U.S. Stock-Index Futures Are Little Changed Before Data
Dec 24, 2013 6:11 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/u-s-stock-index-futures-are-little-changed-beforedata.html
U.S. stock-index futures were little changed amid shortened trading hours for the Christmas holiday
before reports on durable-goods orders and new-house sales.
Tesla Motors Inc. (TSLA) advanced 1.7 percent in early New York trading after saying the the National
Highway Traffic Safety Administration reaffirmed the safety rating for the carmaker’s Model S
sedan. AAR Corp. (AIR) climbed 8.8 percent after Northrop Grumman Corp. said the company will
provide parts for Japan’s airborne early warning and control aircraft.
Futures on the Standard & Poor’s 500 Index (SPX) expiring in March dropped less than 0.1 percent to
1,822.6 at 7:39 a.m. in New York. The equity benchmark closed at a record yesterday. Contracts on
the Dow Jones Industrial Average added 4 points, or less than 0.1 percent, to 16,242. The New York
Stock Exchange will close at 1 p.m. today.
“Investors’ appetite for equity risk has been quite resilient this year,” UBS AG strategists including Jerry
McGuire wrote in a report today.
The S&P 500 has climbed 28 percent this year, on course for its biggest annual rally since 1997. The
gauge closed at an all-time high of 1,827.99 yesterday. The Federal Reserve said last week it will reduce
its monthly bond-buying program amid faster-than-estimated economic expansion.
Orders for goods meant to last at least three years increased 2 percent last month, according to
economists surveyed before a Commerce Department report at 8:30 a.m. in Washington. They fell 1.6
percent in October. A separate report will probably show that new-house sales dropped to a 440,000
annualized pace in November from 444,000 in October, according the median estimate in a Bloomberg
survey.
Tesla Climbs
Tesla rose 1.7 percent to $145.94. Its Model S sedan keeps its 5-star rating for crashworthiness for 2014,
the highest designation awarded by the National Highway Traffic Safety Administration. The
Transportation Department posted the rating on its www.safecar.gov website.
AAR climbed 8.8 percent to $31.55. The company will supply airframe parts and accessories to the Japan
Air Self-Defense Force’s fleet of E-2C Hawkeye planes for the next five years, Northrop Grumman said in
a statement after the close of trading yesterday.
Most European Stocks Climb Before U.S. Economic Reports
Dec 24, 2013 4:54 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/u-k-index-futures-are-little-changed-before-u-sreports.html
Most European stocks advanced amid shortened trading hours for Christmas Eve and before reports on
U.S. durable-goods orders and new-house sales. U.S. index futures and Asian shares were little changed.
Royal Boskalis Westminster NV, a Dutch dredging company, gained 2.9 percent after winning a $275million contract in Australia. Bankia SA rose after the Spanish lender sold its stakes in private-equity
firms.
The Stoxx Europe 600 Index added 0.2 percent to 324.11 at 11:21 a.m. in London as more than
three stocks climbed for every two that dropped. The U.K.’s FTSE 100 Index rose 0.4 percent. Standard &
Poor’s 500 Index futures increased 0.1 percent, while the MSCI Asia Pacific Index lost less than 0.1
percent.
“The momentum in the economy is improving,” Joost van Leenders, who helps oversee about $654
billion as a strategist at BNP Paribas Investment Partners in Amsterdam, said by telephone. “It will be a
positive year for equities next year, driven by earnings growth. In the short term, investors are likely
window dressing and positioning themselves in the winning asset class.”
European stocks yesterday completed their biggest four-day rally since April after the International
Monetary Fund said it will raise its forecast for U.S. economic growth. The Stoxx 600 has gained 16
percent this year, putting it on course for its best annual performance since 2009, as the European
Central Bank and the Bank of England pledged to leave interest rates near record lows for a prolonged
period.
‘Synchronized Growth’
“A more synchronized growth story is set to unfold in 2014, with each of the major regions logging
positive gross domestic product and most seeing a pick-up over 2013,” Hans Olsen, the New York-based
chief investment officer for the Americas at Barclays Wealth, wrote in a report. “The prospect of greater
volatility and lower returns aside, developed equity markets will likely offer a compensatory return for
investors.”
U.S. GDP will probably accelerate in 2014, according to economists’ estimates compiled by Bloomberg,
while the euro area will return to growth after two years of contraction. Japan may expand for a third
year, the forecasts show.
