Bloomberg, February 12 posted that:
Feb. 13 (Bloomberg) -- Asian stocks rose for a second day, led by commodity producers and shipping lines, on speculation demand for fuel and metals will outstrip supply after recent storms in China toppled power lines and cut output.
BHP Billiton Ltd. climbed to a one-week high after metal prices gained for a fifth day in London. China Shenhua Energy Co. led coal producers higher as supplies remain limited in China, where employees returned to work after a weeklong holiday. Mitsui O.S.K. Lines Ltd. jumped to its highest this year after a measure of commodities-shipping prices rose for a fourth day.
``The volumes of raw-material traffic are going to remain reasonably strong,'' said Angus Gluskie, who helps manage the equivalent of $500 million at White Funds Management in Sydney. ``People have also remained reasonably comfortable on the outlook of the diversified miners and in the short run, prices appear quite robust.''
The MSCI Asia Pacific Index added 0.4 percent to 140.16 at 1:37 p.m. in Tokyo, following a 0.2 percent climb yesterday. Japan's Nikkei 225 Stock Average gained 0.5 percent to 13,080.05, poised for its largest advance since Feb. 4.
China's CSI 300 Index dropped 1.8 percent on its first day of trading after the Lunar New Year holidays. Other Asian benchmarks gained apart from South Korea, New Zealand and Australia, where a measure of the nation's consumer confidence declined to a 15-month low.
Commonwealth Bank of Australia fell to its weakest level since December 2006 after posting the slowest profit growth in more than three years. Tokyo Electron Ltd., the world's second- largest maker of semiconductor equipment, advanced after bigger rival Applied Materials Inc. forecast orders that topped some analyst estimates.
Mining Companies
Citigroup Inc. and Bank of America Corp. led gains in the U.S. yesterday after Warren Buffett, the world's No. 1 investor, said he's willing to take on $800 billion in insurers' municipal debt obligations, raising speculation credit losses will be stemmed. The Standard & Poor's 500 Index rose 0.7 percent, its second day of gains.
BHP Billiton, the world's biggest mining company, rose 1.5 percent to A$37.47. Rio Tinto Group, the third largest, climbed 1.6 percent to A$129.83 before the release of its earnings today. Nippon Mining Holdings Inc., Japan's No. 1 copper producer, added 3.5 percent to 563 yen.
Copper on the London Metal Exchange has risen for five days on concern supply will lag behind demand on the disruptions in China. Inventories monitored by the exchange fell to its lowest yesterday in more than three months.
Output Halted
The worst snowstorms in China in five decades hit 19 regions including the southern provinces of Guangdong, Hunan, Guizhou and Jiangxi where sub-zero temperatures are rare. The snow paralyzed transport networks, stopping smelter output at producers including Jiangxi Copper Co., the country's second-largest.
China Shenhua, the nation's largest coal producer, advanced 2.3 percent to HK$40.95 in Hong Kong. PetroChina Co. the country's largest energy explorer, jumped 3.8 percent to HK$11.36. PT Bumi Resources, Indonesia's biggest coal exporter, gained 3.7 percent to 7,100 rupiah in Jakarta.
``Output and transport disruption'' in China ``further support coal prices,'' Credit Suisse analysts including Trina Chen said in a report dated yesterday. ``Weaker hydropower, aggressive coal mine closures and transport difficulty, due to snow storms, will continue to add more temporary strength this winter.''
Shipping Lines
Mitsui O.S.K., Japan's second-largest shipping line, jumped 5.6 percent to 1,412 yen, adding to yesterday's 4.1 percent advance. The stock was poised for its highest close since Dec. 28. Nippon Yusen K.K., the No. 1, gained 2.2 percent to 969 yen and Hanjin Shipping Co., South Korea's biggest, surged 6.5 percent to 35,200 won.
The Baltic Dry Index, a measure of commodities-shipping prices, climbed 2.9 percent yesterday, the highest close since Jan. 16. The measure jumped 8.6 percent in the previous three days.
Commonwealth Bank dropped 4.4 percent to A$47.21, poised for the lowest close since Dec. 6, 2006. Australia's biggest mortgage lender said net income in the six months ended Dec. 31 gained 8 percent to A$2.37 billion ($2.1 billion) as funding costs and provisions for bad debts increased. Profit missed the A$2.5 billion median estimate in a Bloomberg survey of analysts.
Meanwhile, Australia's consumer confidence index slid 5.5 percent to a seasonally adjusted 97.4 in February from 103.1 the previous month, according to a survey released today. A reading below 100 shows pessimists outnumber optimists.
Westpac Banking Corp., the nation's fourth-biggest bank, lost 3.2 percent to A$23.47. National Australia Bank Ltd., the largest by assets, dropped 3.5 percent to A$31.06.
Chipmakers
Tokyo Electron gained 3.2 percent to 6,510 yen. United Microelectronics Inc., the No. 2 maker of customized chips, advanced 2.1 percent to NT$17.30 in Taipei. Stats Chippac Ltd., Southeast Asia's largest provider of testing and packaging services for computer chips, jumped 3.7 percent to S$1.39.
Applied Materials said orders would rise as much as 5 percent this quarter, exceeding some analysts' estimates. The shares climbed 5.2 percent in extended U.S. trading.
In Hong Kong, Wing Lung Bank Ltd. surged 8.3 percent to HK$96.20 after the Ming Pao Daily reported that the family of Chairman Michael Wu was in talks with Chinese and overseas banks to sell their stake in the company.
Wing Lung isn't in negotiations and its board isn't aware of any issue that ``is or may be of a price-sensitive nature,'' the bank said in a filing to the Hong Kong stock exchange today.
