By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) ? Japanese stocks gained Tuesday on a weakened yen and a record finish for key U.S. indexes, while Chinese stocks edged higher after a choppy trading session amid hopes Beijing may act to avert a steeper economic slowdown.
Indian stocks fell and the rupee jumped after the Reserve Bank of India tightened policies on Monday to stem the local currency?s weakness, raising fears the moves would weigh on the economy.
Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK +0.64% rose 0.6% to end the day at a seven-week high as trading resumed after a three-day holiday-extended weekend, with the U.S. dollar /quotes/zigman/4868099/sampled USDJPY -0.2370% ?rising from its level on Friday to keep the 100-yen level in sight.
China?s Shanghai Composite Index /quotes/zigman/1859015 CN:SHCOMP +0.31% ?added 0.3%, as investors remained focused on the action policy makers might take to prevent a further economic slowdown. Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.04% ?ended marginally higher.
/quotes/zigman/1859015 SHCOMP 2,065.72, +6.33, +0.31%/quotes/zigman/2622475 HSI 21,312.38, +9.07, +0.04%
Year-to-date percentage changes
Shanghai Composite and Hang Seng Index
?We see [the GDP data] as rather weak and putting the economy on course [for a] 7.3%-7.4% growth in 2013, barring new stimulative policies,? said Cr?dit Agricole senior economist Dariusz Kowalczyk.
He said Beijing was expected to introduce ?modest, targeted measures? in the current quarter to boost demand, as the government was ?highly unlikely? to accept missing its growth target of 7.5% for 2013.
China?s economic growth eased to 7.5% in the second-quarter, slowing from a 7.7% expansion in the first three months of 2013.
Hopes for policy moves to support the economy remained even as a commentary piece in a state-owned newspaper said China was unlikely to turn to stimulus measures to boost the economy.
Several industrial stocks rallied in Shanghai afternoon trade following range-bound moves, on either side of Monday?s closing level, in the morning session.
Zhejiang Xinan Chemical Industrial Group /quotes/zigman/1867578 CN:600596 +6.51% jumped 6.5%, China Railway Erju Co. /quotes/zigman/1867407 CN:600528 +3.70% ?rose 3.7% and Jiangxi Hongdu Aviation Industry Co. /quotes/zigman/1866960 CN:600316 +3.64% ?rose 3.6%.
Meanwhile, Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.10% ?gained 0.1%, aided by a 1.4% rise in the shares of Rio Tinto Ltd. /quotes/zigman/176317 AU:RIO +1.37% /quotes/zigman/182541/quotes/nls/rio RIO +0.28% ?after the mining giant achieved record output of iron ore in the second quarter, despite an equipment breakdown and impact from adverse weather conditions.
Asian stocks rise after Citigroup results help lift Wall Street. (Pictured: A view of Tokyo Skytree.)The advance in Tokyo came after the S&P 500 /quotes/zigman/3870025 SPX +0.14% ?and the Dow Jones Industrial Average /quotes/zigman/627449 DJIA +0.13% each set fresh record closing highs after Citigroup posted better-than-expected quarterly results, despite a weak U.S. retail sales report.
?Earnings season is taking on renewed interest as companies which have rallied strongly over the past 13 months now must prove that their recent surge is justified by earnings delivery,? said Matthew Sherwood, head of investment market research at Perpetual.
?This will be no easy feat as U.S. cost savings are now exhausted and earnings growth is now dependant on revenue growth and a sub-trend U.S. economy,? Sherwood said.
Exporters were broadly higher in Tokyo as the U.S. dollar /quotes/zigman/4868099/sampled USDJPY -0.2370% weakened from the levels seen around Friday afternoon, to trade near the ?100 mark.
Canon Inc. /quotes/zigman/192200 JP:7751 +2.67% ? /quotes/zigman/192225/quotes/nls/caj CAJ +0.32% ?advanced 2.7%, and Nissan Motor Co. /quotes/zigman/196473 JP:7201 +1.83% ? /quotes/zigman/202910/quotes/nls/nsany NSANY +0.90% ?added 1.8%.
The Next 24: Coca-Cola reports
An encouraging reading on German economic sentiment could help the Stoxx Europe 600 index stay above the 50-day moving average. Earnings from several big names before the bell, including Coca-Cola.
Fuji Heavy Industries Ltd. /quotes/zigman/192845 JP:7270 +1.71% ? /quotes/zigman/201141/quotes/nls/fujhy FUJHY +0.90% ?added 1.7% after the Nikkei newspaper reported over the weekend that the Subaru-brand vehicle maker is expected to report a record quarterly operating profit.
