Asia: Rally running out of steam
Faltering Japanese shares and lower prices in South Korea and Taiwan are putting the brakes on the Asian stock market rally.
With a week to go, Morgan Stanley Capital International’s Asia-Pacific index was 4.1 percent higher for the first quarter after climbing an aggregate 24 percent in the previous two quarters. Concern that borrowing costs will rise in the United States and elsewhere may limit further gains.
“There’s considerable nervousness about the direction of interest rates,” said Geoff Lewis at JF Asset Management.
“After having such a strong run earlier, markets need some time to catch their breath.”
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Deutsche Bank named largest foreign exchange house in Asia and globally for the second year running
Deutsche Bank has reinforced its position as the largest foreign exchange trading bank in Asia, and globally, according to a major global market share survey undertaken by respected capital markets magazine, Euromoney. The Euromoney 2006 survey gathered information from 6,322 wholesale foreign exchange clients globally, including corporate treasurers and fund managers.
According to the results, Deutsche Bank is the pre-eminent foreign exchange trading house in Asia with 18.22% market share. UBS finished in second place in Asia while Goldman Sachs was in third place.
Asia: Exporters extend rally
Asian stocks rose for a sixth day on Tuesday, with exporters like Toyota and Samsung Electronics helped by the dollar's strength against the yen and won, which lifted the value of their U.S. sales.
And Kyocera, the world's largest maker of ceramic packaging for semiconductors, surged ¥910 to ¥10,450 after saying profit had risen for the first time in five quarters.
"The currency move is boosting exporters' profits," said Yoshihisa Okamoto at Fuji Investment Management. "Buying momentum is quite strong, stimulated by robust earnings."
The Morgan Stanley Capital International Asia-Pacific index rose 1.02 points
Wall Street, Asia rally power ADRs
Surging benchmarks from Wall Street to the Pacific Rim propelled Asian shares trading in New York Friday to lofty heights.
The Bank of New York Asia American Depositary Receipt Index was last up 2.45 points, or 1.8%, to 138.96 and the overall Composite Index was 2.35 points, or 1.7%, higher at 142.09.
Earlier, South Korea's Kospi index closed at a new all-time high, up 1.2% to 1,412.79. In Tokyo, the bellwether Nikkei 225 finished up 2.84 points at 16,428.21, its highest close since September 2000. See Asia Markets.
Subsequently, Korean ADRs posted the most consistently solid gains.
Asia Roundup: Markets rally after Fed hints at pause
HONG KONG: Asian stock markets shot higher yesterday on Wall Streets lead after the Federal Reserve (Fed) hinted at a pause in US interest rate rises, soothing fears over slowing global growth, dealers said.
Dealers said that while the Fed left open the possibility of further rate increases it appeared to tone down the risk of inflation while indicating that the US economy also appears to be cooling.
The markets were now taking the view there may be one more rate rise either in August or September to 5.5 per cent and then
Cancel deal with Asia Energy
Environmental groups at a rally in the city yesterday demanded immediate cancellation of the Phulbari Coal Project contract signed with the Asia Energy Corporation (AEC).
Terming the contract against the interest of the country, they said extraction of coal in open-pit system will cause damage to the environment of the whole area and will also hinder the economic activities of the area.
Bangladesh Paribesh Andolon (Bapa) organised the rally at Shahbagh in the city where representatives of 15 environmentalist organisations including Nagorik Sanghati, Green Voice, Sheba, Sundar Jibon, Peace, Citizen Rights Movement, and The Hunger Project expressed solidarity
