Hong Kong - Asian markets rose on Tuesday following
a Wall Street rally as traders shrugged off growing tensions between the West
and Russia following Crimea's vote for Kremlin rule.
After the weekend vote, the result of which was widely expected, attention
turned to economic matters. Better than expected US data provided support as
investors await the Federal Reserve's latest policy meeting.
Tokyo rose 0.94% or 133 60 points, to 14 411.27, Seoul added 0.66%, or 12.68
points, to close at 1 940.21 and Sydney advanced 0.51%, or 27.0 points, to 5
344.6.
Hong Kong climbed 0.51%, or 109 55 points to 21 583.50 while Shanghai closed
flat, edging up 1.52 points to 2 025.20.
The United States and European Union on Monday slapped sanctions on Russian
President Vladimir Putin's inner circle, a day after Crimeans voted
overwhelmingly to return to Moscow's fold.
Western governments said they would freeze assets of key Russian presidential
aides and lawmakers and target Crimean "separatist" leaders as well
as ousted former Ukrainian president Viktor Yanukovych.
And President Barack Obama warned of further measures if Moscow continues to
intervene in Ukraine.
"The Ukraine situation remains delicate, but at least has not spilled over
into violence, despite the opposition by Western powers," said Daiwa
Securities senior strategist Tsuyoshi Nomaguchi.
However, Kathy Lien of BK Asset Management, said: "The bottom line is that
it is very difficult to be optimistic under these circumstances because of the
material risk that the crisis in the Ukraine will deepen."
After last week's heavy sell-off in New York, US shares bounced back. The Dow
jumped 1.13%, the S&P 500 gained 0.96% and the Nasdaq added 0.81%
US traders were buoyed by data showing industrial output increased more than
expected in February, adding to a growing feeling that the world's number one
economy is on a recovery track.
The Fed begins a two-day policy meeting Tuesday that analysts forecast will see
a further cut in its stimulus programme.
On forex markets, the dollar fetched ¥101.60 compared with ¥101.68 in New York
Monday, while the euro bought $1.3910 and ¥141.33 against $1.3921 and
¥141.58.
Oil prices rose, with New York's main contract, West Texas Intermediate for
April delivery, up 8c to $98.16 in afternoon trade. Brent North Sea crude
gained 46c to $106.70 for its May contract.
Gold fetched $1 358.90 an ounce at 08:10 GMT compared with $1 378.76 late
on Monday.
Rand - Dollar
19.11
+0.4%
Rand - Pound
23.80
-0.4%
Rand - Euro
20.46
-0.0%
Rand - Aus dollar
12.40
-0.2%
Rand - Yen
0.12
+0.4%
Platinum
920.40
-1.1%
Palladium
1,026.50
+1.1%
Gold
2,322.61
-0.2%
Silver
27.34
+0.6%
Brent-ruolie
87.00
-0.3%
Top 40
68,051
+0.8%
All Share
74,011
+0.6%
Resource 10
59,613
-2.2%
Industrial 25
102,806
+1.7%
Financial 15
15,897
+1.8%
All JSE data delayed by at least 15 minutes
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