Asian stocks, euro climb on back of Chinese performance
13 Sep 2010
Asian stocks rose today, sending the region's benchmark stock index to a four-month high, as stronger-than-estimated industrial output data in China eased concerns over the ongoing global economic recovery. The euro also rose against other major currencies in Asia as risk appetite recovered on relief over new banking rules and higher stock prices, dealers said.
The MSCI Asia Pacific Index rose 1 per cent to 123.05 as of 11:32 a.m. in Tokyo, on course for its highest close since 4 May. Japan's Nikkei 225 Stock Average was up 1 per cent at 9,331 while Australia's S&P/ASX 200 index was up 1.2 per cent at 4,657. The Hang Seng Index added 1.3 per cent to 21,530.78 and the China's Shanghai Composite added 0.1 per cent to 2,666.83.
Crude oil climbed to US$77.30 a barrel and copper increased for the first time in three days.
China's industrial production rose 13.9 per cent in August from a year earlier, more than the 13 per cent median estimate of economists, a statistics bureau report showed on 11 September.
Consumer prices jumped 3.5 per cent, the most in 22 months, as food costs climbed. China's retail sales rose 18.4 per cent from a year earlier, picking up from July's 17.9 per cent increase.
Banking stocks also rose in line with a broad rally in Asian lenders after new capital norms agreed by global regulators were less stringent than feared.
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