Asian Shares Rise, Led by Japan

By Staff,

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Asian stocks gained, with Japan jumping on better-than-expected machinery orders.

Machinery orders rose 4.9% from a year earlier in June, beating the 2.6% increase projected by economists in a Bloomberg survey.

Additional support stemmed from a Nikkei report that Prime Minister Shinzo Abe is also mulling a corporate-tax cut.

Meanwhile in Australia, a survey published by National Australia Bank showed business sentiment fell to minus three in July from zero in June. A reading below zero indicates that pessimists outnumber optimists.

A separate reading of business conditions, which include profitability, employment levels and forward orders, remained at a four year low of minus seven, unchanged from the previous month.

In ADR news, Sina ( SINA ) reported Q1 adjusted EPS of $0.21 on $157.5 million in revenue. Analysts surveyed by FactSet had forecast EPS of $0.12 a share on $145.6 million in revenue.

ChinaCache International ( CCIH ) says its self-service CDN platform, Webluker, will integrate its CDN and other services with Windows Azure China and provide these services to customers in China, and will migrate its hosting to Windows Azure in China in the meantime. By building on the Windows Azure technology, CCIH says it will be able to scale Webluker as its user base grows. Webluker is sold under a "pay-as-you-go" model, enabling businesses to match the services to their needs and reduce IT investment, the company says.

Simcere Pharmaceutical ( SCR ) says Q2 sales from continuing operations were RMB483.0 million (US$78.7 million), below estimates for $91.58 million. EPS from continuing operations were RMB0.16 (US$0.03), below estimates for $0.12.

The Nikkei ended up 2.57% to 13,867, the Hang Seng up 1.21% to 22,541.13 and the Straits Times up 0.37% at 3,244.12.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CCIH , SCR , SINA

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