singapore hotel: Markets Live: Regional rally buoys ASX

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September 9, 2013

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Australian shares rise as the region’s markets rally, following strong Chinese economic data and Japan’s successful Olympics bid.

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6:03pm: Sorry, folks, we forgot to close the blog. Consider that done now.

Here’s our evening wrap.

4:50pm: Here’s how some of the blue chips performed today:

BHP: +1.4%

Rio: +1.4%

ANZ: +0.8%

CBA: +0.6%

NAB: +1.25%

Westpac: +0.9%

Woolies: +0.3%

Wesfarmerts: +1%

Telstra: +0.6%

And here the biggest winners and losers among the top 200:

Today’s winners and losers

4:19pm: The stock market has closed higher, buoyed by rallying regional markets. The benchmark SP/ASX200 index jumped 36.5 points, or 0.7 per cent, to 5181.5, while the broader All Ords gained 35.4 points, or 0.7 per cent, to 5179.4.

Among the sectors, materials rose 1.3 per cent, financials added 0.8 per cent, energy was up 0.6 per cent, but consumer staples slipped 0.1 per cent.

4:06pm:Upbeat Chinese trade and inflation data have lifted Chinese shares to three-month highs and boosted regional markets, while Japanese shares are rallying after Tokyo won its bid to host the 2020 Summer Olympics.

The Shanghai Composite is up 3.5 per cent, hitting its highest level since early June.

“Market sentiment has been turning more and more positive, with the A-share market strong. But there’s still not a lot of fresh buying,” says Jackson Wong, Tanrich Securities’ vice-president for equity sales.

China’s exports grew 7.2 per cent in August, above market expectations of a 6.0 per cent rise from a year earlier. That was followed by data showing consumer inflation held steady in August while producer price deflation continued to ease, another sign of a stabilising economy.

Investors are bracing for more data from China including industrial production and retail sales tomorrow.

Meanwhile, Japan’s Nikkei share average has gained 2.4 per cent, hitting a one-month high as investors bet hosting the Olympics would boost the economy – through construction and higher prices – by 3 trillion yen over the coming seven years.

“In the short-term, this (Olympics-bid win) will be positive mainly through a boost on Olympic-related shares,” said Ryota Sakagami, chief equity strategist at SMBC Nikko Securities in a report.

“In the longer run, its impact depends on how much the government can push for infrastructure investments and promotion of tourism business but it is likely to be positive for the Japanese economy and shares.”

3:41pm: Some more on oil: an oil spill has occurred in Bass Strait, with petroleum giant Exxon Mobil today confirming problems at a production platform almost 70 kilometres off the Victorian coast.

Exxon said the Cobia platform had been shut down after a sheen was seen on the water in recent days.

The shut-down is still in place while investigations continue, and Exxon said an aerial survey today suggested the sheen had dissipated.

The rig is jointly owned by Exxon and BHP Billiton, with Exxon being the operator through its subsidiary Esso. It is understood to be more than 30 years old.

Read more

3:31pm: Oil prices have retreated this afternoon after reaching their highest prices in two years last Friday.

WTI is trading at $US110.20, a drop of 33 cents while Brent is at $US116.00, a fall of 12 cents.

“There’s a lot going on at the moment and traders are just prepared to keep valuations or prices around current levels as they await further developments, particularly in Syria,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney.

3:23pm: With a more pro-business government in charge, companies and the share market are sure to benefit. Or so you’d think; the reality is little more complicated, Intelligent Investor’s Nathan Bell writes:

The influence a government exerts over the economy is relatively insignificant, at least in the three-year terms of Australia’s federal political cycle.

And because markets have been expecting a Coalition victory for some time, any positive effect should in theory be priced in.

Take McMillan Shakespeare, for example, on which we suggested a hedged strategy in these pages on August 13. It has much to gain from a Coalition government but fell 3 per cent on Monday as investors took profits after gains of 40 per cent since we suggested the strategy. After taking account of the hedging bet on Kevin Rudd, the gain is more like 20 per cent.

Other stocks and sectors will also be affected, so let’s look at some of the other winners and losers.

