DJIA chart reading : pullback correction downside biased.
Hang Seng chart reading : correction range bound little downside biased.
Asian Stocks Rise on Optimism Over Greece Aid Package; Billabong Advances
Asian stocks rose, with the regional benchmark index paring the biggest monthly decline in a year, amid speculation European officials will sanction more assistance for Greece.
China Raises Non-Residential Power Prices in 15 Provinces to Ease Shortage
China will raise electricity prices for non-residential users from June, the first increase in more than a year, to curb demand and boost power generation as the nation battles a shortage that may be the worst on record.
Japanese Stocks Advance for First Time in Three Days on Greece Optimism
Japanese stocks rose for the first time in three days, paced by exporters, amid optimism European officials will sanction additional assistance for Greece, potentially easing the region’s debt crisis. Sony Corp., which gets more than a fifth of its sales from Europe, advanced 1 percent as the region’s currency rose against the yen and the dollar. Elpida Memory Inc., the world’s third- largest maker of computer memory, climbed 0.9 percent. Sharp Corp., which gets almost half its revenue outside of Japan, gained 2.8 percent. Tokyo Electric Power Co. fell 2.8 percent after its credit ratings were lowered to junk status by Standard & Poor’s Ratings Services.
Japan Industrial Production Rose 1% in April
Japan’s industrial production rose less than economists forecast in April and unemployment climbed, increasing the likelihood that the economy will contract for a third quarter.
South Korea’s Slower Output Growth Bolsters Case for Keeping Rates on Hold
South Korea’s industrial production expanded at the slowest pace in seven months in April, bolstering the case for the central bank to keep interest rates on hold in a decision due June 10.
Thailand May Raise Rate Ahead of Vote
Thailand’s central bank will probably increase interest rates for the fourth time this year, as rising food and fuel prices become a pivotal issue for the July 3 general election. The Bank of Thailand will boost its benchmark one-day bond repurchase rate by a quarter of a percentage point to 3 percent, according to all 16 economists surveyed by Bloomberg News, adding to increases of the same amount each in January, March and April. The decision is due at 2:30 p.m. in Bangkok tomorrow.
Euro Rises to 3-Week High on Speculation Germany to Support New Greek Aid
The euro rose to a three-week high against the dollar on speculation European officials will approve additional assistance for Greece, increasing demand for the region’s assets.
Drop in Spanish Inflation Rate in May Raise Hopes for Nation’s Economy
Spain’s May inflation rate was slightly lower than a month earlier, fueling hopes that prices will stabilize and support consumer spending. Consumer prices, based on European Union calculations, rose 3.4 percent from a year earlier, the National Statistics Institute said today. Prices in April gained 3.5 percent, the most since October 2008. Inflation was 3.5 percent according to the Spanish measure of prices, the institute said.
Russia Lifting Grain-Export Ban May Fail to Alleviate Global Crop Shortage
Russia, once the second-biggest wheat exporter, will let a grain-shipment ban expire on July 1, a move that may fail to ease a global shortage caused by drought and flood damage to European and U.S. crops. Futures climbed 79 percent in the past year in Chicago, the global benchmark, helped by Russia’s export ban in August after the worst drought in at least 50 years. Poor weather from Canada to Europe destroyed harvests and Ukraine imposed shipment quotas. Rising prices drove global food costs tracked by the United Nations to a record in February.
Greek Aid Package to Be Decided by June
European Union leaders will decide on additional aid for Greece by the end of June and have ruled out a “total restructuring” of the nation’s debt, said Jean-Claude Juncker , head of the euro-area finance ministers’ group.
Australia GDP Likely Shrank for First Time Since 2008
Australia’s economy probably shrank last quarter for the first time since 2008 as floods inundated coal mines and farmland, a contraction the central bank sees as temporary before growth rebounds in the second half of the year.
Dollar struggles near 2-week lows; stocks steady
HONG KONG, May 30 (Reuters) - The dollar hovered near a two-week low against a basket of currencies on Monday and stocks were pinned in tight trading ranges as weak data and the escalating Greek debt crisis kept market players on the sidelines.
"In the past these (Southeast Asian) markets were very susceptible to inflationary pressures, but due to better economic management, they are not so much of a hot potato for investors nowadays," said Khiem Do, chairman of Asia multi-asset team at Barings Asset Management in Hong Kong.
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