Most Asian indexes rose on Wednesday after better-than-expected data on US growth. Strengthening of the JPY, however, put pressure on trade in Tokyo. The growth of gross domestic product (GDP) of the largest economy in the world was revised to 3.9% from 3.5% in July-September. However, the news failed to stimulate trade in Wall Street, where were recorded modest changes. The focus of investor sentiment continued to be the situation in the commodity markets. Brent fell below 80 USD per barrel. US crude extended losses after closing at 4-year low on the eve of the meeting of the Organization of Petroleum Exporting Countries (OPEC) on Thursday. The investors consider the prospects for the first reduction in production quotas from 2008.
Financial stocks were the biggest winners in the composition of the Shanghai Composite. Huatei Security gained maximum within one day 10 percent after news that it has received approval for a parallel listing on the stock exchange in Hong Kong. Insurers New China Life Insurance and China Life also added 10%. In Hong Kong Hang Seng climbed up one week, driven by the expansion of 3% of Chow Tai Fook. Capitalization of the company increased despite the fall in first-half profit by 23%.
In Australia, the S&P ASX 200 also rose to a one-week peak and the AUD recovered after hitting a four-year low yesterday. Earlier, deputy governor of the Reserve Bank of Australia Philip Lowe determine the currency as overvalued, which supported the loss. Rio Tinto ended with a growth of almost 2% amid news that Glencore is considering a new takeover offer of the mining giant.
In Japan, the Nikkei 225 ended with a slight decline after fractional session with a view to strengthening of JPY against USD. The pair retreated to the limit of 118 shrink from 7-year high last week. The capitalization of Honda Motor declined by almost 3% after the company admitted that not all reported serious accidents of its cars in USA in the last decade.
Growth recorded producers of aluminum, after a newspaper Nikkei reported that Toyota Motor will use metal instead of steel in their luxury cars. Daiki Aluminum surged by over 10%, while UACJ Corp – almost 9%. Trading in South Korea was quiet for a second day after nearly two-month peak on Monday. The shares of Samsung Techwin rose 15% after news that the company was acquired by Hanwha Chemical. The price of shares of Hanwha does surged by almost 1%.