Toray Industries (TYO:3402) (PINK:TRYIY), the world's largest manufacturer of carbon fibers signed an agreement with German carmaker Daimler (ETR:DAI) (PINK:DDAIY) yesterday for the establishment of a joint venture in Germany to produce and sell carbon fiber reinforced plastics car parts.
US stocks on Monday rose to a fresh 18-month high on improved economic data. The market was encouraged as the Labor Department Friday released nonfarm payrolls report which showed a biggest job increase in three years. In addition, better-than-expected figures in service and real estate sectors also helped to support the US shares. Asian markets mostly opened higher on Tuesday. Resources shares today could be stronger after oil and metals prices rose. Asian stocks closed higher on Monday with Japan's Nikkei 225 ended at a new 18-month high for the third straight session. Regional volume was light, as markets in Australia, New Zealand, China, Hong Kong and Taiwan were shut for holidays. Most of these markets resume trading today, but Hong Kong bourse remains closing for Ching Ming Festival.
Asian shares could see a flat start on Wednesday while Wall Street closed slightly higher overnight. Steelmakers and resource stocks are expected to suffer declines around the region follow commodities prices dropped. Most Asian markets posted small gains yesterday. Shanghai and Hong Kong bourses rose after an upbeat forecast from China Life Insurance Co., mainland's largest insurance company. China's Shanghai Composite added 0.5 per cent, Hong Kong's Hang Seng Index advanced 0.1 per cent. South Korea's Kospi and Taiwan's Taiex inched up 0.1 per cent each. But Japan's Nikkei 225 closed down 0.17 per cent on profit-taking selling.
Daimler's businesses continue to grow in China. The company's regional headquarters, Daimler Northeast Asia (DNEA) is managing record passenger car sales and vehicle financing, while continuing to expand joint venture activities.
Asian stocks markets broadly opened higher on Monday on hope of the US government's plan to remove toxic assets from the troubled financial firms. Most major indices in Asia posted strong openings and surged more than 1% in early trading.