Japanese Stock Futures Little Changed Before China Exports Data
Japanese stock futures were little changed and Australian equities rose ahead of a report on China’s exports that may add to signs the recovery in world’s second-biggest economy is accelerating.
American Depositary Receipts of automaker Toyota Motor Corp. gained 0.6 percent. ADRs of Hitachi Ltd. (6501), a Japanese electronic equipment manufacturer that gets 11 percent of its sales in China, rose 0.5 percent after a report showed China’s factory output topped estimated last month. Ten Network Holdings Ltd. (TEN) slumped 5.4 percent in Sydney after raising A$167 million ($215 million) selling new shares.
Futures on Japan’s Nikkei 225 Stock Average expiring this month closed at 9,545 in Chicago Dec. 7, down from 9,560 in Osaka, Japan. They were bid in the pre-market at 9,530 in Osaka at 8:05 a.m. local time. Australia’s S&P/ASX 200 Index rose 0.2 percent and New Zealand’s NZX 50 Index fell 0.4 percent in Wellington.
“The focus of today’s trading is likely to fall heavily on China,” said Cameron Peacock, Melbourne-based market strategist at IG Markets Ltd., a provider of trading services in equities, currencies and commodities. “We have trade-balance numbers due out. They are expected to reveal another healthy surplus.”
Futures on the Standard & Poor’s 500 Index advanced 0.1 percent today. The S&P 500 rose 0.1 percent last week, a third week of gains and the gauge’s longest winning streak since August, as U.S. employment growth topped forecasts and investors weighed prospects for a budget agreement in Washington.
China’s customs administration is due to release November trade data today. Export growth probably cooled to 9 percent from a year earlier, according to the median estimate of 31 analysts in a Bloomberg News survey. Imports rose 2 percent, easing from a 2.4 percent pace the previous month, they predict. China’s factory output and retail sales topped forecasts last month, data showed yesterday.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. gained 0.3 percent in New York on Dec. 7.
Italy’s Prime Minister Mario Monti said he intends to resign, renewing concern nations in the euro currency bloc are grappling with a deepening debt crisis. This comes ahead of a Dec. 13-14 summit of European Union leaders to debate a road map for the overhaul of the 17-nation region.
The MSCI Asia Pacific (MXAP) Index advanced 16 percent through Dec. 7 from this year’s low on June 4 as central banks from Europe, the U.S., Japan and China took steps to support economic growth. The gauge traded at 14.2 times estimated earnings on average, compared with 13.7 times for the S&P 500 Index and 12.6 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
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