Chinese Q4 GDP release has reconfirmed the recovery momentum with 7.9% Y/Y vs. Exp. 7.8% (Prev. 7.4%), marking a rebound since the seven straight quarters of slowing growth. In the meantime, Chinese December industrial production and retail sales also beat expectations resulting in a spike higher in the AUD/USD and the Hang Seng. However, these movements had been short lived and after all the hype into the GDP announcement there was not much in the way of a sustained reaction.
Over in Japan, before the session began, there were sources comments that the Bank of Japan are to mull scrapping the 0.1% floor it sets on short-term interest rates and pledge to buy assets open-endedly until inflation is foreseen. Consequently, the Nikkei 225 opened higher by around 2% and holding on to gains by 2.19% at the morning break. In some notable equity news, Sony (+6.74%) has been one of the top gainers so far after the Co. agreed to sell its New York headquarters for USD 1.1bln.
Looking forward, we have Japanese industrial production set for release at 0430GMT/2230XST and the open of European markets to see their reaction to the Chinese macro-economic data.
As of 0238 GMT:
ASX200 (+0.30 %), Nikkei 225 (+2.19 %), Shanghai Comp. (+0.18%), Hang Seng (+0.54%), KOSPI (+0.25%)
Print 02:41, 18 Jan 2013 - Asian News - Source: RANsquawk
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