Australian Stocks: What Happened Today?

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This story features COMMONWEALTH BANK OF AUSTRALIA.
For more info SHARE ANALYSIS: CBA
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

Download related file: afternoon_report_2013-03-12

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

Asian stocks reverse gains on weak Japanese data

Japanese stocks led Asian markets higher in early trade as the yen slumped for a fifth day against the dollar, touching a 3 ½ year low in the longest losing streak since November. The Bank of Japan’s deputy governor nominee Kikuo Iwata said decisive monetary easing is needed, ahead of confirmation hearings in Japan’s parliament this week for BoJ governor nominee Haruhiko Kuroda.

The ASX 200 hit a 4 ½ year intraday high of 5163 just after the open today as Commonwealth Bank ((CBA)), the second-largest stock on the ASX, hit a record high of $70.95.

Asian stocks reversed gains after a report showed purchases of capital goods in Japan dropped 0.1% last month and a gauge of Japanese service industries fell more than expected. Not even strong data out of India could help undo the damage. Indian industrial production climbed 2.4% from a year earlier in January, beating an expected 1.3% gain, after a 0.5% drop in Dec that was less than previously estimated. Tomorrow, the government will release Australian home loan data.

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.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd (‘Seismic Research’) accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

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