Asian markets start week on a positive note
09 Feb 2009 | 18:29 Asian markets start week on a positive note
Asian markets started the week on a positive note with the market participants hoping for the quick passage of a large U.S. economic stimulus package and a less than expected slide in December core machinery orders in Japan supporting the Asian exporters. However, on the whole, the global economic outlook is still messy as the US economy reported a dismal piece of economic data in the form of the form of non-farm payrolls
The statistics from the US Labor Department's employment situation report showed that through January, national payrolls shrunk by 598,000 jobs. This was the largest contraction since December of 1971.
Meanwhile, the Asian markets drew comfort from the fact that the utterly negative non farm payrolls is likely to quicken the pace for the passage of a large U.S. economic stimulus package and in turn displayed the same exuberance which pushed the Dow Jones up by more than 200 points on Friday.
Chinese shares rose on hopes for government policies to stimulate falling demand, while banks lifted Indian stocks on speculation of further interest-rate cuts. The Nikkei 225 ended down 1.3% to 7969.03 in Tokyo, after rising more than 2% earlier in the day.
In India, benchmark Sensex rose to one-month high at 9,583.89 in intraday moves on expectations of tax sops in the forthcoming interim budget even after a lower GDP growth rate was projected.
The Central Statistical Organisation (CSO) on Monday projected India's GDP growth for 2008-09 at 7.1 per cent, less than last year's 9 per cent, as the global financial crisis hammered manufacturing, financial services and farm sector output.
In other regional markets, Taiwan's main index gained 0.5%, Australia's S&P/ASX 200 rose 1.1% and New Zealand's NZX-50 fell 0.3%, while South Korea's Kospi erased an early rise to end 0.6% down at 1202.69.
Indonesia shares fell 1.1% with Philippine shares up 0.5%.
Asian markets started the week on a positive note with the market participants hoping for the quick passage of a large U.S. economic stimulus package and a less than expected slide in December core machinery orders in Japan supporting the Asian exporters. However, on the whole, the global economic outlook is still messy as the US economy reported a dismal piece of economic data in the form of the form of non-farm payrolls
The statistics from the US Labor Department's employment situation report showed that through January, national payrolls shrunk by 598,000 jobs. This was the largest contraction since December of 1971.
Meanwhile, the Asian markets drew comfort from the fact that the utterly negative non farm payrolls is likely to quicken the pace for the passage of a large U.S. economic stimulus package and in turn displayed the same exuberance which pushed the Dow Jones up by more than 200 points on Friday.
Chinese shares rose on hopes for government policies to stimulate falling demand, while banks lifted Indian stocks on speculation of further interest-rate cuts. The Nikkei 225 ended down 1.3% to 7969.03 in Tokyo, after rising more than 2% earlier in the day.
In India, benchmark Sensex rose to one-month high at 9,583.89 in intraday moves on expectations of tax sops in the forthcoming interim budget even after a lower GDP growth rate was projected.
The Central Statistical Organisation (CSO) on Monday projected India's GDP growth for 2008-09 at 7.1 per cent, less than last year's 9 per cent, as the global financial crisis hammered manufacturing, financial services and farm sector output.
In other regional markets, Taiwan's main index gained 0.5%, Australia's S&P/ASX 200 rose 1.1% and New Zealand's NZX-50 fell 0.3%, while South Korea's Kospi erased an early rise to end 0.6% down at 1202.69.
Indonesia shares fell 1.1% with Philippine shares up 0.5%.
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