Negative opening sentiment has been reversed with gains on the Nikkei +0.8%, ASX200 1.3% and the Kospi +0.3%.
Markets are awaiting GM’s expected bankruptcy filing around 1200GMT and Obama’s speak that follows, thus the cautious behaviour of Asian stocks even though the event has been factored into the market.
Good gains have been seen in commodity stocks and futures especially after the release of China’s PMI number. In Australia, BHP was up 2.7%, RIO +2.5% and gold miner NCM up 2%. Elsewhere Japan Petroleum was up 5% and Korea’s SK Energy up 4.2%.
Orix fell 5% in Tokyo after company write downs of 10.7 Bio Yen investment in failed Real estate Joint Corp.
Financial Stocks were mixed with CBA and NAB both up 1.5% but WBC and ANZ down. KB Financial was up 2% as was Daewoo Securities up 3%.