Read more

2:59pm: The dollar is holding at just below 92 US cents, following reports showing faster-than-estimated growth in home-loan approvals and strong Chinese exports while inflation in the country remains benign.

‘‘Improving financial conditions or lower interest rates are certainly starting to generate more demand for housing,” says Westpac currency strategist Jonathan Cavenagh. ‘‘The recent pickup in Chinese economic activity is not really feeding into strong inflation pressures. That and better headlines for Australian data are leaving us wanting to buy dips in the Aussie dollar.’’

2:44pm:Gold sales from Perth Mint, which refines most of Australia’s bullion, tumbled in August, adding to signs bullion demand in advanced economies is slumping as the US Federal Reserve prepares to curb stimulus.

Sales of gold coins and minted bars dropped 46 per cent to 30,430 ounces last month from 56,488 ounces in July, according to data from the mint. Demand in August was 73 per cent lower than the pace in April, when bullion entered a bear market.

‘‘The demand for physical when the price came down was just fantastic and we had some really good months in April, May and June,’’ says Ron Currie, sales and marketing director at the mint. ‘‘July was still good but not quite as good, and August dropped off a little bit.’’

Spot gold is down 0.3 per cent at $US1388 an ounce, extending two weeks of losses.

Gold has lost 17 per cent in 2013 after 12 years of gains as the US economy improved and the dollar and stocks advanced. The US central bank is widely expected to start cutting back its $US85 billion-a-month asset-buying program from next week

2:29pm: Some more from overseas: South Korean financial regulators are reviewing three foreign brokerages including Goldman Sachs’ local unit for possible breach of domestic capital markets regulations, a source at one of the regulators has told Reuters.

The Financial Supervisory Service (FSS) is investigating whether Goldman Sachs sold foreign bonds in the domestic market through its Hong Kong unit, which does not have any licence to sell such products directly in South Korea, the source said.

The FSS said on Sunday that it was reviewing three foreign brokerages, without identifying them in its brief statement. The regulator is investigating their business practices to see if they are following domestic capital markets regulations, according to the statement.

Regulators are focusing their review on Goldman’s sale of Malaysian state-backed securities to domestic investors including Korea Investment Corp, the country’s sovereign wealth fund, according to the source.

The local operations of Credit Suisse and Royal Bank of Scotland are the other two foreign brokerages being investigated, the source said.

2:20pm:Neiman Marcus, the US luxury retailer that filed for an initial public offering in June, is close to an agreement to sell itself to Ares Management and the Canada Pension Plan Investment Board for $US6 billion, Bloomberg reports citing two people with knowledge of the matter.

A deal with Neiman’s private-equity owners, TPG Capital, Warburg Pincus and Leonard Green Partners, could be announced as soon as today, said one of the people. An agreement hasn’t been reached yet and the talks could still fail, said the people, who asked for anonymity because the negotiations are private.

‘‘Neiman is an excellent brand and an excellent company,’’ says Michael Appel, founder of Appel Associates, a retail consultancy. ‘‘The question is what can the buyers do with it? Hope springs eternal. Perhaps they feel that their management and their ability to work with companies will get them the return they are looking for.’’

2:08pm: Of all the sectors in the economy, clearly one of the healthiest is housing, CommSec chief economist Craig James notes, after home loans in July came in at a five-year high:

With interest rates low, population rising and housing affordability still attractive, housing is best placed to take over the leadership role from mining as the nation’s key economic driver.

But while investors are keen to pick up attractive income-producing assets, first home buyers are still reticent to wade in. In part, there is anecdotal evidence that some first home buyers are being squeezed out by investors.

But in part, the lower numbers of first home buyers reflects the preference for young people to rent, rather than buy.

1:49pm:Cash Converters is seeking to raise $50 million to $60 million through an issue of corporate bonds to repay part of the group’s existing debt and to fund further investments.

The loans provider and second-hand goods retailer said it would offer senior unsecured notes at a minimum subscription of $50,000.

‘‘The ability of Cash Converters to access the wholesale Australian dollar debt markets demonstrates a new level of maturity for our business and evidences the high level of support from investors in funding our significant growth opportunities,’’ Cash Converters managing director Peter Cumins said.

