Wall Street extended gains on Wednesday on strong economic data and favorable earnings. US dollar was also boosted against yen and euro after evidence of a strengthening U.S. economy.
Asian markets rallied Wednesday led by resources shares. Japan's Nikkei surged 2.7 per cent while Japanese exporters were helped by the weaker yen. Hong Kong market rose 1.3 per cent led by Chinese banks, as investors digested the Chinese government's decision before the Lunar New Year holiday to increase bank reserve requirement. Singapore also resumed trading on Wednesday and posted a 1.3 per cent gain. Today Shanghai and Taiwan markets remained closed.
Company News
Toyobo Co.(
Singapore-listed developers Yanlord Land Group Ltd. (SIN:Z25) along with Ho Bee Investment Ltd (SIN:H13) said in a statement that they have jointly acquired a residential development site in Shanghai for CNY3.82 billion at a public auction. Yanlord will own 60% of the development site, while Ho Bee will own 40%. The project is expected to generate at least 2,000 units to be launched in phases over six to eight years.
A consortium led by China's second largest telecoms firm China Unicom (
Japan's JFE Steel Corp., a subsidiary of JFE Holdings (
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China Unicom (Hong Kong) Limited
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