Japanese shares up more than 1 percent on Wednesday morning as the yen weakened against a stronger dollar, and after a private survey suggested the manufacturing sector might be recovering.
Earlier, Toshiba plunged as low as 6.9 percent to 263.5 yen each share at the open, after media reports that a Japan watchdog suspects the company padded profits by 40 billion yen in the past three years, Reuters reported.
Shares of the Japanese conglomerate recovered from earlier losses to trade up 1.1 percent at 279.5 yen by 9:00 am HK/SIN. The stock has fallen nearly 37 percent or 19.6 yen each since last Dec. 26.
The final Nikkei Japan manufacturing Purchasing Managers Index (PMI) rose to 52.4 in December, beating a preliminary reading of 51.9 and November’s 51.3. A figure above 50 represents expansion in a sector, while a reading below 50 indicates contraction. The private survey indicates Japan’s manufacturing sector is seeing signs of recovery, with increase domestic and global demand.
Australia’s ASX 200 wavered between negative and positive for most of the morning session, and last traded up 0.1 percent.
South Korea’s Kospi was nearly flat, up 0.02 percent, after South Korea’s finance minister said the economy’s recovery momentum will likely slow this year, and its time for fiscal policy to play a more active role to boost growth, Reuters reported.
The country is also in the midst of a months-long political scandal, with President Park Geun-hye refusing to testify on Tuesday in the impeachment trial that is set to determine her future, after denying charges of wrongdoing over the weekend.
On the economic data watch, India’s Nikkei Services PMI for December is due while in Southeast Asia, Indonesia and Thailand will announce respective inflation data for the previous month.
Over in the U. S., the Dow Jones industrial average closed up 0.6 percent at 19,881.76, the S&P 500 finished up 0.85 percent at 2,257.83 and the Nasdaq composite gained 0.37 percent, to close at 5,429.08.
The greenback surged to a 14-year high, up 0.7 percent in the first two trading days of 2017, and supported by a strong read on the ISM manufacturing, which was up 54.7 in December at its highest level in two years.
On Tuesday, the Markit/CIPS UK Manufacturing PMI rose to 56.1, its strongest reading since June 2014, and a jump from 53.6 in November. Meanwhile, China’s Caixin manufacturing PMI also came in stronger than expected, at 51.9 in December, its best since January 2013.
The dollar index was trading at 103.23 as of 9:00 am HK/SIN, compared to Tuesday’s levels around 102. Against the greenback, the yen continued to weaken for the fifth straight session, at 117.91, while the Australian dollar was tracking $0.7224.
U. S. crude was up 0.57 percent to $52.33 per barrel in early Asian trade, while global benchmark Brent fell 2.4 percent to settle at $55.47 a barrel in the U. S. on Tuesday.
Oil prices dropped more than 2 percent on Tuesday in the U. S. as the dollar surged to a 14-year high. A stronger dollar may weigh on commodities, which are dollar-denominated, making it more expensive in other currencies.

© Source: http://www.cnbc.com/2017/01/03/asian-stock-markets-to-focus-on-lower-oil-prices-dollar-strength-pmi-data.html
All rights are reserved and belongs to a source media.

Japanese equities kicked off the new year sharply higher on Wednesday, leading the region’s gains amid a robust outlook for the U. S. economy, coupled with expectations of continued yen weakness.
“Today was the first day of trade in Japan and market participants are reacting to the good news over the global economy,” said analyst Masashi Murata, who covers regional and emerging markets for Brown Brothers Harriman.
The outlook for the global economy is strong with inflation picking up in the U. S. and Europe, he said.
Overnight, the U. S. dollar gained to a 14-year high, boosted by data that underscored the strength in the nation’s economy. The Institute for Supply Management’s manufacturing index, released Tuesday, rose to its highest level in two years. The news pushed the WSJ Dollar Index up 0.3% to its highest level since mid-2002.
In Asian trade Wednesday, the index narrowed its gains and was last up 0.1%. Still, the dollar-yen pair rose 0.2% on Wednesday, with a weaker yen making Japanese exports more competitive.
Meanwhile, the Nikkei Japan Manufacturing Purchasing Managers’ Index, a key measure of manufacturing activity, rose to 52.4 in December from 51.3 in November, the highest reading since December 2015. A reading above 50 indicates expansion.
The U. S. dollar has been gaining strength on expectations that the U. S. Federal Reserve will raise interest rates further to counter inflation. The concerns over inflation come as President-elect Donald Trump is widely expected to unveil a fiscal stimulus package to boost the economy.
“Trade is very much focused on the dollar versus the yen and the euro,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “If the dollar is stronger then there is very much a risk on trade.”
Crude oil also recovered with prices for Brent crude, the international oil benchmark, rising 0.5% to $55.72 a barrel early Wednesday, recovering from overnight declines.
Oil futures had fallen on Tuesday in the U. S. over doubts as to whether major producers will be able to follow through on an agreement to cut production.

© Source: http://www.marketwatch.com/news/story.asp?guid=%7BD185A434-D233-11E6-AEBA-2C03F27C1C77%7D&siteid=rss&rss=1
All rights are reserved and belongs to a source media.

« [W]e believe that before any action is taken through reconciliation or other means that would potentially alter coverage, policymakers should lay out for the American people, in reasonable detail, what will replace current policies. Patients and other stakeholders should be able to clearly compare current policy to new proposals so they can make informed decisions about whether it represents a step forward in the ongoing process of health reform, » James L. Madara, the CEO of the AMA wrote in the letter.
House Republicans on Tuesday made two procedural moves to help carve a path for Congress to repeal Obamacare through reconciliation.
In the Tuesday letter, Madara noted that the AMA supported Obamacare and that the group now supports changes to law, which Madara described as « imperfect.  » He emphasized that any changes must make health care more affordable and increase coverage.
« As such, we welcome proposals, consistent with the policies of our House of Delegates, to make coverage more affordable, provide greater choice, and increase the number of those insured, » he wrote. « In considering opportunities to make coverage more affordable and accessible to all Americans, it is essential that gains in the number of Americans with health insurance coverage be maintained. « 

© Source: http://feedproxy.google.com/~r/tpm-news/~3/6BAJ6RH0qOg/american-medical-association-obamacare-repeal-delay
All rights are reserved and belongs to a source media.

These disasters helped push the total damage caused by natural catastrophes to $175 billion in 2016, according to the German reinsurance firm Munich RE.
The global cost was the highest in four years. Only 30% of the losses — $50 billion — were insured, according to Munich RE.
The costliest disasters were in Asia. Two earthquakes in Japan combined to produce $31 billion in losses, while floods that struck China during the summer caused $20 billion in damage.
In North America, the costliest single event was Hurricane Matthew, which killed hundreds of people in Haiti and produced $10 billion in damage.
But the continent was hit by a total of 160 disaster events in 2016, which is more than any year since 1980.
The weather catastrophes of 2016 show the potential effects of unchecked climate change, said Peter Höppe, head of Munich RE’s Geo Risks Research Unit.
« There are now many indications that certain events — such as persistent weather systems or storms bringing torrential rain and hail — are more likely to occur in certain regions as a result of climate change, » he said.
The insurer said that 8,700 people were killed by natural disasters in 2016. That’s down from 25,400 in 2015.

© Source: http://rss.cnn.com/~r/rss/money_news_international/~3/6Eg7v9SAoHQ/index.html
All rights are reserved and belongs to a source media.