The London Stock Exchange will end trading at 12:30 p.m. local time today, while NYSE Euronext’s
European cash markets will close 35 minutes later. The Madrid bourse closes at 2 p.m. local time. No
trading will take place in Germany, Switzerland, Italy or the Nordic countries today.
The Euro Stoxx 50 Index rose 0.1 percent today as 30 of its 50 constituents traded. The volume of shares
changing hands in Stoxx 600-listed companies was 73 percent lower than the average of the last 30
days, according to data compiled by Bloomberg.
Japanese Equities
Japan’s Nikkei 225 Stock Average (NKY) climbed above 16,000 today for the first time since 2007 before
paring its advance in late afternoon trading.
A Commerce Department report at 8:30 a.m. in Washington will show that orders for durable goods in
the U.S. rose 2 percent in November, according to a Bloomberg poll of economists. The department will
release figures on new house sales for last month at 10 a.m. They will show that Americans bought
440,000 new properties at an annual pace in November, according to economists surveyed by
Bloomberg. New-house sales amounted to 444,000 in October.
Boskalis advanced 2.9 percent to 38.30 euros, the biggest gain on the Stoxx 600. The company said its
Dockwise business has won a contract to transport equipment from China and Malaysiato Chevron
Corp.’s Wheatstone project in Western Australia. Separately, Het Financieele Dagblad reported that
Boskalis has started talks to buy Fairmount Marine BV. The newspaper cited a company spokesman.
Bankia, BSkyB
Bankia added 0.8 percent to 1.16 euros. The lender said after markets closed yesterday that it has
reached an agreement with an unidentified buyer to cede its stakes in a portfolio of venture-capital
firms. It disclosed no financial details.
British Sky Broadcasting Group Plc (BSY), the U.K.’s largest pay-TV provider, rose 2 percent to 829
pence. The Daily Mail cited speculation that Vodafone Group Plc may bid for BSkyB to bundle its mobilephone services with the satellite TV company’s broadband, TV and landline products. Vodafone’s shares
added 0.2 percent to 236.5 pence.
Publicis Groupe SA climbed 1.2 percent to 65.31 euros after the advertising agency said that Lagardere
SCA has bought its 49 percent stake in a media business. Regie 1 is the media agency for Lagardere’s
radio station, Europe 1.
Tullow Oil Plc dropped 1 percent to 839.5 pence. The oil explorer based in London said a well on the
Mantra prospect off the coast of Norway found reservoirs that contained water instead of oil. Tullow
said it will plug and abandon the well.
Emerging Stocks Rise as Cash Injection Lifts China; Lira Rallies
Dec 24, 2013 6:21 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/emerging-stocks-rise-as-cash-injection-boosts-chinashares.html
Emerging-market stocks headed for a two-week high as Chinese equities advanced after the country’s
central bank moved to ease a cash crunch. Turkey’s index rose from a three-month low and the lira
gained the most among peers.
The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong jumped 1.8
percent. Turkey’s gauge added 1.1 percent, the biggest increase in the world on a dollar basis, as
BlackRock Inc. said it’s buying the nation’s stocks amid a corruption probe. The lira appreciated 0.8
percent versus the dollar after the central bank boosted currency sales.
The MSCI Emerging Markets Index rose 0.2 percent to 994.96 at 11:50 a.m. in London, set for the
highest close since Dec. 11. China’s benchmark money-market rate fell the most since 2011 after the
central bank injected funds via open-market operations for the first time in three weeks to boost money
supply. Data yesterday showed U.S. consumer confidence climbed to a five-month high, giving a lift to
the world’s largest economy.
“There are hopes and bets that at least a slight pick-up in economic activity in EMs will follow on the
back of the strong momentum in the U.S. economy,” Slava Smolyaninov, chief strategist at UralSib
Financial Corp. in Moscow, said by e-mail. “China has been one of the defining elements.”
China Construction
Nine of the 10 groups in the developing-nation gauge gained, led by industrial and financial stocks.China
Construction Bank Corp. (939) rose the most since Nov. 18 in Hong Kong, making it the biggest
advancer on the broader emerging-market gauge.
