President Xi Jinping and Chinese Communist Party leaders today conclude a four-day gathering aimed at mapping out a blueprint for reform. Chinese Politburo member Yu Zhengsheng said last month the meeting will promote profound changes in every area of the economy and society. Hopes are high that the plenum will unveil a reform agenda for the next decade, seeking to balance the need to overhaul the world's second-largest economy as it loses steam with preserving stability and to reinforce the Communist Party's power.
Upbeat U.S. economic figures Friday including a strong U.S. jobs report for October raised the prospect that the Federal Open Market Committee might start tapering its quantitative easing program (bond-buying program) yet this year after all. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year.
Risk sentiments were also muted as investors also awaiting the U.S. Senate Banking Committee's confirmation hearing for Janet Yellen as the new Federal Reserve chief on Thursday for new clues about when the Fed could begin to unwind its monetary stimulus.
Among Asian bourses, Australian shares managed to eke out marginal gain, with the benchmark S&P/ASX 200 index rising 6 points, or 0.11%, to 5393.10, thanks to strength in metal & mining, energy and industrials that helped to offset losses in financials and consumer discretionary stocks.
National Australia Bank's monthly business survey showed confidence fell to five points in October, from 12 in September. NAB's measure of business conditions remained subdued at -4 points. The survey implies underlying demand growth (6-monthly annualised) of around 2% in Q3 and GDP growth of around 2%.
News Corp (NWS) fell 3.3% to A$18.40 despite reporting a quarterly profit which was back in the black. NWS Australian newspapers dragged on the result, with revenue down US$60 million to US$2.07 billion in the period.
Shares of Orica added 8.2% to A$23.60 on the top of 10.77% gain prior day after the explosives and chemicals maker posted an almost 50% gain in its fiscal-year profit.
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Shares of Incitec Pivot rallied 7.3% to A$2.80 after the fertilizer and explosives maker posted better-than-expected earnings and announced job cuts.
In Japan, shares of the Japanese financial market climbed up sharply, buoying the benchmark Nikkei225 index higher by 2.23% to 14588.68, with export related players leading rally.
Yen depreciated against dollar after recent upbeat U.S. data sparked speculation that the Federal Reserve could start reeling in its aggressive stimulus program as soon as next month. The dollar rose to 99.76 yen late afternoon today from 99.20 yen in New York Monday.
Export-related stocks advanced the most in Tokyo in the wake of yen weakness against US dollar. Tokyo Electron rose 2% to 5550 yen and Advantest Corp jumped 3.2% to 1186 yen. Sony Corp added 3.6% to 1700 yen and Canon Inc 1.5% to 3145 yen.
Dentsu gained 5.4% to 3915 yen after the advertising agency revised up its first fiscal half and full-year guidance. Dentsu raised its operating profit forecast for the first fiscal half to 19.2 billion yen from 13.8 billion yen while upping its annual operating profit estimate to 65.6 billion yen from 58.5 billion yen.
Chiba Bank rose 5.9% at 738 yen after reporting a second quarter consolidated net profit of 26.6 billion yen, up 20.8% on year and beating many forecasts. The bank also announced a 10 billion yen, maximum 15 million share buyback, equivalent to about 1.74% of outstanding stock.
Shares of Ulvac closed limit-up for a gain of 15% to 1123 yen after vacuum technology leader posting a better-than-expected 1Q operating profit of 3.4 billion yen. The company also revised up its first half operating profit view to 5.5 billion yen from 3.6 billion yen.
Electronics retailer Funai Electric added 9.4% to 1108 yen after swinging to an operating profit of 570 million yen and a net profit at 610 million yen.
Japan's index measuring tertiary industry activity was down a seasonally adjusted 0.2% on month in September, the Ministry of Economy, Trade and Industry said on Tuesday, standing at 100.1, following the 0.7% gain in August. Among the individual industries that saw contraction were technical services, utilities, personal services and accommodations. Industries that moved higher included real estate, finance, retail, communications, health care and learning support.