To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net
Bloomberg
Feb. 13 (Bloomberg) -- Asian stocks rose for a second day, led by commodity producers and shipping lines, on speculation demand for fuel and metals will outstrip supply after recent storms in China toppled power lines and cut output.
BHP Billiton Ltd. climbed to a one-week high after metal prices gained for a fifth day in London. China Shenhua Energy Co. led coal producers higher as supplies remain limited in China, where employees returned to work after a weeklong holiday. Mitsui O.S.K. Lines Ltd. jumped to its highest this year after a measure of commodities-shipping prices rose for a fourth day.
``The volumes of raw-material traffic are going to remain reasonably strong,'' said Angus Gluskie, who helps manage the equivalent of $500 million at White Funds Management in Sydney. ``People have also remained reasonably comfortable on the outlook of the diversified miners and in the short run, prices appear quite robust.''
The MSCI Asia Pacific Index added 0.4 percent to 140.16 at 1:37 p.m. in Tokyo, following a 0.2 percent climb yesterday. Japan's Nikkei 225 Stock Average gained 0.5 percent to 13,080.05, poised for its largest advance since Feb. 4.
China's CSI 300 Index dropped 1.8 percent on its first day of trading after the Lunar New Year holidays. Other Asian benchmarks gained apart from South Korea, New Zealand and Australia, where a measure of the nation's consumer confidence declined to a 15-month low.
Commonwealth Bank of Australia fell to its weakest level since December 2006 after posting the slowest profit growth in more than three years. Tokyo Electron Ltd., the world's second- largest maker of semiconductor equipment, advanced after bigger rival Applied Materials Inc. forecast orders that topped some analyst estimates.
Mining Companies
Citigroup Inc. and Bank of America Corp. led gains in the U.S. yesterday after Warren Buffett, the world's No. 1 investor, said he's willing to take on $800 billion in insurers' municipal debt obligations, raising speculation credit losses will be stemmed. The Standard & Poor's 500 Index rose 0.7 percent, its second day of gains.
BHP Billiton, the world's biggest mining company, rose 1.5 percent to A$37.47. Rio Tinto Group, the third largest, climbed 1.6 percent to A$129.83 before the release of its earnings today. Nippon Mining Holdings Inc., Japan's No. 1 copper producer, added 3.5 percent to 563 yen.
Copper on the London Metal Exchange has risen for five days on concern supply will lag behind demand on the disruptions in China. Inventories monitored by the exchange fell to its lowest yesterday in more than three months.
Output Halted
The worst snowstorms in China in five decades hit 19 regions including the southern provinces of Guangdong, Hunan, Guizhou and Jiangxi where sub-zero temperatures are rare. The snow paralyzed transport networks, stopping smelter output at producers including Jiangxi Copper Co., the country's second-largest.
China Shenhua, the nation's largest coal producer, advanced 2.3 percent to HK$40.95 in Hong Kong. PetroChina Co. the country's largest energy explorer, jumped 3.8 percent to HK$11.36. PT Bumi Resources, Indonesia's biggest coal exporter, gained 3.7 percent to 7,100 rupiah in Jakarta.
``Output and transport disruption'' in China ``further support coal prices,'' Credit Suisse analysts including Trina Chen said in a report dated yesterday. ``Weaker hydropower, aggressive coal mine closures and transport difficulty, due to snow storms, will continue to add more temporary strength this winter.''
Shipping Lines
Mitsui O.S.K., Japan's second-largest shipping line, jumped 5.6 percent to 1,412 yen, adding to yesterday's 4.1 percent advance. The stock was poised for its highest close since Dec. 28. Nippon Yusen K.K., the No. 1, gained 2.2 percent to 969 yen and Hanjin Shipping Co., South Korea's biggest, surged 6.5 percent to 35,200 won.
The Baltic Dry Index, a measure of commodities-shipping prices, climbed 2.9 percent yesterday, the highest close since Jan. 16. The measure jumped 8.6 percent in the previous three days.
Commonwealth Bank dropped 4.4 percent to A$47.21, poised for the lowest close since Dec. 6, 2006. Australia's biggest mortgage lender said net income in the six months ended Dec. 31 gained 8 percent to A$2.37 billion ($2.1 billion) as funding costs and provisions for bad debts increased. Profit missed the A$2.5 billion median estimate in a Bloomberg survey of analysts.
Meanwhile, Australia's consumer confidence index slid 5.5 percent to a seasonally adjusted 97.4 in February from 103.1 the previous month, according to a survey released today. A reading below 100 shows pessimists outnumber optimists.
Westpac Banking Corp., the nation's fourth-biggest bank, lost 3.2 percent to A$23.47. National Australia Bank Ltd., the largest by assets, dropped 3.5 percent to A$31.06.
Chipmakers
Tokyo Electron gained 3.2 percent to 6,510 yen. United Microelectronics Inc., the No. 2 maker of customized chips, advanced 2.1 percent to NT$17.30 in Taipei. Stats Chippac Ltd., Southeast Asia's largest provider of testing and packaging services for computer chips, jumped 3.7 percent to S$1.39.
Applied Materials said orders would rise as much as 5 percent this quarter, exceeding some analysts' estimates. The shares climbed 5.2 percent in extended U.S. trading.
In Hong Kong, Wing Lung Bank Ltd. surged 8.3 percent to HK$96.20 after the Ming Pao Daily reported that the family of Chairman Michael Wu was in talks with Chinese and overseas banks to sell their stake in the company.
Wing Lung isn't in negotiations and its board isn't aware of any issue that ``is or may be of a price-sensitive nature,'' the bank said in a filing to the Hong Kong stock exchange today.
To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net
Bloomberg
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