Australian Bank's monthly business confidence index rose in August to its highest level in more than two years. TCL Associates’ analyst link the gain in confidence to the incoming conservative government.
By: TCL Associates
Article Directory: http://www.articlecatalog.com
Copy and Paste Link Code:
Read other Articles from TCL Associates:
- TCL Associates Recruits American Equity Researchers
- TCL Associates Predicts 30% Upside For American Auto Manufacturers
- TCL Associates Report Asian Markets Decline On Syria Concerns
- TCL Associates To Form Indonesian Real Estate Investment Trust
- TCL Associates’ Senior Management To Attend European Business Research Conference
- TCL Associates Europe Review - Markets Edge Down As Investors Wait For Fed
- TCL Associates Releases Its Conviction Buy List For The United States
- TCL Associates Launches Portfolio-Level Trading Algorithm
- TCL Associates Names New Executive Director
- TCL Associates Reports Quarter Two Financial Results
Article ID 1009081 (Views 723)