Today is a rally day for Asian stocks which rose to a great extent. In fact, the most remarkable growth so far has been in Japan’s Nikkei 225 Stock Average which has gone up to the highest in six years as the yen touched a sixth-month low against the dollar. The growth in the Asian market is attributed to the fact that U.S. employment and consumer confidence has gone up.
Today’s major gainer is Honda Motor Co. which experienced growth of 1.5 percent. This is one of the largest carmakers, has got impetus from the latest bright data of the U.S. market. It is to be noted that this company gets almost half its sales in the U.S. and expects that the better economic conditions in the country will help it boost its sales.
Another company that gained is Warrnambool Cheese & Butter Factory Co.; it advanced 0.8 percent. The better performance of this company came up after Murray Goulburn Cooperative Co., Australia’s biggest milk processor, raised its takeover offer which it kept in pipeline for long and started negotiation earlier this month.
However, Forge Group Ltd. could not maintain the momentum and slumped 84 percent in Sydney after the mining-services firm said it will report a 2014 loss. After positive indications on the part of to be head of the Fed, Janet Yellen, investors and traders in Asia are confident about the continuance of stimulus.
Whereas Australia’s S&P/ASX 200 Index was little changed, New Zealand’s NZX 50 Index gained a little and added 0.2 percent. Following the positive outlook in the regional market South Korea’s Kospi index added 0.8 percent and the similar trend was followed by China’s Shanghai Composite Index which rose 0.8 percent.
There was a better trading day for Singapore’s Straits Times Index which added 0.5 percent. Similarly, Taiwan’s Taiex Index climbed 0.8 percent; however, Hong Kong’s Hang Seng Index fell 0.1 percent, retreating from a 10-month high. Expectations are ripe that the U.S. economic recovery is fundamental for the Asian regional market.
U.S. Share Market
In the last day’s trading, futures on the Standard & Poor’s 500 Index added 0.1 percent. There is no trading today as the U.S. is celebrating Thanksgiving holiday. Earlier, the S&P 500 climbed 27 percent this year and according to market observers it is heading for the biggest annual gain since 1998.
To contact the reporter of this story: Jonathan Millet at email@example.com