Asian markets mixed, Tokyo up on election result

Asian markets were mixed Monday, with Japanese shares soaring and the yen tumbling after a landslide election win for the conservative opposition.

The Japanese currency hit a year-and-a-half low against the dollar and multi-month lows versus the euro, a boon for exporters, as investors bet on more central bank easing by the country's incoming government.

Tokyo climbed 0.94 percent or 91.32 points to 9,828.88, Sydney closed down 9.7 points, or 0.21 percent, at 4,573.4 and Seoul shed 0.60 percent or 11.97 points to 1,983.07.

Hong Kong shed 0.41 percent, or 92.37 points, to 22,513.61 but Shanghai ended up 0.45 percent, or 9.71 points, at 2,160.34 on hopes for pro-growth domestic policies from Beijing to boost the economy after a key meeting at the weekend.

China "will continue to implement the proactive fiscal policy and prudent monetary policy in 2013" and make increasing domestic demand a top priority, state media said Sunday after a key conference that sets the nation's economic goals.

In Japan the Liberal Democratic Party (LDP) was expected to oust the ruling Democratic Party of Japan (DPJ), and its leader Shinzo Abe has vowed to press for a more aggressive economic policy to kickstart the economy.

"The election results were very much in line with market expectations. A relief rally is in order, helped by the stronger dollar," SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.

"Next, investors will be eager to see the kinds of concrete policy measures that the new government proposes."

Tokyo Electric Power (TEPCO), operator of the Fukushima nuclear plant, soared almost 33 percent, leading a rally in energy firms on expectations the new government will likely shelve any short-term plans to ditch atomic power.

The DPJ vowed this year to ditch nuclear power by 2040, bowing to public pressure as thousands gathered to protest outside Noda's official residence.

But it quickly backpedalled on that pledge with a more vague promise to work towards a nuclear-free country.

The business friendly Liberal Democratic Party leader Shinzo Abe derided the zero-nuclear goal as unrealistic and "irresponsible" -- and hinted at keeping atomic power.

In currency markets the dollar soared to 84.30 yen in early Tokyo trade, its highest since April last year, before easing back to 83.77 yen in early European trade, still well up from 83.52 yen in New York on Friday.

The euro also hit 111.10 yen, its highest since April this year, but slipped back to 110.16, compared with 109.94 yen in New York Friday.

The single currency also bought $1.3149, from $1.3161.

Traders are keeping an eye on Washington, where lawmakers continue to haggle over an agreement to avoid the huge tax hikes and spending cuts due to take effect next month, which are expected to tip the country into recession.

However, The Washington Post said that Republican House Speaker John Boehner had offered Friday to include tax rises for millionaires that would bring $460 billion in revenue over the next decade.

While the figure is about half of what President Barack Obama wants, it represents an important concession in the bitter face-off just two weeks before the deadline.

On Wall Street Friday, before the Boehner offer, the Dow lost 0.27 percent, the S&P 500 fell 0.41 percent and the Nasdaq shed 0.70 percent.

Oil prices rose, with New York's main contract, light sweet crude for delivery in January up 28 cents to $87.00 a barrel in the afternoon and Brent North Sea crude for February delivery advancing 26 cents to $108.44.

Gold was at $1,690.10 at 1040 GMT compared with $1,696.80 late Friday.

In other markets:

-- Taipei fell 0.88 percent, or 67.49 points, to 7,631.28.

Taiwan Semiconductor Manufacturing Co. lost 1.42 percent to Tw$97.0 while Hon Hai Precision Industry dived 4.7 percent at Tw$87.2.

-- Manila fell 1.46 percent, or 83.26 points, to 5,623.85.

SM Investments Corp. slid 3.32 percent to 816 pesos while BDO Unibank dropped 2.74 percent to 70.90 pesos.

-- Wellington fell 0.32 percent, or 12.69 points, to 3,966.49.

Fletcher Building was down 1.45 percent at NZ$8.14, Contact Energy was off 0.60 percent at NZ$5.01 and Telecom ended up 0.19 percent at NZ$2.16.

-- Jakarta ended up 6.99 points, or 0.16 percent, at 4,315.86.

Carmaker Astra International rose 1.34 percent to 7,550 rupiah and Bank Permata jumped 2.36 percent to 1,300 rupiah,

-- Kuala Lumpur shares lost 3.40 points, or 0.21 percent, to 1,648.58.

AirAsia fell 1.9 percent to 2.62 ringgit while Maxis slipped 0.9 percent to end at 6.50. Tenaga Nasional edged up 0/6 percent to closr at 6.82 ringgit.

-- Singapore closed down 0.31 percent, or 9.73 points to 3,158.70.

Fraser and Neave gained 0.63 percent to Sg$9.63 and City Developments added 1.55 percent to Sg$13.12.

