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Asian stocks rise on hopes for a deal on the U.S. budget

Publish Date29/11/2012 09:15:19 AM

Last Update29/11/2012 09:22:34 AM

Asian stocks rise on hopes for a deal on the U.S. budget

Optimism about a possible fiscal deal before the end of the year lifted sentiment on Thursday and dragged the Asian stocks higher, with the MSCI Asia Pacific Index rising 0.9% to 124.14 at 15:15 in Tokyo.

U.S. lawmakers appeared to be getting closer to reach a deal on the worrying “fiscal cliff” and avoid the automatic spending cuts and tax increases worth $600 billion that threaten to push the world’s largest economy into recession in 2013.

Republican House Speaker John Boehner is optimistic that talks on the tax increases and spending cuts can avert a budget crisis “sooner rather than later," while President Barak Obama said he hopes to reach a deal before Christmas.

Risk appetite was also boosted in Asia after Shinzo Abe, leader of the Japan’s opposition Liberal Democratic Party expected to take power after next month’s elections, called for unlimited monetary policy easing.

Nikkei 225 fell 1.22% to 9308.35 and Topix fell 1.31% to 771.39 after the yen weakened, supporting exporters, yet gains were limited by the fall in Oct.’s retail sales which added to evidence that the economy has fallen into a mild recession.

Hong Kong’s Hang Seng rose 0.99% to 21922.89 yet China’s CSI 300 fell 0.63% to 2115.68 after media reports showed that the brokerage sector could be hit by cuts in commission fees.

Australia’s S&P/ASX 200 rose 0.68% to 4477.73. New Zealand’s NZX 50 rose 0.12% to 4016.77. South Korea’s Kospi rose 1.15% to 1934.85. India’s BSE Sensex 30 rose 1.38% to 19101.58. Taiwan Taiex rose 0.92% to 7503.55.

Singapore’s FTSE Strait Times rose 0.98% to 3041.41. Thailand’s Thai index rose 0.51% to 1306.57. FTSE Malaysia rose 0.13% to 1608.66. Philippine’s PSEi rose 0.12% to 5640.45. Indonesia’s Jakarta Comp rose 0.06% to 4307.29.

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