* Caltex, Viva Energy shares biggest decliners
(Adds analyst comment, division forecast)
June 19 Australian shares climbed to an 11-year
high on Wednesday, as investor sentiment was underpinned by
hopes U.S. and Chinese leaders would revive stalled trade talks
and on prospects of rate cuts by the Federal Reserve and more
policy easing at home.
SYDNEY/BENGALURU Coles Group Ltd, Australia's second-biggest grocery chain, on Tuesday unveiled a plan to cut A$1 billion ($685 million) in costs over the next four years, as it looks to technology to offset rising labor and energy costs.
* Company aims to maintain market share amid fierce
Australia's AGL Energy Ltd withdrew a proposal to buy Vocus Group on Monday, just days after it offered A$3.02 billion ($2.08 billion) for the telecoms firm, knocking Vocus shares down by a third.
HONG KONG/BENGALURU Melco Resorts & Entertainment will buy a 20% stake in Australia's Crown Resorts from casino mogul James Packer for A$1.76 billion ($1.22 billion), the U.S. company said, months after Wynn Resorts withdrew an offer to buy Crown.
Investors bet most Asian currencies will come under further pressure, a Reuters poll showed, with trade tensions between the United States and China firmly dominating headlines once again.
April 24 Australian shares were firmly perched
at an eight-month high on Wednesday, supported by a strong
performance on Wall Street, while a weaker Aussie dollar boosted
April 23 Australian shares rose to their highest
in nearly eight months on Tuesday buoyed by rising commodity
prices and supply concerns that supported oil, while New Zealand
shares jumped to a record high.
* South Korean won surges as growth worries abate
* Rupiah up on surprise trade surplus
* Rupee lower ahead of trade data
(Adds text, updates prices)
By Nikhil Nainan
April 15 Most Asian currencies stepped up
against the dollar on Monday as investors took comfort in
further signs of stabilisation in the Chinese economy and an
upbeat start to U.S. earnings.
Chinese data on Friday showed exports rebounded sharply and
new bank loans increased far more than expected in March,
raising hopes that the world's second-biggest economy is
bottoming out after a soft patch.
"Chinese 'green shoots' appear to be the catalyst for
optimism, lifting bond yields and global equities into the end
of last week in what appeared to be all-around 'risk on'",
Mizuho Bank said in a note.
Markets are now turning their focus to the release of
China's first-quarter GDP and activity data on Wednesday. Growth
in the first quarter is forecast to have cooled to a 27-year
low, though many expect major stimulus measures to filter
through in the coming quarters.
The yuan edged lower to 6.710, a 0.1 percent drop
from Friday's close, pressured by some corporate demand for the
South Korea's won outperformed its regional
peers, up 0.6 percent to 1,133.2, as slowdown worries ease.
The dollar index, a gauge of the performance of the
greenback against a basket of key rival currencies
weakened 0.1 percent to 96.857.
Elsewhere, Indonesia posted a surprise trade surplus for a
second straight month in March. The rupiah was 0.2
percent up at 14,060, a level it held for much of the session.
The rupiah, which is at a more than one-month high against
the dollar, has been among the best performing currencies this
On Wednesday, Southeast Asia's largest economy goes to the
polls. The election in the world's third-biggest democracy is a
repeat of the 2014 contest, and the incumbent, president Joko
Widodo, has been comfortably ahead in most surveys after winning
by almost six percentage points last time around.
The Indian rupee, on the other hand, which also
reports trade data for March, weakened 0.2 percent to 69.29 a
"INR may be more vulnerable to the 'twin deficits' risks if
trade deficit gets too close to or crosses $10 billion," Mizuho
Bank said, as oil prices rise.
The Philippine traded sideways for much of the
session, but was last up 0.1 percent ahead of remittances data
later in the day.
Markets in Thailand are closed for a public holiday.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0503 GMT
Currency Latest bid Previous day Pct Move
Japan yen 111.930 112 +0.06
Sing dlr 1.353 1.3526 +0.00
Taiwan dlr 30.858 30.880 +0.07
Korean won 1133.200 1139.4 +0.55
Peso 51.660 51.69 +0.06
Rupiah 14060.000 14090 +0.21
Rupee 69.290 69.15 -0.20
Ringgit 4.110 4.112 +0.05
Yuan 6.710 6.7048 -0.07
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 111.930 109.56 -2.12
Sing dlr 1.353 1.3627 +0.75
Taiwan dlr 30.858 30.733 -0.41
Korean won 1133.200 1115.70 -1.54
Peso 51.660 52.47 +1.57
Rupiah 14060.000 14375 +2.24
Rupee 69.290 69.77 +0.69
Ringgit 4.110 4.1300 +0.49
Yuan 6.710 6.8730 +2.44
(Reporting by Nikhil Kurian Nainan in Bengaluru
Editing by Shri Navaratnam)