Asian markets soar on China data and Corporate Earnings

By Published On: 01/28/2013 Read More »

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Asian equity markets were trading higher on Monday’s open as China’s industrial company profits soared for the fourth consecutive month and the strong corporate earnings from Wall Street on Friday.

The Shanghai Composite was up 1.84% and the ASX200 was 0.52% higher. The only exclusion was the Kopsi which declined 0.36%.

The Nikkei 225 share average dropped with investors securing profits on exports while waiting for more cues from corporate earnings. The index pierced a 32 month high earlier today before declining 0.9% as Japanese exporters were fanned with the Yen dropping 91 to the Dollar.

China’s industrial companies net income saw a 17.3% rise compared to 22.8% in November, according to the National Bureau of Statistics reporting on Sunday. The earnings increased 5.3% in December. China’s economy has been showing signs of recovery from a 7-quarter slowdown with businesses restocking and demand for exports improving. The GDP for China could possible rise to 8%, from last year’s 7.8% according to analysis. In the same note, HSBC Purchase Manager Index saw the fastest expansion in two years, rising for the fifth month in a row, reaching 52.2 points.

The positive data, combined with a strong earnings season from the US is keeping the markets on a rally.

European markets are slated to open higher after shares booked gains on Friday closing higher along with expectations of an improving German economy. The Eurostoxx 50 was trading at 2747 on Monday while the DAX and CAC40 gained 0.05% and 0.02% earlier today. The FTSE100 was up 0.03%.

Germany’s business confidence climbed for the third consecutive month in January increasing hopes that Europe is recovering from the debt crisis. The German business climate index for industry and trade rose to 104.2 in January up from December’s 102.4, beating market expectations.

Germany’s PMI preliminary reading also saw the industry reaching a 11 month high setting itself up for a quick recovery.

Later today, Italy plans to sell €3.5 billion in bonds which could be closely watched in regards to investment sentiment. Italy will also be publishing its consumer confidence report later today.

Earlier on Friday, the S&P500 reached 1500 marking a fourth successive weekly gain. The Dow Jones was up 0.51% closing at 13895 while the Nasdaq was 0.62% higher.

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