1. Asia Stocks Up Slightly On Strong US Earnings
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BANGKOK (AP) – Asian stock markets posted slight gains Monday after strong U.S. earnings
pushed Wall Street indexes to multi-year highs, though Japan’s Nikkei dipped amid
profit-taking.
The U.S. is due to report durable goods and pending home sales for December later in the day,
but the numbers would have to sharply disappoint to dampen enthusiasm for stocks, analysts
said.
“The heavy slate of US data releases this week will keep markets busy but overall we see little
to dent the positive tone to risk assets over coming sessions,” Mitul Kotecha of Credit Agricole
CIB in Hong Kong wrote in a market commentary.
The Nikkei in Tokyo opened higher but then slipped 0.1 percent to 19,917.40 as investors
cashed in shares following strong gains. Hong Kong’s Hang Seng rose 0.5 percent to
23,702.93. Benchmarks in mainland China, Singapore, Taiwan and the Philippines also rose.
South Korea’s Kospi fell 0.6 percent to 1,934.54, dragged down at Samsung Electronics, the
world’s No. 1 smartphone maker, which plunged 3.2 percent after Friday saying the strong won
would hurt earnings this year. Steelmaker POSCO lost 3.5 percent. Australian markets were
closed for a public holiday.
On Friday, the Standard and Poor’s 500 index closed above 1,500 for the first time in more
than five years after good earnings reports from Starbucks and Procter & Gamble, the world’s
largest consumer products maker.
The S&P 500 index rose 0.5 percent to 1,502.96. The index had not closed above 1,500 since
December 2007, the start of the worst economic downturn since the 1930s.
The Dow Jones industrial average rose 0.5 percent to close at 13,895.98. The Nasdaq
composite rose 0.6 percent to 3,149.71.The Dow is now just 268 points below its record high of
14,165, reached on Oct. 9, 2007, two months before the Great Recession began.
Benchmark oil for March delivery was up 11 cents to $95.99 per barrel in electronic trading on
the New York Mercantile Exchange. The contract fell 7 cents to close at $95.88 in trading on the
Nymex. It ended the week with a gain of 32 cents.
In currencies, the euro slipped to $1.3455 from $1.3467 late Friday in New York. The dollar rose
to 91.11 from 90.98 yen.
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2. The euro rose to an 11-month high against the dollar Friday after the European Central Bank
said banks in the region were expected to pay back emergency loans faster than previously
expected, increasing confidence that Europe’s debt crisis is easing.
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Asia Stocks Up Slightly On Strong US Earnings
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