Japan's headline consumer confidence index dropped to 41.2 in October from 45.4 in the previous month, the Cabinet Office said. Consumer confidence deteriorated unexpectedly in October, after improving in the previous month, latest data showed Tuesday. Among the sub-indexes, the overall livelihood index fell sharply to 37.7 from 42.4 in September. At the same time, the measure of households' views of their income growth slid to 37.7 in October from 40.6 from a month earlier. Japanese consumers' willingness to buy durable goods tuned less upbeat during the month, with the relevant sub-index falling to 43.2 from 47. The indicator of households' perception of the employment situation in the country dropped to 46.3 in October from 51.7 in September, data showed.
In China, shares of the Chinese financial market climbed up, sending the benchmark Shanghai Composite index 0.82% up at 2126.77, led by consumer staples and financial players.
Shares of consumer staples gained the most in Shanghai, with distilleries were leading the way. Kweichow Moutai Co paced the gains of distilleries, rising 3.8% to 144.84 yuan, after the high-end liquor producer announced to invest 8.79 million euro (US$11.8 million) in Paris property as part of its overseas expansion plan. Shanxi Xinghuacun Fen Wine Factory Co climbed 6.8% to 19.73 yuan. Sichuan Swellfun Co added 4.1% to 11.25 yuan.
Shares of Chinese shipbuilders rose on reports the government will ease restrictions on subsidies to encourage the country's ship recycling industry. China Shipbuilding Industry Co rose 2.2% to 5.59 yuan. China CSSC Holdings gained 2.3% to 17.29 yuan. Guangzhou Shipyard International Co increased 3% to 11.96 yuan.
The China Association of Automobile Manufacturers said on Monday that vehicles sales in China soared more than 20% in October. The deliveries of passenger cars and commercial vehicles surged 20.3% last month from a year earlier to 1.93 million units, the second month in a row for sales to expand around 20%. The sales included 1.61 million passenger cars, which hit their second-highest level this year after rising 23.6%.
In Hong Kong, HK shares drifted lower, weighing the benchmark Hang Seng Index down by 0.73% to 22901.41 while the Hang Seng China Enterprises Index dropped 0.2% to 10561.61, as investors booked some profit on yesterday's rally.
Among the HK 50 blue chips, 39 stocks fell and 8 stocks rose, while remaining 3 stocks finished steady. China Merchants Holdings (International) Co softened 3.4% to HK$27.15, and Wharf rose 1.7% to HK$64.8, making themselves the top blue-chip loser and gainer.
Major Chinese banks were mostly lower in Hong Kong after data out Monday showed lending hit a 10-month low in October. Industrial & Commercial Bank of China declined 0.2% to HK$5.35 while Agricultural Bank of China lost 0.3% to HK$3.71.
In Indonesia, shares in Indonesian market fell down, dragging the benchmark Jakarta Composite index 1.38% down at 4380.64 after Indonesia's central bank unexpectedly raised its benchmark interest rate as policy makers intensify efforts to narrow a current-account deficit that has weighed on the rupiah. Governor Agus Martowardojo and his board increased the reference rate by 25 basis points to 7.5%, the central bank said in Jakarta today.
In India, Indian benchmark indices edged lower in what was a volatile trading session as investors remained cautious ahead of consumer inflation and industrial output data, which are scheduled for announcement by the government after market hours. Weakness in European stocks also weighed adversely on sentiment. The Sensex was provisionally down 223.51 points or 1.09%, off close to 315 points from the day's high and up about 5 points from the day's low.
In the foreign exchange market, the Indian rupee edged lower against the dollar as investors remained cautious ahead of consumer inflation and industrial output data. The partially convertible rupee was hovering at 63.76, compared with its close of 63.24 on Monday, 11 November 2013.
Hindalco Industries fell 0.49% after the company's net profit declined slightly in Q2 September 2013. The company during market hours reported 0.49% fall in net profit to Rs 357.11 crore on 4.58% rise in total income to Rs 6584.67 crore in Q2 September 2013 over Q2 September 2013 over Q2 September 2012.
National Aluminium Company rose 4.08% on strong Q2 result. The company's net profit surged 3648.33% to Rs 179.17 crore on 6.50% increase in total income to Rs 1861.07 crore in Q2 September 2013 over Q2 September 2012. The company announced the result after market hours on Monday, 11 November 2013.
Elsewhere in the region, New Zealand's NZX 50 index fell 0.13%. Malaysia's KLSE Composite shed 0.52%. Singapore's Straits Times index lost 0.2%. South Korea's KOSPI rose 0.92%. Taiwan's Taiex index added 0.16%.
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