News Column

Asian stocks hike ahead of Yellen testimony

February 11, 2014

Asian stocks outside Japan rose, heading for its biggest advance since November, before U.S. Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy.

Markets in Japan had the day off

The Hang Seng Index in Hong Kong recovered 383.72 points, or 1.8%, to 21,962.98

Zijin Mining Group, China's biggest gold producer, jumped 8.1% in Hong Kong as the bullion's price headed for the longest rally since August.

Australian markets gained, extending gains after a private report showed business confidence rose in January for the first time in four months. Home-loan approvals in the country unexpectedly fell 1.9% in December from the previous month, while house prices jumped 9.3% last quarter from a year earlier, separate reports showed.

Australia & New Zealand Banking Group Ltd., Australia's third-largest bank by market value, added 2.2% after posting a 13% jump in first-quarter cash profit.

Newcrest Mining, Australia's biggest producer of the metal, added 3.1% to A$11.45 in Sydney.

Among shares that dropped, Cochlear Ltd. sank 8.9% to A$53.68 in Sydney after reporting first-half results and a second-half estimate that suggest the maker of hearing implants will miss its full-year profit forecast.

In other markets;

The Shanghai CSI 300 Index gained 18.03 points, or 0.8%, to 2,285.56

Taiwan's Taiex Index grew 38.61 points, or 0.5%, to 8,430.56

Singapore's Straits Times Index moved higher 11.90 points, or 0.4%, to 3,029.10

Korea's Kospi Index took on 8.76 points, or 0.5%, to 1,932.06

The New Zealand Exchange 50 index added 15.83 points, or 0.3%, to 4,848.88

In Australia, the S&P/ASX 200 moved forward 32.35 points, or 0.6%, to 5,254.50

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Source: Baystreet Foreign Markets Wrap (Canada)

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