Market Update
Asian markets started the week higher Monday.
The Nikkei was up 0.5%. The Shanghai Composite edged up 0.1% while with the Hang Seng was up 0.3%. The Sensex gained 0.5% while the All Ordinaries added 0.8%.
Earlier today, data showed February industrial production fell unexpectedly in Japan, down 2.3% versus expectations for a 0.3% increase. The markets shrugged off the data ahead of the Bank of Japan's more closely watched quarterly tankan survey of business sentiment due tomorrow.
In Australia, data showed the total amount of new credit issued to consumers and businesses rose in February to a seasonally adjusted 0.4%.
Stocks on the Move
A slightly weak yen helped exporters in Tokyo with Nintendo up about 2% and Mazda Motor 4.1% higher.
Fuji Heavy Industries lifted 3.2%.
Aeon was up 1.3% after a Nikkei newspaper report said the retailer is set to offer smartphone services starting this week Friday, at lower prices compared with already-established mobile carriers.
In Hong Kong, Intime Retail was highly volatile. Shares were down a percent at the time of writing after shooting up over 17% in early trade. The company said Alibaba is set to invest HKD5.37 billion for about a 26% stake and would set up a joint venture to develop an online-to-offline business.
Some banks were higher after some healthy earnings reports. China Construction Bank Corp. gained a percent after it reported results Sunday. ICBC traded flat. However, Bank of Communications fell about a percent after it reported fourth-quarter net income that fell short of analyst’s estimates.
The Sensex opened higher and touched another fresh lifetime high as it gained another 125 points.
The top gainer was Airtel, up 2.3%. NTPC, HUL, SBI, Hero MotoCorp, Sun Pharma, Hindalco, Tata Steel, RIL, Bajaj Auto, and Coal India gained in a range between 1% and 1.8%.
Miners gained in Sydney with BP Billiton up 1.4%. BlueScope Steel strengthened 1.7% but Fortescue Metals and Atlas Iron weakened 1% and 0.3% each, respectively.
Rio Tinto added a percent while among oil names, Woodside Petroleum and Santos both climbed 1.3% each, respectively.