-- Bangkok added 0.04 percent or 0.59 points to 1,359.09.

Coal producer Banpu gained 4.98 percent to 422 baht, while Siam Cement lost 2.38 percent to 410 baht.

-- Mumbai slid 0.38 percent or 72.38 points at 19,244.42.

India's mobile phone giant Bharti Airtel fell 3.69 percent to 300.45 rupees while top software exporter TCS ended down 2.83 percent to 1205.85.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • VTTI says it resumes operations at Malaysia terminal Reuters - 1 hour 24 minutes ago

    SINGAPORE, Aug 27 (Reuters) - VTTI, the storage unit of world's largest oil trader Vitol, said late on Friday it has resumed operations at its Malaysia terminal ATT Tanjung Bin (ATB). "The suspension ... … More »

  • US, Russia move closer to new Syria ceasefire after talks
    US, Russia move closer to new Syria ceasefire after talks AFP News - 1 hour 33 minutes ago

    Washington and Moscow made key steps towards agreeing a new ceasefire in Syria, but a final deal has not been reached, US Secretary of State John Kerry and his Russian counterpart said after talks. Kerry and Russian Foreign Minister Sergei Lavrov … More »

  • Most Read on Bloomberg: Good-But-Busted ETFs, Drifting Stocks Bloomberg - 2 hours 11 minutes ago

    (Bloomberg) -- The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Aug. 27. … More »

  • China July industrial profits rise, buoyed by increased sales, falling costs Reuters - 3 hours ago

    Profits earned by China's industrial firms grew at their fastest pace in four months in July, aided by a pick-up in sales and reduced costs, the statistics bureau said on Saturday. Profits in July rose 11.0 percent to 523.01 billion yuan, the … More »

  • 4 Lessons I Learned After Marrying My Foreigner Wife DollarsAndSense.sg - 4 hours ago

    Discuss your past. Discuss your future. The post 4 Lessons I Learned After Marrying My Foreigner Wife appeared first on DollarsAndSense.sg. … More »

  • Business Highlights Associated Press - 7 hours ago

    ___ Yellen suggests rate hike is coming but offers no timetable Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rates has strengthened in light of a solid job market and ... … More »

  • California governor signs bill banning coal-export funding Associated Press - 7 hours ago

    California Gov. Jerry Brown signed legislation Friday banning state transportation funding for new coal export terminals. The bill represents a victory for environmentalists as they campaign aggressively ... … More »

  • Stada shareholder AOC pushes through board reshuffle
    Stada shareholder AOC pushes through board reshuffle Reuters - 7 hours ago

    Stada (STAGn.DE) shareholder Active Ownership Capital (AOC) succeeded in convincing stock owners of the German drugmaker to vote off its supervisory board chairman in a voting marathon, but the activist investor fell short of its goal of replacing … More »

  • Dollar rises following Yellen remarks on rate hikes AFP - 8 hours ago

    The dollar rose Friday against the euro, the yen and the British pound following remarks from the US central bank favoring a near-term increase in interest rates. In a much-anticipated address, US Federal ... … More »

  • Global markets drift after Yellen speech
    Global markets drift after Yellen speech AFP News - 9 hours ago

    European and US equities markets were split on Friday after US Fed chief Janet Yellen suggested interest rates could rise in the near-term. In words carefully parsed by market watchers, Yellen said recent months had seen conditions in the US … More »

  • How the Dow Jones industrial average fared on Friday Associated Press - 9 hours ago

    Stocks ended on a weak note Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. Phone ... … More »

  • Stocks end mostly lower after Yellen speech
    Stocks end mostly lower after Yellen speech Associated Press - 9 hours ago

    Stocks ended mostly lower on Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. ... … More »

  • UN ready to help Colombia peace deal
    UN ready to help Colombia peace deal AFP News - 9 hours ago

    The UN Security Council on Friday warmly welcomed the historic peace deal reached between Colombia's government and FARC rebels, and pledged to help ensure the agreement takes hold. The council met behind closed doors two days after the Bogota … More »

  • Kerry, Lavrov hold marathon Syria talks
    Kerry, Lavrov hold marathon Syria talks AFP News - 9 hours ago

    US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov held marathon talks in Geneva on Friday for an expected push towards resuming peace talks for war-ravaged Syria. Asked during a break how the meeting was proceeding, Lavrov … More »

  • US stocks mixed after Yellen says picture firming for rate hike AFP - 10 hours ago

    US stocks were mixed on Friday after Federal Reserve Chair Janet Yellen said the case for a rate hike is strengthening, raising expectations of a move by year-end. Trade was fairly quiet as Yellen also ... … More »

  • Markets Right Now: Stocks end mostly lower on Wall Street Associated Press - 10 hours ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks ended mostly lower on Wall Street, giving up a modest gain from earlier in the day after Fed Chair Janet Yellen ... … More »

