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Asia Market Update

Forex_Asia-Markets_slowing_FXPIG

The global stock rally showed signs of slowing Tuesday, with many Asia-Pacific indexes little changed ahead of the start of the Chinese Communist Party’s congress.

One exception was Australia, where stocks rebounded thanks to stronger commodity prices. The S&P/ASX 200 XJO, +0.77% was recently up 0.7% as it got a lift from Rio Tinto RIO, +1.48% and BHP Billiton BHP, +1.21%. Their shares rose more than 1%, with Rio hitting another 3½-year high.

Japanese stocks were also off to a good start, with the Nikkei NIK, +0.03% rising as much as 0.7%. But it struggled to stay in positive territory as the yen pulled back from session lows. The Nikkei was recently down 0.1%.

Indexes in Taiwan Y9999, -0.15% and New Zealand NZ50GR, +0.23%, which have been on 10-day winning streaks like Japan, were both down slightly for the session.

Monday’s inflation data from China continued to be a market focus, said Chris Weston, chief market strategist at IG Markets. The report, which included higher-than-expected producer-price growth, helped to send money into copper, which reached fresh three-year highs, he said.

Meanwhile, stock-market traders are also “likely pre-positioning” ahead of China’s third-quarter growth report, which is due Thursday, Weston said.

Elsewhere, Korea’s Kospi index SEU, +0.25% rose 0.1% as index heavyweight Samsung Electronics 005930, +2.52% rebounded 1.5%.

Crude prices were down slightly in Asian trading after some of Monday’s gains were pared by yesterday’s settlement. Oil stocks fell in Japan, though they rose in Australia.

Source: marketwatch.com

The global stock rally showed signs of slowing Tuesday, with many Asia-Pacific indexes little changed ahead of the start of the Chinese Communist Party’s congress.

One exception was Australia, where stocks rebounded thanks to stronger commodity prices. The S&P/ASX 200 XJO, +0.77% was recently up 0.7% as it got a lift from Rio Tinto RIO, +1.48% and BHP Billiton BHP, +1.21%. Their shares rose more than 1%, with Rio hitting another 3½-year high.

Japanese stocks were also off to a good start, with the Nikkei NIK, +0.03% rising as much as 0.7%. But it struggled to stay in positive territory as the yen pulled back from session lows. The Nikkei was recently down 0.1%.

Indexes in Taiwan Y9999, -0.15% and New Zealand NZ50GR, +0.23%, which have been on 10-day winning streaks like Japan, were both down slightly for the session.

Monday’s inflation data from China continued to be a market focus, said Chris Weston, chief market strategist at IG Markets. The report, which included higher-than-expected producer-price growth, helped to send money into copper, which reached fresh three-year highs, he said.

Meanwhile, stock-market traders are also “likely pre-positioning” ahead of China’s third-quarter growth report, which is due Thursday, Weston said.

Elsewhere, Korea’s Kospi index SEU, +0.25% rose 0.1% as index heavyweight Samsung Electronics 005930, +2.52% rebounded 1.5%.

Crude prices were down slightly in Asian trading after some of Monday’s gains were pared by yesterday’s settlement. Oil stocks fell in Japan, though they rose in Australia.

Source: marketwatch.com

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