Asian markets mixed, eyes on US fiscal talks

Asian markets were mixed on Tuesday following a positive lead from Wall Street, with traders hopeful for a deal in the United States to avert the fiscal cliff.

The dollar edged up slightly against the yen after falling in New York trade ahead of a US Federal Reserve meeting that begins later in the day, with expectations it will announce more monetary easing.

Tokyo ended flat, edging down 8.42 points to 9,525.32, Sydney gained 0.4 percent, or 18.1 points, to end at 4,576.0 while Seoul added 0.37 percent or 7.2 points to 1,964.62.

Hong Kong ended 0.21 percent higher, adding 47.22 points to close at 22,323.94, while Shanghai shed 0.44 percent, or 9.07 points, to 2,074.70.

In Hong Kong, banking giant HSBC rose 0.3 percent after it said it will pay a record $1.9 billion settlement in the US over allegations of money laundering.

And fellow British lender Standard Chartered was up 0.60 percent after being told by the US Treasury to pay the United States $327 million to settle charges it violated US sanctions on Iran, Myanmar, Libya and Sudan.

Talks in Washington aimed at agreeing a plan to avoid hundreds of millions of dollars in tax hikes and spending cuts taking effect on January 1 were said to be progressing, with President Barack Obama saying he was open to compromise.

If there is no deal the US economy will likely tip back into recession.

Buoyed by last month's re-election, Obama has said a deal will not be done unless there are tax rises for the rich -- an idea his Republican rivals have previously set themselves dead against.

However, reports said he and Republican House Speaker John Boehner were making headway.

Joe Bracken, BT Investment Management head of macro strategies in Sydney, said traders were buying higher yielding assets, reflecting their confidence.

"There is a mild risk-on sentiment because of expectations that the fiscal cliff situation will be resolved," he told Dow Jones Newswires. "If it does get resolved, you are going to have a very good start to 2013."

Wall Street ended in positive territory. The Dow rose 0.11 percent, the S&P 500 was flat and the Nasdaq gained 0.30 percent.

The Federal Reserve's policy committee begins its two-day meeting on Tuesday and traders are keeping an eye on what it will do as the end approaches of its "Operation Twist" -- selling short-term debt to buy longer-term debt.

There are signs policymakers will replace it with more outright bond purchases, or "quantitative easing", aimed at lowering interest rates to encourage businesses to invest and hire.

On forex markets the dollar eased in New York as traders bet there would be more cash flooding the markets as a result of further easing but it rose slightly in Asia.

In early European trade the greenback bought 82.52 yen, up from 82.33 yen in New York late Monday, while the euro bought $1.2960, from $1.2939.

The euro was at 106.96 yen from 106.53 yen.

Oil prices rose, with New York's main contract, light sweet crude for delivery in January, gaining 12 cents to $85.75 a barrel and Brent North Sea crude for January delivery up 45 cents to $107.70.

Gold was at $1,709.35 at 1100 GMT compared with $1,708.09 late on Monday.

In other markets:

-- Taipei was flat, adding 4.19 points to 7,613.69.

TSMC rose 1.87 percent to Tw$98.3 while smartphone maker HTC fell 2.34 percent to Tw$271.5.

-- Manila surged 1.29 percent, or 73.96 points, to 5,831.50.

BDO Unibank added 0.13 percent to 75 pesos, while Ayala Land gained 3.84 percent to 25.70 pesos.

-- Wellington fell 0.11 percent, or 4.59 points, to 4,026.18.

Telecom was down 1.32 percent at NZ$2.235, Chorus fell 0.37 percent to NZ$2.72 and Fletcher Building added 1.44 percent to NZ$8.45.

-- Jakarta ended up 0.36 percent, or 15.31 points, at 4,317.92.

Food manufacturer Indofood Sukses Makmur climbed 1.67 percent to 6,100 rupiah and tin miner Timah rose 7.41 percent to 1,450 rupiah.

-- Kuala Lumpur shares rose 0.58 percent, or 9.42 points to 1,641.57.

Axiata Group added 2.3 percent to 6.33 ringgit, while Maxis gained 1.5 percent to 6.60. Tenaga Nasional lost 0.6 percent to 6.92 ringgit.

-- Singapore rose 0.13 percent, or 3.99 points to 3,118.33.

Sembcorp Industries fell 1.18 percent to Sg$5.02 and United Overseas Bank shed 0.41 percent to Sg$19.35.

-- Bangkok rose 0.48 percent or 6.38 points to 1,341.33.

Electricity firm EGCO lost 0.78 percent to 126.50 baht, while Siam Cement edged up 1.76 percent to 404.00 baht.

-- Mumbai closed down 0.12 percent or 22.55 points 19,387.14.

Kingfisher Airlines was up 4.96 percent at 15.67 rupees and Tata Motors was down 0.70 percent at 278.05 rupees.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526-0.0001-0.01%
    USDSGD=X
    1.7302-0.0002-0.01%
    EURSGD=X
    2.1033-0.0002-0.01%
    GBPSGD=X
    81.7693+0.00190.00%
    SGDJPY=X
    6.1905+0.0004+0.01%
    SGDHKD=X
    2.5850+0.0002+0.01%
    SGDMYR=X
    9,116.9668-3.3359-0.04%
    SGDIDR=X
    4.9692-0.004-0.08%
    SGDCNY=X
    1.1684-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,295.80-7.90-0.61%
    GCQ14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI