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BBG Billabong Fpo

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0.00 (0.00%)
Share Name Share Symbol Market Type
Billabong Fpo ASX:BBG Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

ASIA MARKETS: Japan Stocks Rise On Bernanke View; China Drops

18/07/2013 5:00am

Dow Jones News


Billabong (ASX:BBG)
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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) -- Japanese stocks rose Thursday after Federal Reserve Chairman Ben Bernanke said the pace of its bond purchases would depend on U.S. economic health, while Chinese shares fell on concern Beijing won't use stimulus to boost a slowing economy.

The Shanghai Composite Index surrendered 0.9%, after also losing 1% on Wednesday. The index is among the worst performing major Asia benchmarks this year -- down more than 10% from its closing level of 2012 -- as various economic indicators weakened while Beijing refrained from easing its policies.

Thursday's drop came after Chinese Finance Minister Lou Jiwei said Wednesday the government was unlikely to use massive fiscal stimulus this year, according to a statement posted on the ministry's website.

Elsewhere, Hong Kong's Hang Seng Index was flat in choppy trade, while South Korea's Kospi retreated 0.6%.

On the upside, Japan's Nikkei Stock Average added 0.5%, and Australia's S&P/ASX 200 edged up 0.2%.

Their performance came as U.S. stocks ticked higher Wednesday after the Fed chairman said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions.

"Fed Chairman Bernanke didn't deliver anything new in his testimony yesterday but still managed to provide further reassurance to markets. ... The positive tone will likely creep into Asian trading today in the absence of other key market drivers," said Crédit Agricole head of Asia global markets research Mitul Kotecha.

In addition to Bernanke's testimony to Congress, better-than-expected results from Bank of America Corp. (BAC) also helped banking shares advance on Wall Street.

Several major financial stocks posted gains following positive cues from the U.S. Sumitomo Mitsui Financial Group Inc. (SMFJY) rose 1.9% in Tokyo, National Australia Bank Ltd. (NABZY) added 0.9% in Sydney, and HSBC Holdings PLC (HBC) climbed 0.4% in Hong Kong.

Meanwhile, shares of Softbank Corp. (9984.TO) jumped 4.5% on news the Japanese telecommunications firm will form a 50-50 joint venture with Bloom Energy to deploy the U.S.-based firm's energy servers.

Toshiba Corp. (TOSYY) gained 2.3% after the Nikkei newspaper reported the company planned to invest in capacity expansion for smartphone chips for the first time in about two years.

Chinese property stocks declined, shrugging off official data showing new home prices continued to rise in a majority of Chinese cities in June.

Shares of China Overseas Land & Investment Ltd. (CAOVY) fell 1.2%, and China Resources Land Ltd. (CRBJF) shed 0.5% in Hong Kong, while Gemdale Corp. gave up 1.3% in Shanghai, and China Vanke Co. slid 1.1% in Shenzhen.

China Resources Power Holdings Co. gained 2% in Hong Kong after the company said allegations that the company had deliberately overpaid for coal assets in 2010 were "malicious slander." The gains follow a 10% slump Wednesday in the wake of the accusation.

In Australia, surfwear maker Billibong International Ltd. (BLLAY) climbed a further 3.6% on top of Wednesday's 34% surge, following news it has secured a private-equity loan and that it was replacing the company's chief executive.

A rise in U.S. crude-oil prices Wednesday helped lift energy producers. Japan Petroleum Exploration Co. gained 1.1% in Tokyo, and Santos Ltd. rose 2% in Sydney, while Kunlun Energy Co. (CNPXF) advanced 1.2% in Hong Kong.

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