Pattaya Daily News

09 December 2008 :: 16:12:43 pm 28342

Asia Cautiously Optimistic On Economic Prospects

The Asian stock markets, on December 9, 2009, are currently hoping that a fully-fledged depression can be avoided and a recession can be cushioned, with optimistic news of stimulus measures by China and the US, however, investors are still realistic enough to appreciate that the global outlook may worsen before it gets better.
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The Asian markets fluctuated around positive territory today, December 9, with Japan’s benchmark Nikkei 225 stock average increasing to 39.45 points, or 0.5 percent, to 8,368.50, while Hong Kong’s Hang Seng index decreased by 0.8 percent to 14,919.20. Neighbouring New Zealand, Taiwan, Singapore and the Phillipines’ stock markets mirrored the increases of the Nikkei, but this optimism was not shared by those of mainland China, South Korea and Australia, which declined.

Meanwhile in the US, on Wall Street, the Dow Jones industrials average increased by almost 3 percent to 8,934.18, in response to President-elect Barack Obama’s pledge to increase infrastructure spending to boost the economy. His plan will be the most extensive U.S. public works program since the interstate highway system was started 50 years ago. Shares of commodities companies responded positively to the infrastructural improvement announcement.

Detroit’s carmakers, General Motors Corp., Chrysler LLC and Ford Motor Co., are also cautiously optimistic following the White House announcement, yesterday, that a deal with congress to aid the ailing motor industry was likely.

In response to the good news from the States, which is seen as having a positive impact on Japan, shares in Japanese carmakers, Nissan Motor Co and Honda Motor Co, increased 4.6 percent and 3.9 percent, respectively.

As far as oil is concerned, anticipation of an imminent production cut by OPEC, had the effect of steadying oil prices $44 a barrel.

Reporter : PDN staff   Category : World News

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