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Sydney, Mar 11, 2009 (ABN Newswire) - Most Major indexes in Asia ended higher Tuesday, but Japan's Nikkei 225 Average closed 0.4% lower at a fresh 26-year low. Hong Kong's Hang Seng Index surged 3.1% largely pushed by the banking sector.
On Wednesday Tokyo and Hong Kong markets bounced 4 per cent respectively in the morning following Wall Street's hefty overnight rally. Taiwan stocks rose 2.04 percent to a two-month high led by financial stocks after Citigroup said it turned profitable in the first two months in 2009.
Asia Economy Watch
The China Association of Automobile Manufacturers said auto sales in China soared 24.7% in February from a year earlier to 827,600 vehicles. The cut in purchase tax on 1.6 litre engines and smaller vehicles helped promote the sales up in the first two month this year.
Japan's wholesale prices fell 1.1 percent in February from a year earlier, the biggest annual fall in nearly six years. Consumer deflation is seen following soon in Japan and economists forecast the core consumer prices could reach around 2 per cent.
Company News
China Telecom Corp (HKG:0728)(NYSE:CHA) has issued a profit warning for last year's earnings as a result of a write-down of assets for its xiaolingtong wireless fixed service. The company expects a significant decline in its financial results this year.
China's Guangxi Yuchai Group, parent company of China Yuchai International Limited (NYSE:CYD), is considering spin-off listing of its engineering machinery business on the domestic A-share market or H share market.
Honda Motor Co. (TYO:7267)(NYSE:HMC) said orders it had received for the gasoline-electric hybrid car had already matched its monthly sales target. The orders data provide a rare bright spot for Japan's struggling auto market, which is expected to plunge to a 31-year low in 2009.
Chubu Electric Power Co. (TYO:9502) and Xstrata PLC (LON:XTA) have agreed on a price of around US$70-US$72 a metric ton for thermal coal under a long-term contract for the fiscal year starting in April, said market sources. It is said that Chubu also agreed with Rio Tinto (ASX:RIO) on around the same price for thermal coal for the next fiscal year.
Fubon Bank (Hong Kong) (HKG:0636), a subsidiary of Taiwan financial conglomerate Fubon Financial (TPE:2881), posted a 78 per cent fall in its net profit HK$100 million last year from HK$460 million a year ago. The bank said it would review its cost structure and seek further integration with its parent company.
A Japanese newspaper reported that Toshiba Corp (TYO:6502) is likely to see an operating profit of about US$1 billion next fiscal year, as lower fixed costs and growth in its infrastructure business could bring Toshiba back into the black in the year to March 2010.
On Wednesday Tokyo and Hong Kong markets bounced 4 per cent respectively in the morning following Wall Street's hefty overnight rally. Taiwan stocks rose 2.04 percent to a two-month high led by financial stocks after Citigroup said it turned profitable in the first two months in 2009.
Asia Economy Watch
The China Association of Automobile Manufacturers said auto sales in China soared 24.7% in February from a year earlier to 827,600 vehicles. The cut in purchase tax on 1.6 litre engines and smaller vehicles helped promote the sales up in the first two month this year.
Japan's wholesale prices fell 1.1 percent in February from a year earlier, the biggest annual fall in nearly six years. Consumer deflation is seen following soon in Japan and economists forecast the core consumer prices could reach around 2 per cent.
Company News
China Telecom Corp (HKG:0728)(NYSE:CHA) has issued a profit warning for last year's earnings as a result of a write-down of assets for its xiaolingtong wireless fixed service. The company expects a significant decline in its financial results this year.
China's Guangxi Yuchai Group, parent company of China Yuchai International Limited (NYSE:CYD), is considering spin-off listing of its engineering machinery business on the domestic A-share market or H share market.
Honda Motor Co. (TYO:7267)(NYSE:HMC) said orders it had received for the gasoline-electric hybrid car had already matched its monthly sales target. The orders data provide a rare bright spot for Japan's struggling auto market, which is expected to plunge to a 31-year low in 2009.
Chubu Electric Power Co. (TYO:9502) and Xstrata PLC (LON:XTA) have agreed on a price of around US$70-US$72 a metric ton for thermal coal under a long-term contract for the fiscal year starting in April, said market sources. It is said that Chubu also agreed with Rio Tinto (ASX:RIO) on around the same price for thermal coal for the next fiscal year.
Fubon Bank (Hong Kong) (HKG:0636), a subsidiary of Taiwan financial conglomerate Fubon Financial (TPE:2881), posted a 78 per cent fall in its net profit HK$100 million last year from HK$460 million a year ago. The bank said it would review its cost structure and seek further integration with its parent company.
A Japanese newspaper reported that Toshiba Corp (TYO:6502) is likely to see an operating profit of about US$1 billion next fiscal year, as lower fixed costs and growth in its infrastructure business could bring Toshiba back into the black in the year to March 2010.
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