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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  Asian stocks rally after Syria agreement

Asian stocks rally after Syria agreement

Go down  Message [Page 1 of 1]

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Any thought???





HONG KONG, September 16, 2013 (AFP) - Asian markets rallied on Monday as fears over a military strike on Syria receded after the United States and Russia agreed a deal that will see the Assad regime give up its chemical weapons.


Trade remained cautious, however, ahead of a two-day meeting at the US Federal Reserve where policymakers are expected to begin winding down the bank's stimulus programme.

Buying was also boosted and the dollar was lower after Larry Summers, the hawkish former treasury secretary tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race.

Hong Kong climbed 1.25 percent in the afternoon while Sydney ended 0.54 percent higher, adding 28.4 points to 5,248.0, as Seoul finished 0.96 percent, or 19.05 points, up at 2,013.37.

However, Shanghai eased 0.22 percent, or 4.82 points, to 2,231.40 on profit-taking after last week's healthy gains.

Tokyo and Kuala Lumpur were closed for public holidays.

Traders were given a strong cue from Wall Street, where the Dow rose 0.49 percent, the S&P 500 put on 0.27 percent and the Nasdaq advanced 0.17 percent.

Damascus said at the weekend it would commit to a plan to eradicate its chemical weapons after a deal brokered by Russia and the United States at the weekend that will avert a threatened attack by American forces.

US Secretary of State John Kerry and his Russian counterpart Sergei Lavrov announced the deal Saturday that will see Syria's toxic arsenal dismantled and destroyed by mid-2014.

Global markets were sent into a tailspin last month on expectations of a US-led strike that fuelled fears of a wider conflict in the Middle East.

Attention this week is on Washington and the Fed's plans for its $85 billion a month bond-buying scheme. With most economists betting the bank will announce a reduction of its purchases, the key issue is how quickly and by how much it will "taper".


Markets were taken a little by surprise after Summers decided to withdraw from the race to become the next Fed boss citing fears of an "acrimonious" confirmation process.

Analysts said the move means the two other top contenders for the post -- vice chair Janet Yellen and former vice chair Donald Kohn -- were architects of the Fed's bond-buying and supporters of the approach laid out by Bernanke. Summers was considered more hawkish towards the so-called quantitative easing scheme.

"Markets will take confidence from the view that a Yellen Fed is unlikely to put much pressure on economic growth rates by withdrawing monetary stimulus too soon." Ric Spooner, chief market analyst at CMC Markets, told Dow Jones Newswires.

In afternoon forex trade the dollar bought 98.77 yen, compared with 99.39 yen.

The euro was at $1.3368, compared with $1.3292 late Friday, while it also sat at 132.04 yen, compared with 132.11 yen.

On oil markets New York's main contract, West Texas Intermediate for delivery in October eased 86 cents to $107.35, while Brent North Sea crude for November declined 95 cents to $110.75.

Gold was $1,324.80 an ounce at 0700 GMT compared with $1,314.40 late Friday.
In other markets:

-- Taipei rose 1.39 percent, or 112.86 points, to 8,255.34.

Taiwan Semiconductor Manufacturing Co. climbed 2.93 percent to Tw$105.5 while smartphone maker HTC fell 1.44 percent to Tw$137.0.

-- Wellington rose 0.92 percent, or 42.68 points, to 4,693.62.

Telecom was up 2.20 percent at NZ$2,31 and

http://www.lankabusinessonline.com/news/asian-stocks-rally-after-syria-agreement/1596014831

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@slstock wrote:Any  thought???

http://www.lankabusinessonline.com/news/asian-stocks-rally-after-syria-agreement/1596014831
This was the only face saving mechanism for Putin & Obama. Russia supports Assad and Obama drew the red line. then obama passed the ball to congress. Obama has got himself into a real fix over syria.
With Russia & Iran  & (Hisbollah) backing Assad and Saudi Arabia, Turkey & Qatar (& Al Qaeda) backing the rebels, Syria is in a really messy situ. full blown Shia & Sunni proxy war.
In the short term, it will give everybody some breathing space. unless Assad defeats the rebels, you think he will give up his chemical weapons ? ultimately, the question is what will Israel do ? Syria shares its border. eventually Assad may have to go but the rebels too are not an attractive alternative.
   
Re Fed, it is good that Summers withdrew. it also signals that the "tapering" process will be slower. here too, the Fed seems to have caught a tiger by its tails ! by tapering QE bond buying program, it will result in rising interest rates & inflation and a stronger dollar, both bad for  growth of the economy, the reviving housing market (mortgage rates) & exports.

There is a lot of confusion & volatility in global markets nowadays. even the Americans are confused what all this means. they thought tapering was good news i.e. economy getting better, but now realize it could be bad for Equities, Bonds & Commodities. a case of good news is bad news !  Even the Indian Rupee is swinging wildly now up 10 % in the last 2-3 weeks !

A lot of confusion all over. ask D G Dayaratne. he knows ! :-)

Sri-Lanka is getting ready for a big party in November (CHOGM & Investor / business forum). Also Budget and Oil & Gas bidding rounds to start. No point having a party without some good music in the background ? who will provide the music ? who will be the deejay ? !

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Fantastic. Specially like the last para.


@The Alchemist wrote:
@slstock wrote:Any  thought???

http://www.lankabusinessonline.com/news/asian-stocks-rally-after-syria-agreement/1596014831
This was the only face saving mechanism for Putin & Obama. Russia supports Assad and Obama drew the red line. then obama passed the ball to congress. Obama has got himself into a real fix over syria.
With Russia & Iran  & (Hisbollah) backing Assad and Saudi Arabia, Turkey & Qatar (& Al Qaeda) backing the rebels, Syria is in a really messy situ. full blown Shia & Sunni proxy war.
In the short term, it will give everybody some breathing space. unless Assad defeats the rebels, you think he will give up his chemical weapons ? ultimately, the question is what will Israel do ? Syria shares its border. eventually Assad may have to go but the rebels too are not an attractive alternative.
   
Re Fed, it is good that Summers withdrew. it also signals that the "tapering" process will be slower. here too, the Fed seems to have caught a tiger by its tails ! by tapering QE bond buying program, it will result in rising interest rates & inflation and a stronger dollar, both bad for  growth of the economy, the reviving housing market (mortgage rates) & exports.

There is a lot of confusion & volatility in global markets nowadays. even the Americans are confused what all this means. they thought tapering was good news i.e. economy getting better, but now realize it could be bad for Equities, Bonds & Commodities. a case of good news is bad news !  Even the Indian Rupee is swinging wildly now up 10 % in the last 2-3 weeks !

A lot of confusion all over. ask D G Dayaratne. he knows ! :-)

Sri-Lanka is getting ready for a big party in November (CHOGM & Investor / business forum). Also Budget and Oil & Gas bidding rounds to start. No point having a party without some good music in the background ? who will provide the music ? who will be the deejay ? !

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The Alchemist.. top marks..!!!

Strategy of Qatarian government is defa the one to watch on world stage.

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