New orders for durable goods in the US fell 2% in October, which met market expectations, while weekly unemployment claims figures fell to a two-month low. Meanwhile, first-time claims for US unemployment benefits fell 10,000 last week to 316,000.
Advances in the regional market were leading by Tokyo after the yen slumped to a six-month low against the dollar. The benchmark the Nikkei Stock Average spurted 277.49 points, or 1.8%, to finish the session at 15727.12, its highest close since mid-December 2007. Meanwhile, buying was further spirited on speculation of more monetary easing from the central bank as it tries to revive the world's third biggest economy.
The US dollar rose to 102.13 yen in Thursday afternoon trade, compared with 102.16 yen in New York on Wednesday after a Bank of Japan board member on Wednesday said the central bank could ease monetary policy further. Also helping dollar strength were upbeat U.S. economic data that supported the prospect that the Federal Reserve will soon begin reducing asset purchases.
Shares of export related surged the most in Tokyo in the wake of yen depreciation against the US dollar. A depreciation of yen against the major currencies benefits Japanese exporters by making their goods cheaper to buy overseas while fattening profits converted back into yen. Honda Motor Co climbed up 1.5% to 4305 yen and Mazda Motor Corp rose 2.17% to 472 yen. Shares of tech major Panasonic Corp rose 2.8% to 1200 yen and Sharp Corp 2.1% to 335 yen yen.
Japanese retail stocks, meanwhile, rose following a better-than-expected report on October retail sales. Fast Retailing Co grew 3.5% to 38950 yen, FamilyMart Co 0.87% to 4630 yen and Rakuten Inc 2.1% to 1559 yen.
The Japan's Ministry of Economy, Trade and Industry stated on Thursday that Japanese retail sales rose 2.3% in October from a year earlier, reinforcing hopes that household consumption may be leading the nation's economic recovery.
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In Australia, the Australian share market finished tad higher after trimming initial gain during late-afternoon, with strength among financials, tech and healthcare blue chip shares were offset by losses in consumer staples, realty, industrials, bullion and energy shares. The benchmark S&P/ASX 200 index added 1.40 points, or 0.03%, to 5334.30. The broader All Ordinaries added 1.70 points, or 0.03%, to 5326.60.
Warrrnambool Cheese and Butter Factory gained 0.8% to A$9.32, as Murray Goulburn upped its bid to A$9.50 plus up to 56c worth of franking credits per share.
Salary packaging Services Company McMillan Shakespeare was the best-performing stock, up 9.3% to A$13.20, after telling shareholders it is back on a business as usual footing and showing average daily novated leasing orders have recovered.
Packaging company Amcor rose 1.9% to $11.23, as investors endorse plans released on Monday to divest its Orora brand of packaging brand.
Australian Bureau of Statistics official figures released on Thursday showing total new capital expenditure rose seasonally adjusted 3.6% quarter on quarter (QoQ) to A$40.87 billion in the September quarter. Meanwhile, estimate for buildings and structures rose seasonally adjusted 6.3% QoQ to A$40.87 billion and estimate for equipment, plant and machinery gained seasonally adjusted 1.5% QoQ to A$13.56 billion.
Australian dollar rose from yesterday's closure against greenback and other major currencies on Thursday, after the release of better-than-expected business investment figures for the September quarter. The Australian dollar was trading at US$0.9122 91.21, up from US$0.9079 just before the data was released.
In China, Chinese financial market advanced, sending the benchmark Shanghai Composite index higher by 0.83% to 2219.37. The gain in the Chinese market aided by financial reform hopes in China and on calming jitters about market liquidity after the People's Bank of China has been injecting an awful lot of short-term funding into the market.
China's central bank added another 19 billion yuan on Thursday, using 14-day reverse repos. That follows Tuesday's 32 billion yuan addition via seven-day instruments and has resulted in a net injection on the week of 17 billion yuan, following last week's 59 billion yuan in funds addition.
People's Bank of China head Zhou Xiaochuan assured the market of more financial reforms, including free deposit rates and a more flexible currency. the head of China's central bank also said that China will allow more foreign institutions to invest in the domestic stock and bond markets.
Shares of coal producers rose in China after the State Council said the nation will curb disorderly coal output growth and encourage high-quality coal imports that may boost industry prices. Shenhua, the largest coal producer, gained 2.1% to 17.15 yuan. Yanzhou Coal climbed 4.4% to 10.56 yuan. Datong Coal Industry Co rose 1.8% to 6.39 yuan.
Shares of Chinese cement makers advanced, with Anhui Conch gaining 6.6% to 18.05 yuan. Huaxin Cement Co, a Holcim affiliate, added 5.6% to 12.66 yuan. Tangshan Jidong Cement Co. gained 5% to 9.32 yuan.
China CNR Corp, the nation's second-biggest train maker, gained 2.5% to 5.75 yuan after the company said it's in advanced talks with countries including Romania and Russia to export high-speed trains.
In India, Indian benchmark indices witnessed high volatility as traders rolled over positions in the futures & options (F&O) segment from the near month November 2013 series to December 2013 series. The near month November 2013 derivatives contracts expired today, 28 November 2013. The barometer index, the S&P BSE Sensex was up 114.65 points or 0.56%, up 73.40 points from the day's low and off 71.47 points from the day's high.
The Sensex has fallen 629.61 points or 2.97% in this month so far (till 28 November 2013). The Sensex has garnered 1,108.20 points or 5.7% in calendar 2013 so far (till 28 November 2013). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,086.20 points or 17.69%. From a record high of 21,321.53 on 3 November 2013, the Sensex has fallen 786.62 points or 3.69%.
Nestle India dropped after the company's overseas parent Nestle S.A. said there are no plans at present to increase stake in Nestle India. The stock was off 4.31% at Rs 5,215. Swiss food giant Nestle S.A. currently holds 62.76% stake in Nestle India (as per the shareholding pattern as on 30 September 2013).
Mahindra & Mahindra (M&M) rose 1.83% to Rs 958.50 on a media report that the Mahindra Group will hold a press conference to announce a strategic initiative later today, 28 November 2013.
Bank of Baroda rose 0.51% after the bank said its board will meet on 3 December 2013 to consider approving issue of equity shares up to Rs 550 crore to the Government of India by way of preferential allotment. The announcement was made during trading hours today, 28 November 2013. The Government of India holds 55.41% stake in Bank of Baroda (as per the shareholding pattern as on 30 September 2013).
Syndicate Bank rose 0.3%. The state-run bank after market hours said that a meeting of the board of directors of the bank will be held on 3 December 2013, for considering issuance of equity shares aggregating to Rs 200 crore by way of preferential allotment in favour of Government of India. The Government of India holds 66.14% stake in Syndicate Bank (as per the shareholding pattern as on 30 September 2013).
Elsewhere in the region, New Zealand's NZX50 added 0.21%. South Korea's KOSPI rose 0.84%. Taiwan's Taiex index added 0.8%. Malaysia's KLSE Composite rose 0.51%. Singapore's Straits Times index climbed 0.45%. Hong Kong's Hang Seng index eased 0.07% Indonesia's Jakarta Composite index shed 0.41%.
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