Tags: Asia | Nomura | Ping An | Federal Reserve

Asia Stocks Rise to Month High as Nomura, Ping An Jump on Profit

Wednesday, 29 October 2014 09:23 AM

Asian stocks rose for a fourth day after Japanese industrial production jumped the most since January and companies from Ping An Insurance (Group) Co. to Nomura Holdings Inc. posted higher profit.

Ping An climbed 2.9 percent in Hong Kong after China’s second-largest insurer said profit jumped 90 percent in the third quarter. Nomura jumped 4.4 percent in Tokyo as Japan’s biggest brokerage announced a share buyback and quarterly earnings beat estimates.

The MSCI Asia Pacific Index gained 1.3 percent to 140.52 as of 4:12 p.m. in Hong Kong, on course for the highest close in a month. Gains in Asia followed a near-record close in U.S. shares amid optimism about earnings and economic data before a Federal Reserve policy announcement.

“Certainly some of the numbers coming out of the U.S. and Japan have been a lot better than expected,” Sean Darby, chief global strategist at Jefferies Group LLC in Hong Kong, told Bloomberg TV. The Fed “have everything as settled as they possibly could have at the moment. It’s a benign environment.”

The Standard & Poor’s 500 Index jumped 1.2 percent yesterday as investors dissected corporate results and confidence among U.S. consumers rose in October to a seven-month high. The Fed is on pace to end its monthly bond-buying and leave its key interest rate unchanged near zero when its end a two-day policy meeting today, according to Bloomberg News surveys of analysts.

Industrial Production

Japan’s Topix index gained 1.5 percent. Output increased 2.7 percent in September from the previous month, the trade ministry said, beating the 2.2 percent median estimate of economists.

South Korea’s Kospi index rose 1.8 percent. New Zealand’s NZX 50 Index added 0.3 percent, extending a record high. Singapore’s Straits Times Index gained 0.3 percent and Taiwan’s Taiex Index increased 1.5 percent. Australia’s S&P/ASX 200 Index slipped 0.1 percent.

Hong Kong’s Hang Seng Index rose 1.3 percent, erasing losses since police fired tear gas at pro-democracy protesters in the city, as leaders of the movement provided terms for talks with the government, and amid earnings optimism.

Futures on the S&P 500 were little changed after the underlying gauge’s rally yesterday. Earnings from Amgen Inc. to T-Mobile US Inc. helped drive shares before the Fed’s policy announcement. The S&P 500 has rebounded 6.6 percent from a six- month low on Oct. 15 amid better-than-expected profits.

Almost 79 percent of S&P 500 companies that have reported so far have beaten earnings estimates, while 62 percent have surpassed revenue projections, according to data compiled by Bloomberg. Since the start of this month some 51 percent of firms on the MSCI Asia Pacific index that reported quarterly results have exceeded profit forecasts, the data show.

Fed Chair Janet Yellen and her colleagues will focus on the U.S. economic outlook and end their bond-buying program as planned, according to 62 of 64 economists surveyed by Bloomberg News.

© Copyright 2018 Bloomberg News. All rights reserved.

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Asian stocks rose for a fourth day after Japanese industrial production jumped the most since January and companies from Ping An Insurance (Group) to Nomura Holdings posted higher profit.
Asia, Nomura, Ping An, Federal Reserve
Wednesday, 29 October 2014 09:23 AM
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