Dollar Resumes Advance

Asia cheered by Wall Street rebound, dollar resumes advance

Asian stocks rose early on Thursday, cheered by a sizeable overnight rebound on Wall Street, while the dollar resumed its advance after upbeat economic data undercut safe-haven bids and pushed yields higher.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.1 percent, pulling away from a four-month low touched the previous day when U.S.-led air strikes in Syria stoked geopolitical concerns.

Tokyo's Nikkei rose 1 percent, heartened as the yen resumed its weakening against the dollar.
Wall Street rebounded broadly overnight, buoyed by strong U.S. housing data and with dovish statements from a top Federal Reserve official also helping.

"Risk aversion was increasing across global equities this week, but once again it was the U.S. market that helped clear uncertainty," said Junichi Ishikawa, a market strategist at IG Securities in Tokyo.
The dollar, rejuvenated after benchmark U.S. Treasury yields rose for the first time in four days and as the euro slumped to fresh lows, edged closer to a six-year high versus the yen.

The dollar traded as high as 109.27 yen. A break above 109.46 would take the greenback to a high not seen since 2008.

The euro hovered close to a 14-month trough of 1.2774 struck overnight on poor German data and statements by European Central Bank President Mario Draghi monetary policy would be kept loose for an extended period.

The Australian dollar managed to bounce back towards 89 U.S. cents from a seven-month low of $0.8831 plumbed on Tuesday as risk appetite improved.

Reserve Bank of Australia Governor Glenn Stevens will give a brief speech at 0230 GMT that could potentially offer trading insights, but he is not scheduled to take questions.

For broader cues the financial markets are eyeing U.S. jobless claims and durable goods numbers due later in the day for potential impact on yields and currencies.

In a week filled with appearances by U.S. central bank officials, investors today await Atlanta Fed president Dennis Lochart's speech.

In commodities, Brent crude oil extended gains on escalating conflict in the Middle East and stronger-than-expected growth expectations for China helped lift the benchmark off a two-year low the previous day. Brent rose 4 cents to 96.99 a barrel.

Source: yahoo.com

The Richest Person in China

The largest stock offer in history has made Jack Ma, founder of e-commerce giant Alibaba, China's richest person with a fortune of $25 billion, an annual wealth ranking in the world's second largest economy showed Tuesday.

"It has been an amazing year for China's best tycoons despite the jitters about the Chinese economy," said China-based luxury magazine publisher Hurun Report in its annual rich list.

Ma reaped more than $800 million selling shares in the company he set up 15 years ago as Alibaba listed on the New York Stock Exchange Friday, based on company filings, with the value of his remaining stake of 7.8 percent surging to more than $17 billion by Monday.

Last year, the estimated wealth of the former English teacher turned Internet entrepreneur was just over $4.0 billion, which did not even place him in the top 20.

Alibaba's listing raised a total of $25 billion.

But only one other Alibaba co-founder, now vice president of its China investment team Simon Xie, made the rich list, Hurun Report said.

Property tycoon Wang Jianlin, whose Wanda company bought US cinema chain AMC Entertainment, dropped to second place from first last year with a fortune of $24.2 billion as the deflating of China's real estate bubble chased most developers out of the top 10.

A new face, Li Hejun of renewable energy firm Hanergy, tied for third place with $20.8 billion, alongside beverage magnate Zong Qinghou of Wahaha.

Completing the top five was Pony Ma of Tencent, operator of China's most popular instant messaging application WeChat, with $18.1 billion.

Technology commanded half of the top 10. Robin Li of China's dominant search engine Baidu was sixth; Richard Liu of Alibaba competitor JD.com took ninth, and Lei Jun of upstart mobile phone producer Xiaomi was 10th.

Rounding out the top 10 were father and son team Yan Jiehe and Yan Hao of road-builder China Pacific Construction in seventh position and another real estate mogul, Yan Bin of Reignwood in eighth.

China's real estate and infrastructure industries have been hit by the slowing economy.
The economy grew an annual 7.7 percent in 2013, the same as in 2012 -- which was the slowest rate of expansion since 1999. Gross domestic product growth was 7.5 in the second quarter this year.
Still, Hurun Report said the number of US dollar billionaires in China hit 354 this year, up 39 from last year.

Source: yahoo.com