Asian stocks surged, led by the the biggest gain in four years for Japanese shares, while emerging-market and commodity-producer currencies strengthened amid optimism China will be able to stabilize its financial markets.
The Nikkei 225 Stock Average climbed by 5.6 percent, while a gauge of Chinese shares in Hong Kong headed for its first back-to-back increase in a month after Tuesday’s late-afternoon recovery in Shanghai set off a global equity rally. Australia’s dollar rose a third day, while Malaysia’s ringgit rebounded from a 17-year low. The yen traded near its weakest level this week and bonds from Japan to New Zealand fell as demand for haven assets abated.
Chinese stocks rose Wednesday after capping their first gain in five trading days. While Tuesday’s recovery was likely engineered by regulators, investors took it as a sign authorities can calm volatile markets and limit damage to the slowing economy. The Federal Reserve remains in focus ahead of next week’s meeting, with odds on a rate hike being pushed out to December given the recent gyrations in financial markets and last Friday’s mixed jobs data.
“As long as China is stable and equity markets there aren’t in free fall, markets will generally go higher,” Chris Weston, the chief markets strategist in Melbourne at IG Ltd., said by phone. However, “we won’t rule out more volatility ahead of the U.S. meeting next week,” he said, referring to the Fed’s gathering Sept. 16-17.
The MSCI Asia Pacific Index jumped 3.2 percent by 12:35 p.m. in Tokyo. The MSCI All-Country World Index added 0.6 percent, while a gauge of emerging-market shares is heading for its highest close this month.
Japan’s Topix climbed 4.7 percent, the most since June 2013, as the yen slipped for a third day. All of the 1,887-member Topix’s 33 industry groups climbed.
ouku Tudou Inc (ADR) (NYSE:YOKU) operates as an Internet television company in the People’s Republic of China. The Company shares are trading +43.71% above their 52 week low price after the last close and -45.94% below the 52 week high. Its latest closing price was down -11.28% from the average-price of 200 days while it kept its distance from the SMA50 at -12.35% and -3.25% compared with the SMA 20.
Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) were +48.53% up 52 week lows as of the latest close and -38.83% below the 52 week high. Its latest closing price was down -11.66% from the average-price of 200 days while it maintained a distance from the SMA 50 at -9.00% and +4.94% compared with the SMA 20. JinkoSolar Holding Co., Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products in the People’s Republic of China and internationally.
Avago Technologies Ltd (NASDAQ:AVGO) designs, develops, and supplies semiconductor devices with a focus on analog III-V based products. The stock’s latest price traded at +89.64% up 52 week lows after the closing bell and was -13.94% behind its 52 week high. Its latest closing price was +8.00% above the SMA200 while the distance from the SMA 50 and SMA 20 was +2.19% and +6.66% respectively.
Advanced Semiconductor Engineering (ADR) (NYSE:ASX) is trading +11.67% higher than the 52 week low price and -33.53% behind the 52 week high. The stock’s latest closing price was -17.73% down from the average-price of 200 days while it kept its distance from the SMA50 at -6.13% and +3.32% compared with the SMA 20. Advanced Semiconductor Engineering, Inc. provides semiconductor packaging and testing services in the United States, Taiwan, Asia, Europe, and internationally.
Trina Solar Limited (ADR) (NYSE:TSL) operates as an integrated solar-power products manufacturer and solar system developer in the People’s Republic of China, Europe, the United States, and other Asia Pacific regions. The Company so far this year has moved down -2.81% and its monthly performance stands at -3.95%. The stock was up +25.87% from its 52 week low and was -40.59% below the 52 week high. Its latest closing price was down -15.54% from the average-price of 200 days while it kept its distance from the SMA50 at -7.18% and -0.32% compared with the SMA 20.