April 21 (Bloomberg) -- Asian stocks<http://www.bloomberg.com/apps/quote?ticker=MXAP%3AIND>jumped the most in five weeks and regional currencies rose as better-than-forecast earnings at Apple Inc. and Elpida Memory Inc. bolstered the outlook for higher demand of goods and services. The euro weakened ahead of talks on conditions for Greece’s aid package.
The MSCI Asia Pacific Index<http://www.bloomberg.com/apps/quote?ticker=MXAP%3AIND>surged as much as 1.1 percent, the most since March 26, and traded at 127.13 at 12:15 p.m. in Tokyo. Futures on the U.S. Standard & Poor’s 500 Index<http://www.bloomberg.com/apps/quote?ticker=SPM0%3AIND>rose 0.2 percent. South Korea’s won climbed versus all major counterparts, and oil rose a second day as European airports reopened after volcanic ash from Iceland forced closures. U.S. stocks gained for a second day yesterday as about 82 percent<http://www.bloomberg.com/apps/quote?ticker=SPEDPOSS%3AIND>of S&P 500 companies that have reported first-quarter results beat the average analyst earnings estimate, according to Bloomberg data. After the U.S. close, both Apple and Goldman Sachs Group Inc. posted quarterly earnings that almost doubled. “The earnings that have so far been released have, as a whole, been way ahead of expectations,” said Paul Xiradis<http://search.bloomberg.com/search?q=Paul+Xiradis&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, who manages more than $10 billion as chief executive officer of Ausbil Dexia Ltd. in Sydney. “The recovery has really taken hold now and will continue to roll out, despite some of the concerns around sovereign risk.” Japan’s Nikkei 225 Stock Average<http://www.bloomberg.com/apps/quote?ticker=NKY%3AIND>climbed 1.5 percent and South Korea’s Kospi index advanced 1.2 percent. Elpida Memory <http://www.bloomberg.com/apps/quote?ticker=6665%3AJT>, Japan’s biggest maker of computer memory, jumped 4.7 percent to 2,105 yen in Tokyo after its first annual profit in three years beat analyst expectations. Chipmakers Gain Japanese chip stocks also gained after Citigroup Inc. raised its rating on the industrial electronics and semiconductors sector to “moderately bullish” from “neutral.” Advantest Corp.<http://www.bloomberg.com/apps/quote?ticker=6857%3AJT>, the world’s largest maker of memory-chip testers, gained 3.4 percent to 2,435 yen. Toshiba Corp. rose 3.5 percent to 530 yen. In addition to the Kospi, Taiwan’s Taiex index climbed 1.1 percent, both led by a surge in prices for shares of Apple suppliers. Taiwan’s Wintek Corp. <http://www.bloomberg.com/apps/quote?ticker=2384%3ATT>, a maker of glass overlays that detect fingertip touches on iPads, rose 1.6 percent. Hon Hai Precision Industry Co.<http://www.bloomberg.com/apps/quote?ticker=2317%3ATT>, maker of Apple Inc. iPhones, gained 0.7 percent. Largan Precision Co.<http://www.bloomberg.com/apps/quote?ticker=3008%3ATT>, leading supplier of lenses for smartphones made by Apple, advanced 1.3 percent. In Seoul, Samsung Electronics Co.<http://www.bloomberg.com/apps/quote?ticker=005930%3AKS>, Asia’s biggest maker of chips, flat screens and mobile phones, increased 2.3 percent. Hynix Semiconductor Inc.<http://www.bloomberg.com/apps/quote?ticker=000660%3AKS>, the world’s second-largest computer- memory chipmaker, gained 4.3 percent, while LG Display Co.<http://www.bloomberg.com/apps/quote?ticker=034220%3AKS>, the world’s second-largest liquid-crystal display maker, advanced 2.1 percent. LG Chem Ltd.<http://www.bloomberg.com/apps/quote?ticker=051910%3AKS>, South Korea’s biggest maker of chemicals, advanced 4.5 percent, the most in almost five months, after reporting a 73 percent increase in first-quarter profit. China Stocks Most China shares rose, spurred by higher profit for commodity producers. Huaneng Power International Inc.<http://www.bloomberg.com/apps/quote?ticker=600011%3ACH>rose 1.6 percent, leading gains among power suppliers after reporting higher first-quarter profit. “Good first-quarter earnings should provide a boost to stocks and valuations of particularly big-cap stocks are attractive,” said Zhang Qi, an analyst at Haitong Securities Co. in Shanghai. The euro weakened as Greece starts talks today on activating a 45 billion-euro ($60 billion) rescue package and as European regulators consider probes into Goldman Sachs, now fighting allegations of fraud in the U.S. “The Greece issue is not something we’ll see improvement in today or tomorrow,” said Kazuyuki Kato<http://search.bloomberg.com/search?q=Kazuyuki+Kato&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, treasury department manager in Tokyo at Mizuho Trust & Banking Co. “I expect the euro to test lower prices.” The euro dropped as much as 0.2 percent $1.3405, the weakest since April 9. Europe’s currency slipped to 125 yen from 125.24. The yen was at 93.16 per dollar from 93.22. Greece Talks Greek officials will negotiate with the International Monetary Fund, the European Central Bank and the other nations using the euro on deficit-cutting measures the nation must accept to tap the funds. Greece’s government needs to raise about 10 billion euros before the end of May and its soaring financing costs are lending urgency to the talks. The U.K.’s Financial Services Authority <http://www.fsa.gov.uk/> said in a statement yesterday it will begin a formal probe after the U.S. Securities and Exchange Commission filed a lawsuit over Goldman Sachs’s marketing of a collateralized debt obligation. German and French regulators also said they would review whether to take action. Palladium rose as much as 0.5 percent to $554.25 an ounce, near the highest price since March 2008. The metal is used in auto-exhaust catalysts and jewelry. Oil Rises Oil for June delivery gained 0.5 percent to $84.24 a barrel on the New York Mercantile Exchange after the American Petroleum Institute said crude inventories declined 741,000 barrels and distillate fuel, a category that includes heating oil and diesel, fell 3.1 million barrels. “The main catalyst for the rise was the sharp draws in the API inventories data across all the categories,” said Ben Westmore<http://search.bloomberg.com/search?q=Ben%0AWestmore&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. Oil built on gains made yesterday as European airspace began to reopen, restoring some demand for jet fuel, which had dropped by two-thirds in Europe as ash from a volcano in Iceland grounded flights. The cost of protecting Asia-Pacific corporate and sovereign bonds from default declined, according to traders of credit- default swaps. The Markit iTraxx Asia index of 50 investment-grade borrowers outside Japan dropped 3.5 basis points to 92.5 basis points as of 10:27 a.m. in Sydney, Deutsche Bank AG prices show. The Markit iTraxx Australia index retreated by 2 basis points to 78.5 basis points as of 10:27 a.m. in Sydney, according to Deutsche Bank. The Markit iTraxx Japan index fell 3.5 basis points to 87.5 as of 8:16 a.m. in Tokyo, according to Morgan Stanley prices. Credit-default swap indexes are benchmarks for protecting bonds against default and traders use them to speculate on credit quality. An increase suggests deteriorating perceptions of credit quality and a drop shows improvement. The swap contracts pay the buyer face value in exchange for the underlying securities if a borrower fails meet its debt agreements. A basis point is 0.01 percentage point. http://www.bloomberg.com/apps/news?pid=20601087&sid=awy0zYL_M2ro&pos=1 -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
