Asia-Pacific markets up on credit market hopes
by Elaine Frei
Asia-Pacific region equities markets were higher on Tuesday on new optimism that recent upheaval in credit markets is ending. The Straits Times index were 1.03 percent higher to 3,793.83 in Singapore, while in Taiwan the Taiex gained 1.42 percent to 9,623.25. In Australia, the Sydney Ordinaries added 1.33 percent to 6,667.6 and the S&P/ASX200 was up 1.47 percent to 6,659.9. South Korea’s Kospi index gained 2.62 percent to 2,014.09, while the Shanghai Composite was 2.64 percent higher to 5,552.3. The Hang Seng index in Hong Kong continued its recent trend to new records as it added 3.9 percent to 28,199.75, for its first close above the 28,000 level. The Hong Kong index has gained 38 percent since 20 August.
Tokyo’s markets also saw gains. The Nikkei 225 was up 1.19 percent to 17,046.78, ending the session above 17,000 for the first time in nearly two months. The Topix index was 1.48 percent higher to 1,639.79, while the Mothers market of small and mid-caps added 2.83 percent to 756.29.
Europan markets saw gains as well. The FTSE Eurofirst 300 was up 0.31 percent to 1,567.97. In Frankfurt, the Dax was also 0.31 percent higher to 7,946.79. The Paris CAC-40 gained 0.45 percent to 5,799.27 and Madrid’s IBEX gained 1.28 percent to 14,790. London’s markets, however, were mixed, as the FTSE 250 gained 1.35 percent to 11,231.4 but the FTSE 100 was 0.09 percent lower to 6,500.4.
Results were mixed on Wall Street. The Dow Jones Industrial Average dropped 0.29 percent to 14,047.31 and the S&P 500 dropped 0.03 percent to 1,456.63, but the Nasdaq Composite added 0.22 percent to 2,747.11 and the Russell 200 index of small and mid-caps gained 0.88 percent to 831.97.
Oil, precious metals and grains prices were all down on the session, but copper prices gained as mine workers went on strike in Peru.
In currencies markets, the euro declined on the possibility of intervention to stem its rapid rise. The yen gained on the Australian and New Zealand dollars but it fell slightly in relation to the US dollar.
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