Asia's stock markets were modestly up Monday morning,perhaps feeling that last week's selling was overdone.Donald Williams of Platypus Asset Management in Sydney said he thinks this will be a consolidation week.Traders will be watching the Federal Reserve's annual conference in Jackson Hole,Wyoming for signs the Fed will implement a third round of quantitative easing,supporting the markets by purchasing more bonds.
We're not looking for a major rally;it's more likely that we trade sideways.The outlook for most companies is the murkiest since 2008.It'll take another 2-3 months to figure out what's ahead.
We're just adding to existing positions.We haven't changed to being more defensive,Mr.Williams noted.
China Construction Bank reported record earnings for the first half of the year.Credit demand was strong and there was a 14.5 billion dollar increase in net income,up 31%.
South Korean golfer Na Yeon Choi lost to Sweden's Suzann Pettersen in a playoff at the Safeway Classic in Oregon.They had both finished in regulation at six under par.
In Sydney,it was 61F on Monday under partly cloudy skies.Winds were SE at 14mph,and the humidity was 59%.
iShares Trust FTSE/Xinhua China 25 index(FXI)
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