The Asian markets had a positive outing today, starting the month on upbeat note as a sharp rebound by the DOW in the last session helped to lift the sentiments up. In a much-anticipated speech at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming, Bernanke acknowledged that the economy had slowed somewhat. However, this was very much in line with the expectations that the Fed is expected to provide some fillip to the ailing housing and labor markets in its next meet. Asian equities are trading higher and look likely to extend their gains on the twin effects of upbeat cues from the US markets in the last session. US stocks went up on Friday, as Federal Reserve Chairman Ben Bernanke reassured investors that the Fed would take action if economic conditions worsen further. The major averages ended near the days highs. The Dow amassed 164.84 points or 1.7% to close 10,150.65, breaking above the watershed 10k mark with a bang. Japans shares ended well off the days highs as traders were disappointed by the Bank of Japans new easing measures aimed at addressing the countrys anemic economic recovery. Japans Nikkei Stock Average, which added more than 3% during intraday moves, came off these highs to end up 1.8% higher at 9,149.26. The BOJ decided at an irregular policy board meeting today to loosen monetary policy further by lengthening the duration of low interest-rate loans available to the money market. The banks policy board said the BOJ would lend another Y10 trillion ($117.6 billion) in 6-month loans. It also left the unsecured overnight call loan rate unchanged at 0.1%. The moves, however, failed to impress the investors as the markets were disappointed at any significant measures to curb the ferrous rise of the Japanese Yen, which soared to a 15 year high against the dollar in last week. The Australian stock markets rallied today, posting their biggest rise this month, following the upbeat moves in global markets as investors looked from reassurances by the US Federal Reserve that it would provide more stimulus to the US economy of necessary. At the close, the benchmark S&P/ASX200 index closed up 82.6 points, or 1.9%, at 4452.7, while the broader All Ordinaries index gained 79 points, or 1.8%, to 4483.1. The upbeat global cues assisted Chinese stocks to extend their recent run of gains. China key equity index added 1.6%, its biggest daily percentage gain in two weeks. The Shanghai Composite Index finished at 2,652.7 points. Markets have found a good support around 2600 point mark off late, with the ideas that the central bank will not initiate any further tightening measures supporting the index linked counters. These sentiments became well entrenched after Chinas industrial production expanded 13.4% in July from a year earlier- at its slowest pace in 11 months. In Mumbai, the stocks were in a volatile mood. The key benchmark indices provisionally registered small gains. IT and FMCG stocks fell. But, metal and realty stocks rose. Capital goods reversed initial gains. Index heavyweight Reliance Industries (RIL) turned negative from positive. The BSE 30-share Sensex was provisionally up 31.66 points or 0.18%, off close to 190 points from the days high and up close to 70 points from the days low. As per provisional figures, the BSE 30-share Sensex was up 31.66 points or 0.18% to 18,030.07. In other markets, the Hang Seng index in Hong Kong added 0.68%, Strait Times index in Singapore added 0.62% while TSEC in Taiwan gained 0.24%. Dollar was mixed, falling initially but then rebounding in the London trades. The Euro/Usd pair was last seen quoting around 1.2700 mark. The crude oil prices eased under $75, giving up the latest gains. Prices came of a high of $75.58 per barrel and currently quote at $74.75, down 42 cents on the day.
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