Turkey’s Borsa Istanbul National 100 Index headed for the biggest jump since Dec. 6, the largest increase
among 94 global equity gauges tracked by Bloomberg. BlackRock, the world’s biggest money manager,
said it’s seizing an opportunity to buy the nation’s stocks after concern surrounding a corruption probe
drove down prices.
The lira touched a record-low 2.0992 against the dollar before appreciating the most since Oct. 16 on a
closing basis. The central bank said it would sell at least $6 billion at auctions through the end of January
and make it more costly for lenders to park foreign currencies in reserves.
Stocks in Dubai, which will be added to the MSCI Emerging Markets Index next year, soared 1.3 percent
to the highest level since October 2008. With a year-to-date gain of 102 percent, thegauge is the world’s
best performer among the 50-largest equity markets tracked by Bloomberg, propelled by a rally in real
estate and investment companies.
Egypt Bomb
Shares in South Africa and Egypt rose at least 0.4 percent. The EGX 30 Index earlier tumbled as much as
1.2 percent after a car bomb blew up outside a security headquarters in the nation’s Nile Delta, killing at
least 13 and fueling concerns militant assaults may escalate.
The developing-nation gauge has lost 5.7 percent this year and trades at 10.5 times projected 12-month
earnings, while the MSCI World Index has surged 22 percent and is valued at a multiple of 14.6.
China’s central bank injected 29 billion yuan (4.78 billion) via seven-day reverse repos for the first time
since Dec. 3. The seven-day repurchase rate, a gauge of funding availability in the banking system,
dropped 3.44 percentage points to 5.4 percent, according to a daily fixing from the National Interbank
Funding Center.
Improving Profitability
Industrial & Commercial Bank of China Ltd., the nation’s largest lender, rose 1.4 percent in Hong
Kong. China Shenhua Energy Co. (1088), the country’s largest coal producer, advanced 2.1 percent after
announcing plans to buy two units from its parent to improve profitability. The Hang Seng surged the
most since Nov. 18 before closing for a two-day holiday. The Shanghai Stock Exchange Composite Index
added 0.2 percent.
Acer Inc. (2353) jumped 6.2 percent in Taipei as the personal-computer maker named Jason Chen, a
former Taiwan Semiconductor Manufacturing Co. (2330) executive, as its chief executive officer.
The Thai baht fell to as low as 32.810 per dollar, its weakest level since March 2010. Protesters swarmed
two buildings in Bangkok yesterday in an attempt to block candidates from registering for a national
election planned for Feb. 2. The demonstrations are the latest in a series of protests aimed at toppling
caretaker Prime Minister Yingluck Shinawatra, who dissolved the parliament Dec. 9.
The premium investors demand to own emerging-market debt over U.S. Treasuries fell two basis points,
0r 0.02 percentage point, to 309 basis points, JPMorgan Chase & Co. indexes show.
U.K. Stocks Climb Before Christmas Holiday as BSkyB Gains
Dec 24, 2013 6:42 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/u-k-stocks-climb-before-christmas-holiday-as-bskybrises.html
U.K. stocks advanced for a fifth day amid shortened trading hours for Christmas Eve and before U.S.
reports on durable-goods orders and new-house sales.
British Sky Broadcasting Group Plc climbed 2.5 percent for the biggest rally on the benchmark FTSE 100
Index.Tullow Oil Plc (TLW) fell 1.2 percent after saying it will abandon a well. Segro Plc (SGRO) rose 0.9
percent after selling a site. ARM Holdings Plc (ARM)lost 1.4 percent after yesterday gaining 3.9 percent.
The FTSE 100 added 15.56 points, or 0.2 percent, to 6,694.17 at the close in London, posting its longest
winning streak since October. The equity benchmark has gained 14 percent this year as central banks
around the world pledged to leave interest rates low for a prolonged period of time. The broader FTSE
All-Share Index advanced 0.2 percent today, while Ireland’s ISEQ Index lost 0.2 percent.
“We have a green Christmas on stock markets today,” said Benno Galliker, a trader at Luzerner
Kantonalbank AG in Lucerne, Switzerland. “The positive sentiment lingers on and pulls the markets that
are open in Europe today higher. We should see a continuation of the up move into 2014.”
The volume of shares changing hands in FTSE 100 (UKX) companies was 59 percent lower than the
average in the last 30 days, according to data compiled by Bloomberg.
