Asian shares mixed after Bernanke comments

ASIAN markets have closed mixed in a muted reaction after US Federal Reserve chief Ben Bernanke said the bank had no plan to wind down its stimulus until the economy is back on track.

The comments, which came as a closely watched report said growth was moderate, helped calm nervous dealers as Wall Street ended in positive territory.

Tokyo rose 1.32 per cent, or 193.46 points, to 14,808.50 as confident forex dealers pushed the dollar back above the 100 yen level, while Sydney added 0.24 per cent, or 11.7 points, to close at 4,993.4.

However, Seoul fell 0.64 per cent, or 12.01 points, to 1.875.48 and Hong Kong dipped 0.12 per cent, or 26.65 points, to 21,345.22 while Shanghai shed 1.05 per cent, or 21.52 points, to 2,023.40.

In the first of his two days of testimony to Congress, Bernanke told Representatives the vast bond-buying program would remain in place until the Fed is happy the economy can stand on its own two feet.

"I emphasise that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course," Bernanke said.

When launching the scheme in September the bank said it would only reel it in when unemployment had fallen to a satisfactory level.

Bernanke said the economy was expanding at a moderate pace and showed solid signs of strength in various areas, a view supported by the Fed's Beige Book report, which was also released on Wednesday.

SMBC Nikko Securities general manager of equities Hiroichi Nishi said: "Bernanke's words were nothing new, but did have a calming effect for those still harbouring jitters about a near-term end of the US easing policy."

The testimony lifted US shares. The Dow added 0.12 per cent, the S&P 500 put on 0.28 per cent and the Nasdaq was up 0.32 per cent.

On forex markets the US dollar broke back above the 100 yen barrier as traders saw the news as a boost for the regional economy.

In afternoon trade the greenback was at 100.25 yen, compared with 99.60 yen in New York late Wednesday, while the euro fetched $US1.3109 and 131.37 yen against $US1.3125 and 130.73 yen.

On oil markets New York's main contract, West Texas Intermediate for August delivery, was down eight cents at $US106.40 a barrel, while Brent North Sea crude for September shed 11 cents to $US108.50.

Gold cost $US1,270.00 per ounce at 0810 GMT (1810 AEST), compared with $US1,286.30 late Wednesday.

In other markets:

- Taipei fell 0.78 per cent, or 64.07 points, to 8,194.88.

- Manila closed 1.12 per cent higher, adding 73.63 points to 6.648.35.

- Wellington fell 0.34 per cent, or 15.59 points, to 4,563.39.

Anda sedang membaca artikel tentang

Asian shares mixed after Bernanke comments

Dengan url

http://cucidollaran.blogspot.com/2013/07/asian-shares-mixed-after-bernanke.html

Cuci Dollar