Australia | Feb 01 2013
Download related file: afternoon_report_2013-02-01
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asian markets mixed as China PMI disappoints
The Australian market returned to gains today, ending the week at levels not seen since April 2011 despite a gauge of China’s manufacturing unexpectedly falling. The Australian market has closed up 11 days out of the last 12, with miners and banks leading the charge.
Asian markets, on the other hand, were mixed today, with the Hang Seng down as China’s official manufacturing purchasing managers index (PMI) fell to 50.4, below analysts’ expectations of 51. Japan’s Nikkei, meanwhile, traded in positive territory, buoyed by positive corporate earnings data and a weaker yen.
Japan is currently in its earnings season, with more than 90 companies releasing their earnings data today. So far 58% of companies have beaten profit estimates, indicating that economic growth and business conditions are improving in Japan. The recent election of Prime Minister Shinzo Abe, and continued optimism that his government is taking concerted efforts to end deflation, has seen the Nikkei-225 rally nearly 8% in the last month.
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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