By Sarah Turner and V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) ? Most Asian stocks climbed Tuesday on signs of progress in U.S. budget talks to avert the fiscal cliff, with exporters and financial firms driving Japanese shares to their highest level in more than eight months.
?Investors underweight equities are becoming more anxious about being left behind if there is a reasonable outcome to the U.S. fiscal cliff negotiations,? said Ric Spooner, chief market analyst at CMC Markets.
The Nikkei Stock Average /quotes/zigman/5986735 JP:100000018 +0.96% ?rose 1% to 9,923.01, a closing level not seen since early April. The advance builds on gains from the previous session, when a landslide election victory for the Liberal Democratic Party (LDP) sparked fresh optimism for the introduction of deflation-fighting policies.
South Korea?s Kospi /quotes/zigman/1652118 KR:SEU +0.51% ?and Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.48% ?added 0.5% each, Taiwan?s Taiex /quotes/zigman/1565586 XX:Y9999 +0.16% rose 0.2% and China?s Shanghai Composite Index /quotes/zigman/1859015 CN:000001 +0.10% inched up 0.1%.
/quotes/zigman/1859015 000001 2,162.46, +2.12, +0.10%/quotes/zigman/5986735 100000018 9,923.01, +94.13, +0.96%
Shanghai Composite and Nikkei Average
Year-to-date price chart
Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -0.08% slipped 0.1%, paring some of this month?s gains.
While overnight gains on Wall Street set the tone for early gains for most regional markets, a further advance for U.S. equity futures and higher commodity prices aided sentiment.
Also supporting stock gains, President Barack Obama reportedly made a new offer late Monday on a deal to avoid the cliff, moving closer to the Republicans? position. The White House?s latest counterproposal included $1.2 trillion in revenue increases and $1.22 trillion in spending reductions, Reuters reported, citing an unnamed source familiar with the negotiations. Read: Obama reportedly makes new 'fiscal cliff' offer.
Financial firms led the gains in U.S. markets on Monday as fiscal cliff hopes gave investors some confidence about the health of the U.S. economy and optimism on the sector spread to Tokyo on Tuesday.
Nomura Holdings Inc. /quotes/zigman/196701 JP:8604 +6.37% ? /quotes/zigman/296367/quotes/nls/nmr NMR +3.20% ?climbed 6.4% after a 3.2% rally for its American Depositary Shares overnight, and top Japanese bank Mitsubishi UFJ Financial Group Inc. /quotes/zigman/267078 JP:8306 +3.80% /quotes/zigman/392753/quotes/nls/mtu MTU +1.95% ?rising 3.8%.
In light of current global asset-price reflation and falling volatility, ?Japan is our favored contrarian long,? said Merrill Lynch?s global equity strategy team, which recommended buying Japanese banks.
With the dollar trading around ?84 Tuesday, many blue-chip exporters added to their Monday?s gains. See: Dollar jumps to 19-month high vs. yen.
News of Abe leadership sends yen tumbling
A day after Japan's general election, Shinzo Abe's plan to launch a stimulus to get Japan's economy on track sends the yen lower.
Olympus Corp. /quotes/zigman/196968 JP:7733 +6.15% /quotes/zigman/196973/quotes/nls/ocpnf OCPNF +0.61% ?rose 6.2% and industrial major Kawasaki Heavy Industries Ltd. /quotes/zigman/194287 JP:7012 +1.93% ? /quotes/zigman/194294/quotes/nls/kwhif KWHIF -1.07% gained 1.5%.
Sharp Corp. /quotes/zigman/197304 JP:6753 +8.64% /quotes/zigman/197313/quotes/nls/shcaf SHCAF +8.27% ?extended its rally Monday to add another 8.4%.
Tokyo Electric Power Co. /quotes/zigman/198657 JP:9501 +17.33% /quotes/zigman/198664/quotes/nls/tkecf TKECF +39.56% zoomed 17.3% higher, also building on strong gains in the previous session, when the stock ended limit-up amid hopes for a more favorable policy towards the sector under the incoming LDP-led government?s regime.
In Hong Kong, insurance major AIA Group Ltd. /quotes/zigman/3131051/quotes/nls/aaigf AAIGF -4.13% /quotes/zigman/613725 HK:1299 -3.32% ?lost 3.3% after former parent American Insurance Group Inc. /quotes/zigman/557836/quotes/nls/aig AIG +2.98% ?wrapped up its stake sale in AIA. Read: AIG sells AIA shares near top end of range.
Banks also gained broadly, with China Merchants Bank Co. /quotes/zigman/1868141 CN:600036 +1.20% ? /quotes/zigman/604211/quotes/nls/cihky CIHKY -0.65% climbing 1% and China Construction Bank Corp. /quotes/zigman/1876229 CN:601939 +0.44% /quotes/zigman/529424/quotes/nls/cichy CICHY +0.19% ?trading 0.3%.
Elsewhere in the region, Korea Exchange Bank /quotes/zigman/1639124 KR:004940 +2.04% /quotes/zigman/1639124 KR:004940 +2.04% rose 2% in Seoul, National Australia Bank Ltd. /quotes/zigman/181126 AU:NAB +0.78% /quotes/zigman/181112/quotes/nls/nabzy NABZY -0.27% added 0.5% in Sydney and Chinatrust Financial Holding Co. advanced 0.6% in Taipei.
