Wednesday, November 26, 2014   

Asia shares rise
(02-11 10:49)

Asia's markets edged up Tuesday, with investors sitting on the sidelines as they await the first testimony of the Federal Reserve's new head to find out what her plans are for its stimulus program.
Janet Yellen, who took over as the bank's chair at the start of the month, will testify to a House of Representatives committee later in the day on the state of the economy and the course of monetary policy.
Hong Kong rose 0.67 percent, Sydney added 0.47 percent, and Seoul was 0.10 percent higher but Shanghai was 0.16 percent lower after surging almost two percent Monday.
Tokyo was closed for a public holiday.
The latest gains indicate traders' nerves may have settled after the turmoil seen earlier February after the Fed said it would further reduce its bond-buying scheme and US and Chinese manufacturing data came in below forecast.
Markets brushed off a second straight set of poor jobs data Friday, with some blaming severe winter weather for the weak growth, while also pointing to positive news such as a rise in labour force participation.
Yellen's testimony will be pored over by analysts to see if she gives any indication that the central bank will slow down its stimulus tapering. In December the Fed said it would cut its monthly purchases by US$10 billion to US$65 billion. It then announced a similar move this month, sending markets spinning. --AFP
   
Other Business breaking news:
Europe's biggest bank names new boss in reshuffle (11-25 18:49)
Hang Seng down at close (11-25 16:50)
Consumer spending helps Germany skirt recession in Q3 (11-25 16:49)
German business confidence index Ifo rises in November (11-24 17:11)
Hang Seng, Shanghai jump on PBoC rate cute (11-24 16:31)
European stocks mixed at open (11-24 16:15)
Hang Seng jumps by lunch (11-24 12:26)
PBOC to inject liquidity if necessary (11-21 19:03)
China cuts interest rates (11-21 18:41)
Indexes track Connect (11-21 17:35)

More breaking news >>

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