Stocks (MXWD) rose, driving the MSCI All Country World Index to a four-week high, as commodities and the Australian dollar climbed on signs of increased manufacturing output around the world.
MSCI’s gauge of global equities advanced 0.5 percent as of 4:27 p.m. in Hong Kong, poised for the highest close since Dec. 7. The Stoxx Europe 600 Index (SXXP) rallied 0.8 percent. The so-called Aussie gained against most of its 16 major peers and South Korea’s won strengthened 0.4 percent to 1,150.82 per dollar. Oil and copper jumped at least 1.1 percent.
Australian manufacturing (AIGPMI) expanded for the first time in six months, an industry survey showed today, adding to evidence the global economy is strengthening after German and Chinese factory output reports beat economist estimates in the past two days. Data later today may show a U.S. manufacturing gauge climbed to a six-month high in December, according to a survey of economists’ forecasts compiled by Bloomberg.
“Positive economic data provide a catalyst for a small new-year rally,” said Pauline Dan, who oversees $480 million as chief investment officer at Samsung Asset Management in Hong Kong. “We’ll probably see more headwinds from Europe as large amounts of debt from countries such as Italy are due for refinancing.”
The MSCI All Country World Index (MXWD) sank 9.4 percent last year, the most since 2008, as Europe’s debt crisis hurt global growth. Italy sold 7 billion euros ($9.1 billion) of debt on Dec. 29, less than the 8.5 billion euros targeted. With an economy sinking into its fourth recession since 2001, Italy must refinance about $428 billion of securities coming due this year, data compiled by Bloomberg show.
Hang Seng, Kospi
U.K. business confidence fell last month to its lowest level in three years, according to an e-mailed report today from Lloyds Bank Corporate Markets. Lloyds’s economists Hann-Ju Ho and Jonathan Thomas wrote that the probability of recession rose to 74 percent last month, compared with 44 percent in November and 25 percent the previous month.
Stock markets in China, Japan, Thailand and New Zealand were closed for a holiday. The MSCI Asia Pacific excluding Japan Index climbed 1.9 percent, the most in almost two weeks. Hong Kong’s Hang Seng Index advanced 2.4 percent and South Korea’s Kospi index jumped 2.7 percent.
A gauge of energy producers in the MSCI Asia index climbed 2.5 percent, the most of 10industries (MXAPJ). Cnooc Ltd., China’s No. 1 offshore oil producer, increased 4.1 percent in Hong Kong. SK Innovation Co. (096770), South Korea’s biggest oil refiner, rallied 6.4 percent.
Singapore GDP
Singapore’s Straits Times Index climbed 1.7 percent even as data showed the nation’s economy shrank for the second time in three quarters. Gross domestic product fell an annualized 4.9 percent in the fourth quarter of 2011 from the previous three months, the trade ministry said in a statement.
The S&P/ASX 200 (AS51) of Australia’s stocks (MXWD) rose for the first time in four days, gaining 1.1 percent. A manufacturing index was 50.2 last month compared with 47.8 in November, the Australian Industry Group and PricewaterhouseCoopers said in a survey released today. It was the third reading for 2011 that was above 50, the dividing line between expansion and contraction.
The Australian currency rose 0.6 percent to $1.0299. The New Zealand dollar added 0.9 percent to 78.54 U.S. cents. Both currencies touched their highest levels versus the greenback since Dec. 8.
The purchasing managers’ index (CPMINDX) in China was at 50.3 from 49 in November, the Beijing-based logistics federation said in a statement on Jan. 1. In Germany, the index climbed to 48.4 in December from 48.1, according to report yesterday from Markit Economics.
Dollar Risk
“If the world economy, in particular the key Asian economies, can avoid a really sharp slowdown in growth, some of the currencies that are more sensitive to that global story are probably going to hold up fairly well,” said Jonathan Cavenagh, a currency strategist in Singapore at Westpac Banking Corp., Australia’s second-largest lender. “The risk is obviously that you start to see theU.S. dollar come under a little bit of pressure.”
The dollar fell 0.4 percent to $1.2987 per euro as signs that manufacturing is expanding weighed on demand for haven assets. The greenback fetched 76.79 yen from 76.90 yesterday.
Three-month copper on the London Metal Exchange rose 1.1 percent to $7,681.50 per metric ton, poised for the highest close since Dec. 9. Zinc and lead advanced for a third day, climbing at least 0.5 percent. Oil advanced 1.9 percent to $100.74 a barrel.
(source: Bloomberg)
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03/01/2012 04:31:27 PM | 