/quotes/zigman/5986735
JP : Nikkei Idx
Volume: 0.00
Dec. 18, 2012 3:00p
/quotes/zigman/1652118 KR : South Korea
Volume: 454.27M
Dec. 18, 2012 6:03p
/quotes/zigman/1653884 AU : Australia: Sydney
Volume: 0.00
Dec. 18, 2012 4:10p
/quotes/zigman/1565586 XX : Taiwan
Volume: 3.31B
Dec. 18, 2012 1:33p
/quotes/zigman/1859015 CN : China: Shanghai
Volume: 126.10M
Dec. 18, 2012 3:15p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
Dec. 18, 2012 4:01p
/quotes/zigman/196701 JP : Japan: Tokyo
Volume: 85.29M
Dec. 18, 2012 3:00p
Market Cap?1399.06 billion
Rev. per Employee?55.81M
/quotes/zigman/296367/quotes/nls/nmr US : U.S.: NYSE
Volume: 210,280
Dec. 17, 2012 4:01p
Rev. per Employee$707,785
/quotes/zigman/267078 JP : Japan: Tokyo
Volume: 122.36M
Dec. 18, 2012 3:00p
Market Cap?5557.94 billion
Rev. per Employee?52.97M
/quotes/zigman/392753/quotes/nls/mtu US : U.S.: NYSE
Volume: 2.70M
Dec. 17, 2012 4:03p
Rev. per Employee$669,011
/quotes/zigman/196968 JP : Japan: Tokyo
? 1,485.00
+86.00 +6.15%
Volume: 3.20M
Dec. 18, 2012 3:00p
Market Cap?390.46 billion
Rev. per Employee?24.62M
/quotes/zigman/196973/quotes/nls/ocpnf US : U.S.: OTCBB
Volume: 330.00
Dec. 11, 2012 11:06a
/quotes/zigman/194287 JP : Japan: Tokyo
Volume: 15.09M
Dec. 18, 2012 3:00p
Market Cap?341.07 billion
Rev. per Employee?38.89M
/quotes/zigman/194294/quotes/nls/kwhif US : U.S.: OTCBB
Volume: 120.00
Dec. 7, 2012 1:01p
/quotes/zigman/197304 JP : Japan: Tokyo
Volume: 360.07M
Dec. 18, 2012 3:00p
Market Cap?298.78 billion
Rev. per Employee?39.56M
/quotes/zigman/197313/quotes/nls/shcaf US : U.S.: OTCBB
Volume: 2,000
Dec. 13, 2012 3:52p
Rev. per Employee$502,476
/quotes/zigman/198657 JP : Japan: Tokyo
Volume: 264.13M
Dec. 18, 2012 3:00p
Market Cap?539.15 billion
Rev. per Employee?109.95M
/quotes/zigman/198664/quotes/nls/tkecf US : U.S.: OTCBB
Volume: 125,820
Dec. 17, 2012 3:25p
Market Cap$539.15 billion
Rev. per Employee$109.95M
/quotes/zigman/3131051/quotes/nls/aaigf US : U.S.: OTCBB
Volume: 3,821
Dec. 17, 2012 1:39p
/quotes/zigman/613725 HK : Hong Kong
Volume: 1.86B
Dec. 18, 2012 4:01p
Market CapHK$381.19 billion
Rev. per EmployeeHK$5.31M
/quotes/zigman/557836/quotes/nls/aig US : U.S.: NYSE
Volume: 33.55M
Dec. 17, 2012 4:00p
/quotes/zigman/1868141 CN : China: Shanghai
Volume: 123.38M
Dec. 18, 2012 3:04p
Market Cap?259.16 billion
/quotes/zigman/604211/quotes/nls/cihky US : U.S.: OTCBB
Volume: 6,161
Dec. 17, 2012 3:48p
/quotes/zigman/1876229 CN : China: Shanghai
Volume: 67.00M
Dec. 18, 2012 3:04p
Market Cap?1259.10 billion
/quotes/zigman/529424/quotes/nls/cichy US : U.S.: OTCBB
Volume: 80,359
Dec. 17, 2012 3:57p
Market Cap$194.14 billion
/quotes/zigman/1639124 KR : South Korea
? 7,520.00
+150.00 +2.04%
Volume: 910,262
Dec. 18, 2012 3:00p
Market Cap?4733.62 billion
Rev. per Employee?667.04M
/quotes/zigman/1639124 KR : South Korea
? 7,520.00
+150.00 +2.04%
Volume: 910,262
Dec. 18, 2012 3:00p
Market Cap?4733.62 billion
Rev. per Employee?667.04M
/quotes/zigman/181126 AU : Australia: Sydney
Volume: 6.90M
Dec. 18, 2012 4:36p
Rev. per Employee$895,030
/quotes/zigman/181112/quotes/nls/nabzy US : U.S.: OTCBB
Volume: 17,552
Dec. 17, 2012 3:49p
Rev. per Employee$928,915
Sarah Turner is MarketWatch's bureau chief in Sydney. Follow her on Twitter @SarahTurnerMKTW. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.
Source: http://www.marketwatch.com/news/story.asp?guid=%7B65017FF0-48A7-11E2-ACE1-002128040CF6%7D&siteid=rss
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