Japanese stock futures, Australia gains on yen, copper

Wandrik Panca Adiguna - Bisnis.com

Kamis, 9 Desember 2010 | 01:57

TOKYOL: Japanese stock futures gained as the dollar strengthened almost to its highest level in 11 weeks against the yen, improving the outlook for export earnings. Australian shares climbed as copper prices increased. American depositary receipts of Toyota Motor Corp., the world's biggest carmaker, gained 0.4% from the closing share price in Tokyo. Those of Canon Inc., a Japanese camera maker that earns about 80% of its revenue overseas, also rose 0.4%. BHP Billiton Ltd., the world's largest mining company, climbed 0.4% today in Sydney. "Stocks are likely to be firm on the currency movement," said Mitsushige Akino, who oversees about US$450 million in assets in Tokyo at Ichiyoshi Investment Management Co. Futures on Japan's Nikkei 225 Stock Average expiring in December closed at 10,280 in Chicago yesterday, compared with 10,240 in Osaka, Japan. They were bid in the pre-market at 10,270 in Osaka at 8:05 a.m. local time today. Australia's S&P/ASX 200 Index advanced 0.4% in Sydney today. New Zealand's NZX 50 Index was little changed in Wellington. Futures on the Standard & Poor's 500 Index were little changed today. The index rose 0.4% yesterday to a two-year high, buoyed by a possible extension of U.S. tax cuts and after American International Group Inc. said it will repay a credit line to the Federal Reserve. Currency, Commodities The dollar appreciated to 84.31 yen yesterday in New York, near its highest level since Sept. 27. A stronger dollar boosts the value of U.S. income at Japanese companies when converted into their home currency. The London Metal Exchange Index of six metals including copper and aluminum jumped 1.5% yesterday to the highest since Nov. 11. Copper futures climbed to a record close in New York on speculation that demand will outpace production as a global recovery sparks construction of new homes and appliances. The MSCI Asia Pacific Index climbed 9.9% this year through yesterday, compared with gains of 10 percent by the Standard & Poor's 500 Index and 8.3% by the Stoxx Europe 600 Index. Shares in the Asian benchmark are valued at 14.6 times estimated earnings on average, compared with 14.4 times for the S&P 500 and 12.2 times for the Stoxx 600. (wiw)

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