EU keeps UK waiting on Brexit delay, Johnson gears for an election    African continent is one of the main markets attracting investment and trade    EU lawmakers reject Turkey's 'safe zone' in Syria, eye sanctions steps    Putin aims to boost Moscow's clout with Russia-Africa summit    River reaches Copa Libertadores final despite loss at Boca    Germany may grant UK short Brexit extension to allow smooth ratification    Guardiola backs 'extraordinary' Sterling to keep on improving    Manchester United ban supporter for alleged racist abuse in Liverpool draw    Cairo to host Munich Security Conference follow-up meeting this week    Egypt's Investment Minister praises China's Belt, Road initiative    Gold moves sideways as investors seek clarity on Brexit, trade war    Oil drops after data shows bigger-than-expected build in U.S. inventory    European markets mostly lower as Brexit hits another roadblock    Deploying all tools for GERD    Selling water and electricity to Egypt    ‘Uncovering the potential for cooperation'    Cairo drowning    Taxes on the bourse    Liverpool's Egyptian star Mohamed Salah among 2019 Ballon d'Or nominees    Egypt's parliament endorses €205 mln loan deal with EBRD to upgrade Cairo Metro's first line    Egypt's train fares to not increase until developing services – minister    Liverpool's Egyptian winger Salah ruled out of Manchester United clash    WHO hails 'triumph' as Ebola vaccine gets European green light    Current and ex smokers may lower lung cancer risk with exercise    France's President Macron receives Egypt's Coptic Pope Tawadros II at Elysee    After a young pupil dies of meningitis in Egypt, tips to help prevention    Grand Nile Tower Arts & Cultural Centre launches second round    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Luxor's new discoveries    Moroccan film Nomades scoops awards in Alexandria Film Festival    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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Asia Stocks Set to Snap Longest Winning Streak Since Jan.
Published in Amwal Al Ghad on 09 - 08 - 2013

Asia's benchmark stock index is on course to snap its longest weekly winning streak since January after Nikon Corp. (7731) cut its profit forecast and as investors await Chinese industrial production data.
Nikon, a Japanese camera maker, slumped 15 percent, dragging consumer shares lower. BHP Billiton Ltd. (BHP), the world's largest mining company, climbed 1.9 percent in Sydney, leading raw-materials firms to the largest advance among the 10 industry groups of the Asia-Pacific benchmark gauge. DeNA Co., a mobile-game site operator, surged 9.2 percent after posting a 9.6 percent increase in first-quarter sales.
The MSCI Asia Pacific Index slid 0.2 percent to 133.56 as of 12:48 p.m. in Tokyo, with four stocks falling for every three that rose. The gauge is headed for a 1.5 percent decline this week, ending six weeks of gains. That was the longest run of weekly gains since the first week of this year.
"Earnings expectations are high," Evan Lucas, a Melbourne-based market strategist at IG Markets Ltd., a provider of trading services for equities, currencies and commodities, said by telephone. "Things had started to get to a top. We need to see if the Chinese government is in control and pulling the right levers for the economy."
The MSCI Asia Pacific Index fell 7.3 percent through yesterday from a five-year high on May 20 amid concern a slowdown in Chinese growth will worsen and as the Federal Reserve weighed a reduction in U.S. stimulus. The gauge gained 3.4 percent this year through yesterday, compared with a 19 percent surge on the S&P 500.
Regional Gauges
The Asia-Pacific measure traded at 13 times estimated earnings as of yesterday, compared with 15.4 for the S&P 500 Index and 13.9 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
Japan's Topix rose 0.3 percent, on track for the worst weekly performance among 24 developed markets tracked by Bloomberg. Even after falling the past three months, the gauge is still up 33 percent this year though yesterday, retaining Japan's position as the world's best-performing developed equity market. The measure has risen amid optimism Prime Minister Shinzo Abe will push through reforms while the Bank of Japan provides record stimulus.
Hong Kong's Hang Seng Index added 0.3 percent and China's Shanghai Composite slid 0.6 percent. Australia's S&P/ASX 200 Index fell 0.3 percent and South Korea's Kospi index was little changed. New Zealand's NZX 50 Index retreated 0.5 percent. Markets in India, Singapore, Malaysia, Indonesia, and the Philippines are closed for holidays.
Futures on the Standard & Poor's 500 Index (SPX) were little changed. The equity measure climbed 0.4 percent yesterday, halting a three-day drop, as Chinese trade data topped estimates and jobless claims fell.
China Inflation
China's annual inflation rate remained at 2.7 percent in July from June. Growth in industrial output may remain unchanged at 8.9 percent from a month earlier, according to a Bloomberg survey of economists.
The Chinese government has signaled that it will defend its 7.5 percent economic-growth target for the year after expansion slowed for a second quarter. China last month announced measures to support the economy, including ordering companies in 19 industries to curb overcapacity as well as tax cuts for small firms and aid to exporters. Data yesterday showed exports rose 5.1 percent in July, while imports advanced 10.9 percent.
Claims for U.S. unemployment benefits in the four weeks ended Aug. 3 declined to 335,500 on average, the least since November 2007, a report showed yesterday. They rose to 333,000 last week, in line with the median forecast of 50 economists surveyed by Bloomberg News, from 328,000 the prior week.
Nikon slumped 15 percent to 1,707 yen after cutting its full-year net income estimate by almost a quarter as demand for compact cameras weakens. Global shipments of compact digital cameras slid 48 percent in May compared with a year earlier, according to the Camera & Imaging Products Association in Tokyo.
Yamada Denki Co. tumbled 16 percent to 3,280 yen after the electronics retailer reported a loss last quarter.
DeNA surged 9.2 percent to 2,030. The gaming operator reported a 9.6 percent increase in quarterly sales.
The MSCI Asia Pacific Materials Index climbed 0.6 percent, heading for a seventh week of gains. BHP Billiton advanced 1.9 percent to A$35.97 and Rio Tinto Group (RIO), the world's second-largest mining company, added 1.7 percent to A$60.50. Jiangxi Copper Co., China's biggest producer of the metal, rose 3 percent to HK$13.90 in Hong Kong.
Source: Bloomberg


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