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13 Feb 2013
Asian markets rise on US Obama speech, Japan's Nikkei takes profit on G7 commmuniqué
Japan's Nikkei Stock Average allowed profit taking, dropping -0.24% on the day, while Hong Kong's Hang Seng (+0.16%), China's Shanghai Composite (+0.57%), South Korea's Kospi (+1.56%) and India's Bombay Sensitive (+0.52%), rose like the majority of Asian indexes today.
Most Asian equities performed higher after US President Obama used his State of the Union, where he proposed lifting the minimum wage from $7.25/hr to $9, announce a new US-EU bilateral trade deal, and called for Congress to deal with the sequester that will take effect on March 1. Japan's Nikkei Stock Average, that has been benefiting from BoJ and government talking down the Yen, went for profit taking today in reaction to the G7 FX communiqué.
The German DAX 30 (+0.33%) is signaling a higher opening after German Wholesale Price Index, up 0.3% (MoM), but easing from +3.2% to +2.3% (YoY) while consensus was for +2.2%.
Most Asian equities performed higher after US President Obama used his State of the Union, where he proposed lifting the minimum wage from $7.25/hr to $9, announce a new US-EU bilateral trade deal, and called for Congress to deal with the sequester that will take effect on March 1. Japan's Nikkei Stock Average, that has been benefiting from BoJ and government talking down the Yen, went for profit taking today in reaction to the G7 FX communiqué.
The German DAX 30 (+0.33%) is signaling a higher opening after German Wholesale Price Index, up 0.3% (MoM), but easing from +3.2% to +2.3% (YoY) while consensus was for +2.2%.