Issue: February 10, 2010 (Archive)

Wednesday, February 10, 2010

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Weak Japan data weigh on regional benchmarks
Regional benchmarks reeled from Friday's losses on Wall Street while a sharper-than-expected 0.3 percent contraction in Japan's economy during the second quarter also hurt sentiment. Tokyo fell more than 2 percent to hit a three-week low with the Nikkei average losing 2.2 percent as a stronger yen drove down exporters.

PetroChina in second Aussie LNG deal
Chinese energy giant PetroChina (0857) agreed to a potential US$37 billion (HK$288.6 billion) deal yesterday with Woodside Petroleum in its second bid for long-term supplies of Australian liquefied natural gas this week.

Record number set to lose homes as US woes deepen
The number of Americans who may lose their homes to foreclosure rose to a record in the second quarter and late payments by subprime borrowers surged to one out of every seven loans.

Second day of index lapse tests traders trust
Singapore Exchange posted faulty values for the benchmark Straits Times Index or STI for the second day in a row, testing the trust of market participants and casting doubt on its ambitions of becoming a world-class exchange.

Region shrugs off Wall St slide
Most regional benchmarks advanced yesterday as investors went bargain hunting despite US shares falling on Wall Street overnight.

Benchmark nearly doubles from start of year
The Shanghai Composite Index jumped 1.56 percent yesterday, nearly doubling since the start of this year, as institutions bought blue chips in response to news that stock index futures might be launched soon.

Blue chips end flat as financials buoy H shares
Hong Kong blue chips held steady yesterday as investors sold off heavyweights China Mobile (0941) and HSBC Holdings (0005), a day before their weightings in the market's benchmark index are set to be capped.

Fresh high for yuan after Bush, Hu meet
The yuan hit a fresh post-revaluation high against the dollar yesterday after President Hu Jintao and US counterpart George W Bush met in Sydney to discuss issues including the currency.

Experts boost reserves manager
An agency set to manage a sizable chunk of the mainland's forex reserves strengthened its management by bringing on board experienced investment professionals Gao Xiqing, vice chairman of the National Social Security Fund and Goldman Sachs managing director Fred Hu, according to a media report.

Central bank eases subprime pressure
Australia's central bank said it will buy debt backed by home loans to add cash to the financial system, after the US subprime credit rout eroded demand for asset- backed securities and drove up interest rates.

Australian lenders forced to shift loans
Australian banks are having to shift billions of dollars of loans from separate investment vehicles back on to their balance sheets as a global credit squeeze cuts off the supply of once-abundant funding.

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