U.S. Economy
A report at 8:30 a.m. in Washington will show that orders for durable goods in the U.S. rose 2 percent in
November, according to a Bloomberg poll of economists. Separate data at 10 a.m. will show that newhouse sales fell to a 440,000 annualized pace last month from 444,000 in October, according to the
median projection.
BSkyB (BSY) climbed 2.5 percent to 833 pence. The Daily Mail reported there was speculation Vodafone
Group Plc may bid for the company to bundle its mobile-phone services with the satellite broadcaster’s
broadband, TV and landline offerings.
Tullow Oil declined 1.2 percent to 838 pence. The company said a well on the Mantra prospect off the
coast of Norway found reservoirs that contained water instead of oil. Tullow said it will plug and
abandon the well.
Segro added 0.9 percent to 337.7 pence. The U.K.’s largest publicly traded owner of industrial properties
said it sold its Neckermann site for 46 million euros ($63 million).
ARM Holdings dropped 1.4 percent to 1,095 pence. The company increased 3.9 percent yesterday after
Apple Inc. struck a deal to sell its smartphones through China Mobile Ltd. ARM designs chips for the
iPhone.
Japan’s Nikkei 225 Extends Six-Year High on U.S. Data
Dec 24, 2013 12:07 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/japanese-shares-advance-after-holiday-on-u-s-dataimf.html
Japan’s Nikkei 225 Stock Average extended a six-year high as data showed the U.S. economic recovery is
accelerating. The measure climbed above 16,000 for the first time since 2007 before paring gains.
Mitsubishi Motors (7211) Corp. jumped the most on the Nikkei 225 after raising its profit forecast. NKSJ
Holdings Inc. (8630) increased 1.8 percent after Nomura Holdings Inc. boosted its price target on the
insurer. Japan Tobacco Inc. dropped 2.2 percent after a report the head of its international business
resigned.
The Nikkei 225 added 0.1 percent to 15,889.33 in Tokyo, its highest close since December 2007. The
measure trimmed gains after rising as much as 1 percent to 16,029.65 in the morning session. The Topix
index slid 0.3 percent to 1,257.55. The yen weakened 0.1 percent to trade at 104.22 per dollar. Markets
were closed yesterday for a public holiday.
“The U.S. will probably lead the global economic recovery next year,” said Toshihiko Matsuno, a
strategist at SMBC Friend Securities Co., a unit of Sumitomo Mitsui Financial Group Inc. “If the U.S.
economy improves, then the yen will get weaker and that’s good for Japan. If the Nikkei 225 rises above
16,000, it indicates themarket is entering a new stage of gains.”
Futures on the Standard & Poor’s 500 Index were little changed today. The equity measure added 0.5
percent yesterday. While Japanese markets were closed, data showed U.S. consumer spending rose in
November by the most in five months and economic growth in the third quarter was faster than
previously estimated.
IMF Outlook
The IMF is raising its outlook for the U.S. economy, as a budget deal in Washington and theFederal
Reserve’s plan to taper its bond buying ease doubts about the future, IMF Managing Director Christine
Lagarde said in an interview broadcast on NBC’s “Meet the Press.” The IMF predicted in October that
the world’s largest economy would expand 2.6 percent next year. Lagarde didn’t set out any new
projections.
Japan’s Cabinet Office released its economic report for December today. The report said “prices are
holding firm,” dropping a reference to the word “deflation” for the first time since October 2009.
Mitsubishi Motors jumped 4.3 percent to 1,099 yen after boosting its net income forecast by 43 percent
to 100 billion yen ($959.5 million), citing a weaker yen and cost cuts.
NKSJ gained 1.8 percent to 2,915 yen after Nomura raised its 12-month target price to 3,300 yen from
2,900 yen.
The Tokyo Stock Exchange Mothers Index of smaller stocks declined 2.2 percent today, while the Jasdaq
Stock Index slipped 1 percent. Japan’s tax on share gains is set to double to 20 percent on Jan. 1.
“Individual investors wanting to sell in order to limit the increase in the capital-gains tax is a negative
factor for stocks today,” SMBC’s Matsuno said.
Tepco Drops
Among other stocks that fell, Tokyo Electric Power Co. dropped 2.3 percent to 510 yen. The utility
known as Tepco said it found radioactive water leaks in barriers near storage tanks at its Fukushima DaiIchi nuclear plant, according to a statement Dec. 22.
