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Market Update

Japan Leads Asian Markets Gains

Asian markets were up Thursday led by Japanese stocks after data showed the nation’s economic growth in the third quarter beat expectations.

The Nikkei was up 2.5%. The Shanghai Composite added 0.6% while the Hang Seng was up 0.8%. The Sensex gained 1.8% and the All Ordinaries rose 0.7%.

GDP rose 0.5% in the third quarter, beating expectations for a 0.4% expansion. The yen also weakened against the dollar, boosting exporters.

Also allaying fears of scaling back of stimulus measures by the U.S. Fed, current Fed Vice Chairman Janet Yellen said late Wednesday the job market and economy are “performing far short of their potential” and there is “more work to do “ on recovery.

Stocks on the Move

Mitsubishi UFJ Financial and Mizuho Financial gained 1.6% and 0.9% each respectively, after the Nikkei newspaper reported that the banks are set to raise their net profit projections for the full-year 2013.

Tencent Holdings surged 4.4% in Hong Kong after the internet conglomerate reported results late Wednesday.

Tata Motors accelerated 4.8% and was the top gainer on the Sensex. ICICI Bank rose 4.6% while L&T and Tata Steel were up 3.7% and 3.4% each, respectively.

Airtel, M&M, Hero MotoCorp, Tata Power, HDFC Bank, ONGC, and SSLT all gained in a range between 2% and 2.9%.

BHP Billiton added half a percent in Sydney while Rio Tinto gained 0.8%. BlueScope Steel strengthened 6.2%.