Asia Stocks, European Futures Rally on US Data

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US GDP growth pushed markets up worldwide, however, lower consumer confidence is dragging US domestic markets down.

MOSCOW, November 26 (Sputnik) — Asian markets surged today, driven by improved US growth estimates for the third quarter, calming investors gloomy global economic prospects, while in Europe equities rose on advancing commodities.

Tokyo stocks gain the most today during the Asia-Pacific trades. - Sputnik International
Asia-Pacific Markets Advance, Oil Slides on OPEC Meeting Expectations
Chinese stock markets continued yesterday’s advance, led by insurance companies, whose economic prospects improve on the increased volatility in mainland’s economy. Stock of China Life Insurance skyrocketed in Hong Kong and Shanghai adding 7%, in part as an aftereffect of the monetary easing, announced by Beijing last Friday.

In the commodities sector, Japan’s Nippon Light Metal Holdings rose 6.6% on the news from Toyota, saying it would use more aluminum in its automobiles. Toyota is optimistic on yesterday’s Bank of Japan head Haruhiko Kuroda’s promise of more stimulus that will benefit big Japanese corporations.

The MSCI Index of biggest Asian-Pacific stocks (sans Japan) rose 0.4% in Hong Kong, while Shanghai Composites advanced 1.4%, setting a new three-year high. Hong Kong’s Hang Seng rose 1.12%, according to Bloomberg data. Tokyo’s Nikkei, however, decreased by 0.1% as the yen suddenly appreciated. Japan’s Topix slid 0.2% for the same reason, while Singapore’s Straits Times and Korea’s Kospi were flat. Other major Asian-Pacific burses saw gains with Republic of China’s Taiex rising 0.1%, Australia’s S&P/ASX 200 advancing 1.2% and New Zealand’s NZX 50 Index adding 0.3%. 

US GDP added 3.9% annualized in the third quarter, according to a revised Commerce Dept. estimate. - Sputnik International
US Economy Expands 3.9% in Q3 on Consumer Spending
Asian-Pacific markets advanced on the news from the US, where the Commerce Dept. increased its estimate of economic growth in the third quarter to 3.9% from the previous estimate of 3.5%.

“We’ve got a mixed picture,” said Chris Weston of the Melbourne-based IG Markets Ltd. “We may see the market run out of steam at the moment, but a pullback will be a buying opportunity.”

In Europe, markets rose as well with The Stoxx Europe 600 Index adding 0.3% to its highest in two months on the already intact or promised stimuli from regulators in Japan, China and the Eurozone.

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The biggest disappointment for the US was the worsened consumer confidence ahead of the holidays reason. Dow jones, NYSEX Composite and S&P 500 were all down by 0.02%, 0.11% and 0.12%, respectively. The 10-year US government bonds yields also dropped to 2.252%, dragging the dollar down slightly by 0.2% against the yen.

"People are just squaring up ahead of the holiday," said Bart Wakabayashi, of the Tokyo-based State Street. "Overnight, we got some mixed U.S. data. It wasn't shiny, but relatively speaking, the U.S. continues to be the leader."

 Global oil prices were flat on the anticipation of the November 28, OPEC policy meeting with WTI down 0.13% and Brent 0.13% up.

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