Chinese shares took confidence Friday from a study showing further improvement for the nation’s stressed manufacturing sector, with Shanghai’s market advancing, whereas Japanese shares shook off early losses to edge up prior to this weekend’s election.
Hong Kong’s Hang Seng Index added 0.6%, whereas the Shanghai Composite Index gained 2.9%, after HSBC rolled out the preliminary version of its December manufacturing Purchasing Managers’ Index study, which showed a 14-month high reading of 50.9.
In Hong Kong, giant HSBC Holdings PLC (HKG:0005) (NYSE:HBC) added 0.6% following Deutsche Bank AG (USA) (NYSE:DB) raised the lending heavyweight to buy from hold, partly on an enhancing outlook for Asia. [article_detail_ad_1]
However Deutsche Bank AG, fighting with a series of legal troubles on both sides of the Atlantic, warned that restructuring expenses would result in a substantial hit to the bank’s fourth-quarter earnings and could tip it into a loss for the previous three months of the year.
Among further Asian markets, Japan’s Nikkei Stock Average added 0.2%, increasing a 1.7% surge on Thursday, whereas Singapore’s Straits Times Index added 0.2%, and Australia’s S&P/ASX 200 index increased 0.1%.
Among the some decliners, South Korea’s Kospi dropped 0.2% but came off early lows, whereas Taiwan’s Taiex slipped 0.8%.
Some names expanding that advance on Friday, with Fujitsu Ltd. (TYO:6702) jumping 6.5%, and Sharp Corporation (TYO:6753) higher 3.6%, adding to its prior session gains on reports Apple Inc. (NASDAQ:AAPL) was working with the company to test television designs.
Apple Inc. is working with part suppliers in Asia, including Sharp Corporation to test numerous designs for television sets, people having knowledge with the situation stated, suggesting that the firm is moving closer to increasing its offerings for the sitting room and Sharp will be one contributor in this effort.
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