Japan Tobacco slid 2.2 percent to 3,290 yen after Sky News reported its head of international business
Pierre de Labouchere resigned with immediate effect, citing a company statement.
The Topix (TPX) rose 46 percent this year, the most among 24 major developed markets tracked by
Bloomberg, as Prime Minister Shinzo Abe and the Bank of Japan took steps to end 15 years of deflation.
The gauge traded at 1.28 times book value today, compared with multiples of 2.63 for the S&P 500 and
1.80 for the Stoxx Europe 600 Index yesterday.
Hong Kong Stocks Rise Most in Five Weeks on China Rates
Dec 24, 2013 10:09 AM GMT+0530
http://www.bloomberg.com/news/2013-12-24/hong-kong-stocks-climb-on-china-funding-u-soptimism.html
Hong Kong stocks rose the most in five weeks as China’s benchmark money-market rate tumbled the
most since 2011 after the central bank acted to ease a year-end cash crunch.
Agricultural Bank of China Ltd., the nation’s third-biggest lender, increased 1.3 percent. China Unicom
(Hong Kong) Ltd. (762), the mainland’s second-largest mobile carrier, gained 1.7 percent after saying it
will save 3.14 billion yuan ($517 million) on lower fees to connect to China Mobile Ltd.’s network.
Techtronic Industries Co., a power-tool maker that gets 73 percent of sales from North America,
climbed 3.4 percent after U.S. consumer spending rose.
The Hang Seng Index gained 1.1 percent to 23,179.55 at the close in Hong Kong, its biggest advance
since Nov. 18. All but one stock gained on the 50-member gauge. The Hang Seng China Enterprises
Index (HSCEI), also known as the H-share index, added 1.8 percent to 10,834.43. The city’s market is
closed for afternoon trading today and reopens Dec. 27.
“China’s central bank gave a signal to investors that the government is acknowledging the problem and
is willing to provide liquidity to the market,” said Sam Chi Yung, a strategist at Delta AsiaSecurities Ltd. in
Hong Kong. “But liquidity will remain tight before the year-end.”
The People’s Bank of China conducted the first reverse-repurchase agreements in three weeks today,
helping ease the tightest financing conditions since a record cash crunch in June. Theseven-day
repurchase rate, a gauge of funding availability in the banking system, dropped 339 basis points to 5.55
percent as of 10:14 a.m. in Shanghai, according to the National Interbank Funding Center. It more than
doubled to 8.94 percent in the past five days.
A measure of financial companies led gains on the Hang Seng Index. (HSI) Agricultural Bank of China
gained 1.3 percent to HK$3.79. Industrial & Commercial Bank of China Ltd., the nation’s largest lender,
climbed 1.4 percent to HK$5.26.
Relative Value
The Hang Seng Index climbed 17 percent from its June low on signs China’s economy is stabilizing. The
measure traded at 11.03 times estimated earnings, compared with 16.51 for the Standard & Poor’s 500
Index yesterday. The H-share index climbed 22 percent from this year’s low on June 25.
Futures on the S&P 500 fell 0.1 percent today. The equity gauge climbed 0.5 percent yesterday to
extend an all-time high as U.S. data showed consumer spending climbed the most in five months in
November. A separate report showed the the Thomson Reuters/University of Michigan index of
consumer sentiment in December climbed to 82.5 from 75.1 a month earlier. Reports on durable goods
orders and new home sales for November will be released today.
Techtronic gained 3.4 percent to HK$21.25. AAC Technologies Holdings Inc. (2018), a maker of acoustic
components that gets more than half its revenue from the U.S., rose 4.2 percent to HK$37.60.
Funding Crunch
The H-share index is headed for its biggest monthly drop since June amid a second liquidity crunch in
China this year. The gauge last week erased all gains since the country’s leadership announced details of
reform measures on Nov. 15 as borrowing costs surged.
China’s liquidity outlook in 2014 isn’t optimistic, and the central bank should “appropriately” cut banks’
reserve requirement ratio one or two times, China Securities Journal reported, citing Bank of China
researcher Wen Bin.
China Mobile said effective Jan. 1, the fee China Telecom Corp. and China Unicom pay to connect a call
to its network will drop to 0.04 yuan per minute from 0.06 yuan on orders of the government. China
Unicom gained 1.7 percent to HK$11.70, while China Telecom jumped 1.8 percent to HK$3.89. China
Mobile advanced 0.5 percent to HK$80.95.
