Australia | Jan 24 2013
Download related file: afternoon_report_2013-01-24
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asian markets fluctuate on a string of reports & data
Suppliers to Apple Inc. led Asian markets lower in early trade after the world’s largest company (by market cap) reported its slowest profit growth since 2003. Apple tumbled as much as 11% in extended trading after saying its earnings rose less than 1% US$13.1 billion in Q4 on sales growth of 18%.
In a day packed with data, the Hang Seng briefly reversed losses after HSBC said China’s manufacturing activity grew at the fastest pace in two years in Jan, only to move back into negative territory after North Korea said it will conduct a nuclear test “targeted” at the U.S., after U.S. pushed additional sanctions through the United Nations. North Korea’s rhetoric, combined with a report showing slower than expected Q4 GDP growth, meant that South Korea’s KOSPI index was the worst performer for the major Asian indices.
In a day of divergence, however, Japan’s market led the ASX higher as the yen ended a three day rally, amid bets Japan’s Prime Minister will push for faster quantitative easing, after Japan posted a larger than expected drop in exports.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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