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» 23/07/2009 [Company watch]
China Aoxing Pharmaceutical Corp. Receives Renewal of GMP Certification for Capsule Dosage Form of Pharmaceutical Products
» 15/03/2010 [Industry news]
Recordati S.p.A And Lee Pharmaceutical Announce Partnership For Zanidip(R) In China
» 26/10/2009 [Finance]
China Growth to Remain Fast in Fourth Quarter, Official Says
» 17/08/2009 [Industry news]
Chindex Posts Profit on Product Sales, Health Services
» 07/05/2010 [Industry news]
Hong Kong: Recall of all products manufactured by Quality Pharmaceutical Lab Ltd
COMPANY NEWS » Finance back to previous page show list
»05/01/2009 [Finance]
Asian Stocks Rise an 8th Day on Public Spending, Interest Rates

By Patrick Rial and Masaki Kondo (Bloomberg) : Asian stocks rose for an eighth day,

 
By Patrick Rial and Masaki Kondo (Bloomberg) -- Asian stocks rose for an eighth day, pushing the benchmark index to its longest streak of gains since 2004, on optimism government spending and lower interest rates will alleviate the global recession. Baoshan Iron & Steel Co., China’s biggest maker of the alloy, surged 7.5 percent after the government said it will support the steel and automobile industries. India’s Sensex Index advanced 1.6 percent after the central bank cut interest rates for a fourth time since October. Mizuho Financial Group Inc. soared 13 percent after a stock split and as the Sankei newspaper said Japan’s government may buy nonperforming loans from banks. The MSCI Asia Pacific Index rose 1.6 percent to 91.53 as of 4:26 p.m. in Tokyo, set for the highest since Nov. 5. The benchmark has risen 5.6 percent in its longest string of advances since August 2004. It posted a record 43 percent slide last year, the worst annual performance in its two-decade history. This year “will be much, much better than 2008; at least it will be without the shocks,” Liu Yang, who oversees about $2 billion in China assets at Atlantis Investment Management Ltd. in Hong Kong, said in an interview with Bloomberg Television. “Where the government money flows you follow.” Major stock markets in the region advanced, except in Australia. Japan’s Nikkei 225 Stock Average rose 2.1 percent to close at 9,043.12 in a half-day session, the highest since Nov. 10 and the index’s best start to a new year since 2002. Nintendo Co., which gets 40 percent of its sales from the U.S., led gains after officials said U.S. President-elect Barack Obama may cut taxes by more than $300 billion and as the yen weakened. The nation’s markets had been closed since Dec. 30 for New Year’s holidays. China’s benchmark CSI 300 Index snapped an eight-day losing streak. Asia Outlook The value of global equities fell by almost half last year as the collapse of the American housing market froze credit markets and triggered the first simultaneous recessions in the U.S., Europe and Japan since World War II. U.S. stocks rose to a two-month high on Jan. 2, with the Standard & Poor’s 500 Index gaining 3.2 percent, after General Motors Corp. received its first cash infusion from the government to keep the automaker afloat and oil prices rallied. S&P futures retreated 0.5 percent today. “Equities are set to rally on risk appetite returning,” Sean Darby, chief Asian equity strategist at Nomura Holdings Inc., wrote in the brokerage’s annual outlook for the region, released today. “We expect growth in 2009 to remain subdued and equities have already priced this in.” China Support Baoshan Iron & Steel Co., China biggest steelmaker, rose 7.5 percent to 4.99 yuan. Chongqing Iron & Steel Co. jumped 10 percent to 3.80 yuan. Premier Wen Jiabao said the government has finished drawing up policies to support the steel and automobile industries through the economic slowdown. Wen didn’t elaborate on the policies when he made the statement on state radio on Jan. 2.

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