Led by Japan, Asian stock markets is moving up today. Whereas the Nikkei 225 in Tokyo was up 3.1 percent at 14,843.24 as the Bank of Japan doubled the size of its fund to support bank lending and its fund to support economic growth, Seoul’s Kospi was slightly higher at 1,946.91. A similar trend was seen in Australia’s S&P/ASX 200 was up 0.2 percent to 5,392.80.
Also, Taiwan’s index gained 0.4 percent to 8,556.23. India’s Sensex rose 0.8 percent to 20,619.36 as its finance minister said yesterday that the country’s fiscal and current account deficits have narrowed to some extent. The statement boosted the market sentiment and increased confidence in the economy.
On the other hand, Hong Kong’s Hang Seng reversed course to fall 0.2 percent to 22,500.06. A similar trend was seen in China’s Shanghai Composite which fell a little. There was not trading in the US as it was closed for a national holiday. In commodities, though gold is down, silver, soybeans, corn, crude, are higher today.
European Stocks Fall
Earlier, European stocks declined to some extent as investors awaited German investor-confidence. Though the earlier yesterday’s trade in Asian market should have given some impetus to European stock market, it did not look to matter as several indexes fell e.g. the Stoxx Europe 600 Index slipped 0.4 percent to 333.16 at 9:38 a.m. in London.
Whereas S&P 500 gained 1,838.63 i.e. a gain of 8.80 points, DOW traded at 16,154.39, a gain of 126.80 points when news was being written. On the other hand, Inditex SA lost 2.9 percent as Citigroup Inc. cut its rating to neutral from buy. However, there was a slight growth for Casino Guichard-Perrachon SA which gained 3.7 percent as it reporting an 18% jump in 2013 earnings.
Major Gainers and Losers in European Stock Market
The major gainer was Pandora A/S as its stocks went up 2.4 percent to 326 kroner – this Danish jeweler announced that fourth-quarter net income rose 76 percent to 739 million Danish kroner ($136 million). MTU Aero Engines AG also gained a little when its stocks went up 1.4 percent to 63.85 euros.
Major reason behind the better performance of MTU Aero Engines AG, a German aircraft-engine manufacturer, was that it declared that 2013 sales rose 11 percent to 3.74 billion Euros which according to analysts is way better than the expected 3.72 billion euros.
To contact the reporter of this story: Jonathan Millet at email@example.com