  • Morales sees 'conspiracy' in Bolivia minister's murder
    Morales sees 'conspiracy' in Bolivia minister's murder AFP News - 10 hours ago

    Bolivian President Evo Morales said Friday that his government is the victim of a "political conspiracy" after protesting miners allegedly kidnapped and beat to death a minister who tried to negotiate with them. Defense Minister Reymi Ferreira … More »

  • New law makes insurance companies find, pay beneficiaries Associated Press - 10 hours ago

    Insurance companies will be required to locate beneficiaries of unclaimed life insurance policies in Illinois and pay them money they're owed under legislation that Gov. Bruce Rauner signed into law on ... … More »

  • Deals of the day-Mergers and acquisitions Reuters - 10 hours ago

    (Adds Alere, Fiat Chrysler; updates Rackspace) Aug 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday: ** Cloud services provider Rackspace Hosting ... … More »

  • Oil prices edge up but OPEC giants downplay output limits AFP - 10 hours ago

    Oil prices edged higher Friday but the market remained weak as OPEC's key producers cast doubt on the possibility of cutting output. Iranian Oil Minister Bijan Zanganeh on Friday said his country wanted ... … More »

  • Canada, hoping to boost profile, pledges peacekeepers to UN
    Canada, hoping to boost profile, pledges peacekeepers to UN AFP News - 10 hours ago

    Canadian Prime Minister Justin Trudeau's government on Friday committed 600 troops and Can$450 million (US$350 million) over three years to United Nations peacekeeping operations around the world. Touted by the Liberal administration as a … More »

  • Grain lower, livestock mixed Associated Press - 10 hours ago

    Grain futures were lower Friday on the Chicago Board of Trade. Wheat for Sept. declined 17.75 cents at $3.8350 a bushel; Sept. corn lost 7.25 cents to 3.1625 a bushel; Sept. oats was fell 3.75 cents at ... … More »

  • Canada PM Trudeau to mount charm offensive in China: officials
    Canada PM Trudeau to mount charm offensive in China: officials AFP News - 11 hours ago

    Canadian Prime Minister Justin Trudeau will tour the Great Wall, shoot hoops with retired basketball star Yao Ming and meet with women entrepreneurs when he travels to China next week to bolster trade and diplomatic ties, his office said Friday. … More »

  • Oil steady in volatile session, down 2 percent for the week
    Oil steady in volatile session, down 2 percent for the week Reuters - 11 hours ago

    Oil prices were largely unchanged on Friday in a volatile session, as traders reacted to comments from Fed Chair Janet Yellen and reports of missile activity in Saudi Arabia. The market was taking its cues from the movement in the dollar, which has … More »

  • Dutch PM Mark Rutte announces third-term candidacy
    Dutch PM Mark Rutte announces third-term candidacy AFP News - 11 hours ago

    Prime Minister Mark Rutte announced Friday his candidacy to head the Dutch government for a third succesive term in office, as the countdown moves towards next year's parliamentary polls. "Rutte also informed his top party leadership about his … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129+0.001+0.78%
    N21.SI
    1.855-0.040-2.11%
    MC0.SI
    2.84+0.02+0.71%
    C52.SI
    4.22-0.05-1.17%
    Z74.SI
    0.58-0.01-1.69%
    5TP.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.08+38.10%
    5VI.SI
    0.36+0.07+22.03%
    BPF.SI
    0.192+0.030+18.52%
    AYD.SI
    0.27+0.04+17.39%
    BLU.SI
    0.40+0.05+14.29%
    BFK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.055-21.15%
    BTJ.SI
    0.34-0.06-15.00%
    BCD.SI
    0.39-0.06-13.33%
    AYB.SI
    0.31-0.04-11.43%
    5VP.SI
    0.24-0.02-9.43%
    BAZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3582+0.0051+0.38%
    USDSGD=X
    1.5196-0.0071-0.47%
    EURSGD=X
    1.7809-0.0034-0.19%
    GBPSGD=X
    74.6820+0.437+0.59%
    SGDJPY=X
    5.7047-0.0235-0.41%
    SGDHKD=X
    2.9663+0.0023+0.08%
    SGDMYR=X
    9,748.1885-70.3965-0.72%
    SGDIDR=X
    4.9062-0.0141-0.29%
    SGDCNY=X
    1.0263-0.0043-0.42%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,324.00-0.60-0.05%
    GCZ16.CMX
    18.63+0.14+0.76%
    SIU16.CMX
    95.80-0.72-0.74%
    ^XAU
    2.080.00+0.10%
    HGU16.CMX
    47.29-0.04-0.08%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24+0.08
    ^FVX
    1.63+0.06
    ^TNX
    2.30+0.03
    ^TYX