Asia stock market today are surging ahead, supported by strong bank earnings as well as robust global manufacturing data which lifted the DOW 200 points higher Monday.
So far, the Nikkei is up nearly 120 points or 1.22% while the Hang Seng is up 0.55%. The Shanghai Composite on the other hand is battling at 0.64% below on growth concerns over China.
The financial sector is leading the charge, after HSBC and BNP Paribas reported strong second-quarter results spurring confidence in the health of the sector yesterday. In particular, both Mitsubishi UFJ Financial and Nomura Holdings are up over 2% in Tokyo.
Impact: positive for Asian currencies.
GBPUSD extends gains, hits 6-month high of $1.5914 . The dollar hovered near a three-month low against a basket of currencies on Tuesday on the perception that the U.S. growth outlook is deteriorating, forcing the Federal Reserve to keep interest rates low. The dollar index stood at 80.96, flat from late Monday but just above Monday's three-month low of 80.792.
Business conditions in the Construction sector throughout the United Kingdom worsened significantly as the Index released by CIPS and Markit Economics drops well below expectations. Actual:54.1 Prior: 58.4 in June Forecast:58.2. Impact: negative for pound.
Indian shares provisionally firmed 0.2 percent on today, with financials leading the rise, supported by small gains in world equities. The 30-share BSE index provisionally ended up 0.21 percent or 38.49 points at 18,119.70 with 14 components gaining. The 50-share NSE index provisionally closed up 0.2 percent at 5,440.05.
The dollar slipped to a 3-1/2 month low versus major currencies of 80.509, currently at 80.510, for the first time since late January.
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