Australia | Mar 15 2013
Download related file: afternoon_report_2013-03-15
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asian stocks rally on strong lead, BoJ confirmations
Asian stocks posted broad gains today on a strong lead from Europe and the U.S. after European Union leaders said they may grant governments extra time to bring down deficits and a report showed U.S. jobless claims unexpectedly dropped last week.
Regional markets extended gains today and the yen held near a 3 and a half year low against the greenback after Japan’s upper house confirmed all three of the government’s nominees to the Bank of Japan’s top posts. Gains for the yen were limited, however, as a former Finance Ministry official Eisuke Sakakibara said the currency would struggle to weaken beyond 100 and inflation in the will never reach Prime Minister Shinzo Abe’s 2% target.
The prospect of more monetary stimulus and a stronger U.S. economy acted as a double boost for Japan’s exporters, with Honda Motor Co., that gets 44% of its sales from North America, gaining 2.3% and Sony Corp., Japan’s biggest exporter of consumer electronics, surging 9.7%.
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.
Disclaimer: This document is intended solely for informational purposes and solely for the particular person to whom it was provided by Seismic Research Solutions Pty Ltd (‘Seismic Research’, ABN: 96 143 340 194). This document should not be relied upon by any other person. All statements contained herein are subject to change without notice. This document is not an offer to buy or sell any financial instruments. This document contains general advice only. In preparing this document, Seismic Research has not taken into account any recipient’s investment objectives, financial situation or particular needs of the reader. Seismic Research is not acting as advisor or fiduciary in providing this document, the reader should not make an investment decision on the basis of this document. Although we believe that the information this document contains is accurate and reliable, Seismic Research has not independently verified the information contained in this document, which is derived from publicly available sources. Seismic Research is an Authorised Representative of an Australian Financial Services Licence holder (AFSL: 338 943). Authorised Representative number: 389 109.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.