1:42pm: With just over two hours left in local trade, here’s how markets around the region are doing:

Nikkei: +1.9%

Shanghai: +2.8%

Taiwan: +0.2%

South Korea: +0.8%

Singapore: +1.3%

New Zealand: +0.3%

1:19pm:South Australian farmers are eyeing off a record grain crop this year with confidence high in the sector, a survey has found.

The Rabobank rural survey says a third of farmers expect conditions to improve over the next 12 months with optimism growing because of good winter rains.

Rabobank state manager James Robinson says some grain growers are expecting the harvest to be their best ever.

‘‘Good rainfall throughout June, July and August have really consolidated on earlier rains with farmers reporting that their crops are thick and healthy,’’ Mr Robinson said in a statement on Monday.

‘‘While there is still a way to go until harvest and rains will be needed to finish off crops, early forecasts have pegged a state harvest of over seven million tonnes.

‘‘This would certainly be pushing the records we had back in 2001 and 2010.’’

1:01pm:Trading in shares of China’s dominant oil producer PetroChina was suspended today, the second halt in two weeks, as the company said a newspaper report that more of its executives were being investigated was inaccurate.

A PetroChina spokesman said the company would issue a statement soon.

The China Business News reported that five executives, including vice president Sun Rongde and director Wang Guoliang, had been detained, citing an unidentified source within the company.

PetroChina, one of the world’s most valuable oil companies, is embroiled in a major corruption investigation.

Its shares were suspended for a day on August 27. Since then, the government has said five former senior executives at PetroChina and its parent, China National Petroleum Corporation (CNPC), were being investigated.

That included Jiang Jiemin, the former chairman of both entities.

The investigations come amid an anti-corruption campaign by Chinese President Xi Jinping.

PetroChina said in a statement today to the Hong Kong stock exchange that trading in all structured products related to the company had also been halted from trading. No further details were immediately available.

12:45pm: JP Morgan economist Ben Jarman said that although today’s housing finance figures came in stronger than expected, the rise was being driven by investors rather than first-home buyers, who typically take out bigger loans.

”Average loan sizes are falling,” Mr Jarman said.

”At the same time, what you’re getting is activity that is tilted more towards the investor and less toward the first-home buyer, so you’re not getting that uplift in overall credit growth that you get when first-home buyers come into the market.

”It seems like there’s a lot of turnover happening in housing but not enough homes being built and not enough credit growth to make it genuinely stimulatory.

”Without that piece of the puzzle moving we don’t think this will really change the path of the real economy.”
Mr Jarman said one barrier to growth was the high cost of building.

But the wind-down in the mining investment boom would eventually free more resources for the home building sector which would bring prices down, he said.

12:31pm: The euphoria of Tokyo winning the 2020 Olympics has driven Japan’s Nikkei share average to a five-week high, with a sharp upward revision to second-quarter growth further boosting sentiment.

The Nikkei is up 2.3 per cent, after earlier rallying 3 per cent. Taisei Corp, the contractor for the stadium built for the 1964 Olympics, jumped as much as 17.4 per cent to a 6-1/2 year high on expectations it will be involved in reconstructing the facility for the 2020 Games.

“The market is excited today, and it will last throughout the day,” said Nobuhiko Kuramochi, a strategist at Mizuho Securities, adding that all types of investors were buyers.

The economic impact of the Olympics win was estimated by the Tokyo bid committee at more than 3 trillion yen ($32.6 billion) with the creation of 150,000 jobs.

But some analysts cautioned the celebratory mood could spark irrational expectations about benefits from the Olympic Games.

“The Olympics euphoria should be short-lived. Such indiscriminate buying will end shortly,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

“Everyone is buying everything now, but the market will soon become rational and take a close look at which companies will actually benefit from the Olympics.”

Prime Minister of Japan Shinzo Abe (3L) celebrates In Buenos Aires with the delegation from Tokyo. Photo: Getty Images

12:14pm: Unless you have been living under a rock, we’ve got a new government. BusinessDay‘s Michael Pascoe thinks Tony has got his timing perfect.

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Markets Live: Regional rally buoys ASX

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