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Asian Markets Bouncing Back Across the Region

09-03-2013 05:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Woo Group

Jul. 31, 2013 - HONG KONG -- Japan´s Nikkei Average is up 1.5%, breaking a four day losing streak that brought the average to a 30 day low. South Korea´s Kospi finished up almost 1% and the Shanghai Composite posted a minimal gain of 0.7% as did the Hang Seng in Hong Kong with a gain of 0.5%.

The S&P /ASX 200 in Australia were down in morning trading, but finished the day with a negligible gain. Their currency dropped against the dollar after a speech from the Governor of The Reserve Bank of Australia. The Governor touched on a wide range of topics including; low levels of business confidence and the problems associated with the conclusion of the mining boom. He also hinted that last week´s weak inflation report will lead to more interest rate cuts; which could happen as soon as next week at the central bank´s August meeting.

Indian Markets fell after a statement from the Reserve Bank of India said that it would leave its interest rate policy unchanged. They also said that they would reduce measures to support the Rupee once the foreign exchange markets become stable. India´s growth forecast was also downgraded from 5.7% to 5.5% for the year ending March 31st. Our analysts interpret this hold on policy rates to mean that the RBI is concerned about high levels of stress in the local foreign currency markets caused by the depreciation of the Rupee.

The weakening of the yen has led to some notable gains by exporters; Isuzu Motors Ltd rose 4.9%, Kobe Steal Ltd. climbed nearly 7%, while Sony Corp. gained 2.9% before the release of its earnings report on Thursday.

The Chinese property market is finally rebounding, driving the rest of the equity markets. Gemdale Corp. gain 3%, while Poly Real Estate Group Co. was up nearly 2%.

About The Company

The Woo Group is privately owned and funded by the Woo family here in Hong Kong; we have no shareholders or investors.

The Woo Group was established in 2002 by the founding fathers Jon and Jason Woo, of the Hong Kong Woo family, whose enormous wealth and expertise in the financial industry ensured immediate success, which The Woo Group continues to enjoy today.

In its infancy The Woo Group employed only 15 members of staff, a number that has now grown to over 800 making The Woo Group the largest, not to mention most prestigious equity research house in Hong Kong.

The Woo Group is privately owned and funded by the Woo family here in Hong Kong, we have no shareholders or investors.

The Woo Group
Two International Finance Centre,
8 Finance Street,
Hong Kong 999077
Tel: +852 5808 0780
Fax: +852 3006 291
Email: contactus@thewoogroup.com
Website: http://www.thewoogroup.com/

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