(MENAFN– ecpulse)
Despite the rising caution ahead of the Federal Reserve meeting that starts today, Asian stocks fallowed the global rally and ended in green after strong EU and US manufacturing data improved sentiment.
- The MSCI Asia Pacific Index rose 0.5% to 137.74 as of 14:44 in Hong Kong
The Federal Reserve may decide to taper stimulus during this meeting, which may slow the country’s recovery, yet after the PMI in the euro zone beat expectations and the US industrial production rose in Nov. by 1.1%, confidence advanced.
In Japan stocks rose after the yen weakened climbing back above the 103-handle, giving support to exporters. Defense stocks advanced after the government announced it will boost military spending.
- Nikkei 225 closed 0.83% higher at 15278.63
Unlike the rest of Asian, stocks in China fell as fears of tight liquidity weighed on sentiment. China’s Banking Regulatory Commission called on lenders to manage their liquidity conditions for the year ahead.
- Shanghai Index closed 0.45% lower at 2151.08
- Hong Kong’s Hang Seng closed 0.20% lower at 23069.23
In Australia stocks pared gains after the country’s Treasurer said the budget deficit could swell to A$47 billion in the year ending June 2014, yet some support was found from the higher copper prices.
The minutes from the Reserve Bank of Australia`s December policy meeting showed that the central bank maintained its easing bias as the economy remains fragile, and that the Australian dollar remains uncomfortably high.
- The S&P/ASX 200 closed 0.27% higher at 5103.19
In South Korea stocks tracked Asia’s gains following the losses seen on Monday ignoring the data that showed that producer prices fell at their slowest annual rate in a year in November.
- Kospi closed 0.23% higher at 1965.74
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