Asian stocks mostly eased as a possible strike on Syria looks
On Wednesday, U.S. House of Representatives Speaker John Boehner
backed President Barack Obama's call for action against Syria.
Around the region, Markit/HSBC Services Purchasing Managers'
Index (PMI) for China climbed to 52.8 in August after seasonal
adjustments, up from July's 51.3 and the highest since March.
Australia's GDP rose 0.6% in Q2, or 2.6% compared to the
year-earlier quarter, the Australian Bureau of Statistics reported.
In the January-March period, GDP rose 0.6%, or 2.5% from a year
earlier, matching estimates from a Reuters survey of
The Bank of Japan started its two-day policy meeting on
Wednesday. General expectations are for the BOJ to keep rates
Shares of big Chinese paper makers registered gains for a second
day after the Chinese government indicated it was in favor of
reforming the industry to reduce overcapacity.
In ADR news, Canon (
) says it will buy back up to 18 million of its shares, or about
1.6% of outstanding shares, for as much as 50 billion yen ($502
million). The buybacks will take place between Sept. 4 and Nov.
News Corp (
) sold a collection of community newspapers called the Dow Jones
Local Media Group to an affiliate of Fortress Investment Group LLC
for an undisclosed amount.
China Information Technology (
) says its wholly-owned Chinese subsidiary, Information Security
Technology (China) Co., Ltd. entered into an exclusive cooperation
agreement with Biznest Internet & Software Co., Ltd., effective
as of September 2. During the three-year term under the agreement,
Biznest will build a cloud information platform (named CNIT Public
InfoPlatform) for the company to serve as the data storage and
exchange and cloud computing base for all cloud-based products of
the company. Biznest will take charge of the hardware construction,
software development and system maintenance, while the company will
be responsible for the Platform's management, operation and product
sales and marketing. In addition, IST will have the sole
distributorship and naming rights for other internet-based hardware
and software products developed by Biznest.
China Hydroelectric Corporation (
) says its Board of Directors has received a preliminary
non-binding proposal letter from NewQuest Capital Partners to buy
CHC for $0.99 in cash per ordinary share or $2.97 in cash per
The Nikkei rose 0.54% to 14,053.87, the Hang Seng dropped 0.31%
to 22,326.22 and the Straits Times was down 1.29% at 3,015.42.
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