Futures on the Hang Seng Index rose 1.2 percent to 23,209. The Hang Seng Volatility Index dropped 0.8
percent to 14.54, indicating traders expect the benchmark equity index to swing 4.2 percent in the next
30 days.
Asian Stocks Outside Japan Rise on U.S., China Funding
Dec 24, 2013 4:42 PM GMT+0530
http://www.bloomberg.com/news/2013-12-24/asian-stocks-rise-sixth-day-as-data-show-u-srecovery.html
Asian stocks outside Japan gained after data showed the U.S.economic recovery gaining momentum
and China’s central bank moved to ease a cash crunch.
Techtronic Industries Co., a power-tool maker that gets 73 percent of sales from North America, climbed
3.4 percent in Hong Kong after U.S. consumer spending rose. Agricultural Bank of China Ltd., the
nation’s third-biggest lender, gained 1.3 percent. Japan’s Nikkei 225 Stock Average pared gains to 0.1
percent after touching 16,000 for the first time in six years. Mitsubishi Motors Corp. jumped 4.3 percent
after the Japanese carmaker raised its operating-profit forecast.
The MSCI Asia Pacific Excluding Japan Index advanced 0.4 percent to 463.89. The broader MSCI Asia
Pacific Index was little changed at 139.14.
“We are seeing the beginning of a self-sustaining recovery in the U.S. economy,” said Takashi Miyazaki,
general manager of strategic research at Mitsubishi UFJ Asset Management Co., a unit of Japan’s biggest
bank. “Markets will correct when they rise too fast in the short term, but they will extend gains down
the road.”
Japan’s Topix (TPX) index fell 0.3 percent as Japan’s markets reopened from a holiday. The Cabinet
Office released its December economic report today, dropping a reference to the term “deflation” for
the first time since October 2009, saying “prices are holding firm.”
Regional Gauges
South Korea’s Kospi index advanced 0.2 percent. Australia’s S&P/ASX 200 Index rose 0.7 percent. New
Zealand’s NZX 50 Index gained 1 percent. Singapore’s Straits Times Index rose 0.4 percent, and Taiwan’s
Taiex Index lost 0.1 percent.
The Hang Seng China Enterprises Index (HSCEI), also known as the H-share index, added 1.8 percent,
while Hong Kong’s Hang Seng Index gained 1.1 percent. China’s Shanghai Composite Index rose 0.2
percent.
China’s benchmark money-market rate tumbled the most since February 2011 after the central bank
injected funds via open-market operations for the first time in three weeks, helping alleviate a year-end
cash crunch. Agricultural Bank of China gained 1.3 percent to HK$3.79. Industrial & Commercial Bank of
China Ltd., the nation’s largest lender, climbed 1.4 percent to HK$5.26.
Futures on the Standard & Poor’s 500 Index were little changed today. The measure rose 0.5 percent
yesterday to a record on data showing that consumer spending the most in five months in November as
Americans took advantage of discounts during the year-end shopping season. A separate report showed
the Thomson Reuters/University of Michigan final index of consumer sentiment in December climbed to
82.5 from 75.1 a month earlier.
Techtronic rose 3.4 percent to HK$21.25. AAC Technologies Holdings Inc., a maker of acoustic
components that gets 64 percent of its revenue in the U.S., gained 4.2 percent to HK$37.60.
U.S. Outlook
The International Monetary Fund is raising its outlook for the U.S. economy, as a budget deal
inWashington and the Fed’s plan to taper its bond buying ease doubts about the future, IMF Managing
Director Christine Lagarde said in an interview with NBC’s “Meet the Press” on Dec. 22, without giving a
new projection. The IMF predicted in October that the world’s largest economy would expand 2.6
percent next year.
Mitsubishi Motors added 4.3 percent to 1,099 yen after raising its full-year net-income forecast 43
percent to 100 billion yen, citing a weaker yen, cost cuts and a review of corporate taxes.
Japan Tobacco Inc. dropped 2.2 percent to 3,290 yen after Sky News reported the resignation of Pierre
De Labouchere, the head of the company’s international business.
The Asia-Pacific gauge traded at 13.8 times estimated earnings, compared with 16.6 for the S&P 500 and
15.2 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.