Indian shares fell sharply, meanwhile, after the country?s central bank on Monday tightened policies, which included setting a ceiling on the amount that banks could borrow from its daily repurchase agreement window, and also raising the rate charged to meet lenders? emergency funding needs.
?The central bank, presumably reluctant to use up too many foreign exchange reserves, clearly felt it had to show a stronger intent to put a floor under the rupee,? Robert Prior-Wandesforde, an economist at Credit Suisse, wrote to clients.
?The implications for real economic growth of last night?s actions are likely to be minor, but clearly they are unhelpful to our above consensus gross domestic product growth view,? he added.
In Tuesday?s afternoon trade in Mumbai, shares of ICICI Bank Ltd. IN:532174 +0.08% ? /quotes/zigman/257533/quotes/nls/ibn IBN -1.15% ?dropped 5.6% and engineering major Larsen & Toubro Ltd. IN:500510 +1.18% ?lost 3.4%. The 30-stock benchmark Sensex /quotes/zigman/1652085 IN:1 -0.91% ?gave up 1%.
/quotes/zigman/5986735
JP : Nikkei Idx
Volume: 0.00
July 16, 2013 3:28p
/quotes/zigman/4868099/sampled US : ICAP
Volume: 0.0000
July 16, 2013 5:27a
/quotes/zigman/1859015 CN : China: Shanghai
Volume: 96.74M
July 16, 2013 3:15p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
July 16, 2013 4:01p
/quotes/zigman/1867578 CN : China: Shanghai
Volume: 26.65M
July 16, 2013 3:04p
/quotes/zigman/1867407 CN : China: Shanghai
Volume: 20.51M
July 16, 2013 3:04p
/quotes/zigman/1866960 CN : China: Shanghai
Volume: 11.30M
July 16, 2013 3:04p
Market Cap?11.88 billion
Rev. per Employee?276,661
/quotes/zigman/1653884 AU : Australia: Sydney
Volume: 0.00
July 16, 2013 4:10p
/quotes/zigman/176317 AU : Australia: Sydney
Volume: 1.78M
July 16, 2013 5:04p
Rev. per Employee$691,334
/quotes/zigman/182541/quotes/nls/rio US : U.S.: NYSE
Volume: 2.14M
July 15, 2013 4:05p
Rev. per Employee$716,974
/quotes/zigman/3870025 US : S&P Base CME
Volume: 414.41M
July 15, 2013 4:39p
/quotes/zigman/627449 US : DJ-Index
Volume: 99.43M
July 15, 2013 4:39p
/quotes/zigman/4868099/sampled US : ICAP
Volume: 0.0000
July 16, 2013 5:27a
/quotes/zigman/192200 JP : Japan: Tokyo
? 3,460.00
+90.00 +2.67%
Volume: 6.45M
July 16, 2013 3:00p
Market Cap?4494.78 billion
Rev. per Employee?17.60M
/quotes/zigman/192225/quotes/nls/caj US : U.S.: NYSE
Volume: 83,773
July 15, 2013 4:04p
Rev. per Employee$212,302
/quotes/zigman/196473 JP : Japan: Tokyo
? 1,115.00
+20.00 +1.83%
Volume: 11.32M
July 16, 2013 3:00p
Market Cap?4950.18 billion
Rev. per Employee?57.70M
/quotes/zigman/202910/quotes/nls/nsany US : U.S.: OTCBB
Volume: 47,823
July 15, 2013 3:53p
Rev. per Employee$696,478
/quotes/zigman/192845 JP : Japan: Tokyo
? 2,741.00
+46.00 +1.71%
Volume: 10.34M
July 16, 2013 3:00p
Market Cap?2109.82 billion
Rev. per Employee?69.54M
/quotes/zigman/201141/quotes/nls/fujhy US : U.S.: OTCBB
Volume: 10,881
July 15, 2013 3:59p
IN : India: Bombay
?? 1,062.85
+0.90 +0.08%
Volume: 182,080
July 15, 2013 12:00a
Market Cap??1225.78 billion
Rev. per Employee??11.97M
/quotes/zigman/257533/quotes/nls/ibn US : U.S.: NYSE
Volume: 1.27M
July 15, 2013 4:01p
Rev. per Employee$219,870
IN : India: Bombay
?? 1,005.85
+11.75 +1.18%
Volume: 185,701
July 15, 2013 12:00a
Market Cap??918.89 billion
Rev. per Employee??15.28M
/quotes/zigman/1652085 IN : India: Bombay
Volume: 0.00
July 16, 2013 2:42p
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.
Source: http://feeds.marketwatch.com/~r/marketwatch/financial/~3/x2lc2qV8mEs/story.asp
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