Monday, September 23, 2013

Asia This Day:China Manufacturing;Singapore Grand Prix

Japanese markets are closed Monday for the autumnal equinox holiday.Hong Kong's market was closed until after lunch because of Typhoon Usagi,which crossed the territory without causing serious injury or damage.*
Steve Brice,chief international strategist at Standard Charterd,said the tapering will happen at some point,and that will drain liquidity from the market.Expect continuing volatility for the Indian market.We're not convinced that the Chinese authorities want a significant rebound in Chinese growth.There's been good data,but we're not convinced and haven't bought into a major bull market in China just yet.*
We like the European stock market for a 6-12 month time horizon.We're still relatively constructive on the US.We're waiting for the earnings.We want to see what happens on the cost side.*
The HSBC flash PMI showed that China manufacturing data beat its estimate,causing stocks to rise in early Monday trading.The unofficial index rose to 51.2 in September from 50.1 in August,reaching its highest level since March.The official data comes out in October.*
Sebastian Vettel of Germany won the Formula One Singapore Grand Prix,which was held at night on a challenging street course,solidifying his overall lead for Red Bull Racing in the championship race.Spain's Fernando Alonso was second for Ferrari,and Kimi Raikkonen of Finland finished third for Lotus.A big fireworks display was held immediately the race ended.*
The MSCI Asia Pacific index was up 0.32% in early Monday trading.

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