in Stock News 09/10/2014

Asian stocks rose broadly on Thursday, although Japanese shares drifted lower on a stronger yen. Risk sentiment was boosted after minutes of the September 16-17 FOMC meeting offered a dovish outlook for U.S. monetary policy, with some Fed officials expressing concerns about global economic weakness and the impact of a stronger U.S. dollar. The comments allayed concerns of an earlier-than-expected hike in U.S. interest rates after the end of market-friendly bond-buying program in October.

Chinas Shanghai Composite index rose 0.28 percent to end near a 20-month high, as investors looked forward to trade and inflation data due next week. Investor sentiment got a boost after Premier Li Keqiang said the government would launch some key projects in areas such as water conservation and environmental protection this year to support economic growth. Hong Kongs Hang Seng index rallied 1.17 percent to 23,534.53, led by financials.

Japanese shares ended notably lower, erasing earlier gains as the yen hit a three-week high against the dollar. The benchmark Nikkei average dropped 117 points or 0.75 percent to 15,478.93, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange ended down 1.10 percent at 1,260.78.

Among prominent decliners, Nippon Sheet Glass, NEC Corp, Fujifilm Holdings, Pioneer Corp and Mitsumi Electric Corp fell 3-6 percent. Fast Retailing rose 1.5 percent ahead of its full-year earnings results unveiled later in the day.

In economic news, Japans core machinery orders climbed 4.7 percent in August from the previous month, government data showed, exceeding forecasts for an increase of 0.5 percent. The leading gauge of capital spending rose for the third straight month, helping ease concerns the economy is losing traction.

There are many options available for additional easing and the central bank will not hesitate to make any necessary and appropriate moves to reach the 2 percent inflation target, Bank of Japan Governor Haruhiko Kuroda told the Economic Club of New York on Wednesday.

Australian shares rebounded from 8-month lows, with the benchmark S&P/ASX 200 adding 1.1 percent to 5,296.7, its largest rise in two months after falling 0.8 percent on Wednesday. Banks led the gainers, with Bank of Queensland climbing 2.7 percent as the lender forecast sustainable growth in earnings and dividends after posting record statutory and cash profit results for the year ended 31 August 2014.

National Australia Bank added a percent. The countrys fourth-largest bank by market value forecast a 14 percent fall in full-year cash profit after making provisions to cover compensation claims for products allegedly missold by its U.K. business. ANZ rose 1.7 percent, Commonwealth advanced 1.6 percent and Westpac jumped 1.8 percent. Rio Tinto slipped 0.1 percent as the mining giant said it had completed the sale of its Mozambique coal assets to Indias International Coal Venture Private Limited.

Fortescue Metals Group lost 1.5 percent, while BHP Billiton rose 1.2 percent, gold miner Northern Star Resources soared 7.3 percent and Newcrest rallied 2.9 percent. Gold traded at its highest level in nearly two weeks in Asian deals after Fed officials expressed concerns that the U.S. economy may be at risk from a global slowdown, slowing inflation and rising dollar.

On the economic front, a report from the Australian Bureau of Statistics showed that the countys unemployment rate rose from a revised 6 percent in August to 6.1 percent in September, the highest in more than a decade, while the economy lost 29,700 jobs versus forecasts for an increase of 15,500 jobs.

New Zealand shares rose as bargain hunters lapped up high-yielding stocks amid easing concerns over interest rate hikes in the U.S. The benchmark NZX-50 index gained 0.38 percent to finish at 5,266.04, with 26 of its components advancing. Energy stocks paced the gainers, with Contact Energy, Meridian Energy and Genesis Energy rising between 1.5 percent and 2.6 percent, while Fletcher Building, the largest listed company in New Zealand, jumped over 3 percent to $8.87.

Online accounting software maker Xero dropped a percent and Spark New Zealand, formerly Telecom, shed 1.7 percent. In economic releases, retail credit card spending eased a seasonally adjusted 0.1 percent in September from the previous month, Statistics New Zealand said, missing forecasts for an increase of 0.4 percent following the 0.5 percent gain in August.

Elsewhere, the Taiwan Weighted average rose 0.1 percent and the benchmark indexes in India, Indonesia and Singapore were up between 0.7 percent and 1.6 percent, while the South Korean market was closed for a public holiday.

U.S. stocks rallied sharply overnight, erasing the previous sessions steep losses, as minutes from the Federal Reserves September policy meeting offset recent concerns about the central bank raising interest rates sooner than anticipated. The Dow climbed 1.6 percent, the tech-heavy Nasdaq soared 1.9 percent and the S&P 500 advanced 1.8 percent.