Asian stocks gained after Tokyo won its bid to host the 2020
Olympic games, and China posted strong data.
China's exports rose 7.2% from a year earlier, the General
Administration of Customs said over the weekend. That exceeded the
5.5% median estimate of analysts surveyed by Bloomberg News.
Consumer prices rose 2.6%, in line with economists' forecast and
below a government target, leaving room for extra stimulus if
Chinese banks also found support from a report late Friday from
the Economic Observer saying that some banks were to be allowed to
issue preferred shares on a trial basis - non-tradable stock that
doesn't come with voting rights but has a fixed dividend payout.
Banks also rallied on speculation they will benefit from a
broadened free trade zone, the WSJ reports.
Japan's economy expanded a revised 3.8% in Q2 on an annualized
basis, up from an original estimate of 2.6%.
In Australia, Tony Abbott's Liberal-National coalition won the
country's weekend election and is heading for the biggest
parliamentary majority since at least 2004, ushering in a
government pledging to abolish a carbon price and mining tax. BHP
) gained on the win.
The number of Australian home-loan approvals rose a seasonally
adjusted 2.4% in July from June, the Bureau of Statistics said.
Economists surveyed ahead of the announcement had expected a rise
In ADR news, Hanwha SolarOne (
) said its Q2 loss narrowed to $0.32 per American depository share
from a loss of $0.43 in Q1. The Non-GAAP net loss per ADS was $0.25
compared to the average Capital IQ estimate for a loss of $0.32.
Total revenues were at 192.7 million compared to $179.2 million in
Q1. In Renminbi amounts on a year-over-year basis, the net loss per
RMB narrowed to RMB1.96 from a loss of RMB3.16 a year ago while
revenues rose to RMB1.18 billion from RMB1.07 billion.
Cogo Group (
) said a plan to sell about 30% of its assets to founder and CEO
Jeffrey Kang for about $80 million is "progressing smoothly."
The Nikkei ended up 2.5% at 14205.23, the Hang Seng up 0.6% at
22750.65 and the Straits Times up 1.31% at 3,088.20. The Shanghai
Composite rose 3.4% to 2212.52.
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