Asian stock market july 19 2012

Asian stock market july 19 2012 : Asian stocks rose and the Australian dollar reached the strongest in 11 weeks as U.S. housing starts jumped to a four-year high, boosting the outlook for company earnings in the world’s biggest economy. Soybeans neared a record on concern a drought in the U.S. will persist.

The MSCI Asia Pacific Index climbed 0.9 percent at 9:29 a.m. in Tokyo as Japan’s Nikkei (NKY) 225 Stock Average gained 1.1 percent and Australia’s S&P/ASX 200 Index advanced 1.2 percent. Standard & Poor’s 500 Index futures added 0.2 percent. The Aussie dollar climbed to $1.0369, the highest level since May 1. Soybeans were 1 percent from the all-time high.

Seoul shares rose in early trade, rebounding from sharp declines in the previous session to track an overnight Wall Street rally. Battered cyclicals recovered, led by crude oil refiners as SK Innovation climbed 3.5 percent, while S-Oil gained 2.5 percent. The Korea Composite Stock Price Index ( KOSPI) was up 1.45 percent at 1,820.91 points at 0001 GMT.


The U.S. economy has gone through a bit of soft patch, but the housing sector does seem to be heading for recovery, which is positive from a longer-term perspective for America,

New U.S. home construction climbed 6.9 percent to a 760,000 annual pace in June, the fastest since October 2008. U.S. stocks rose for a second day yesterday after earnings at companies from Intel Corp. to Honeywell International Inc. beat estimates.

Housing starts for May were revised up to 711,000 units from a previously reported 708,000 units.Building permits issued in June dropped 3.7% to a seasonally adjusted 755,000, worse than expectations for a decline of 2.4% to 765,000.

U.S. data today may show first-time claims for jobless benefits rose, boosting prospects the central bank will increase stimulus measures. Federal Reserve Chairman Ben S. Bernanke yesterday outlined options to ease policy further in case the flagging economic recovery fails to lower unemployment.

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