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Tcl Associates Asia Roundup - Markets Surge On Fed News

By Expert Author: TCL Associates

The Federal Open Market Committee’s decision to continue its $85 billion a month bond purchasing program has caused markets globally to surge. During August fears of tapering cause a selloff in emerging markets especially South East Asia. The decision to delay tapering has caused those markets to rally strongly. In Indonesia the market surged 4.6%, in Thailand the SET rose 3.3% and the Philippines went up 2.8%.

In Tokyo, the Nikkei Stock Average rose 1.8% and is approaching a bull market. The Japanese market suffered over the summer, but is currently up 10% since lows at the end of August. Analysts at TCL Associates believe that the Nikkei will continue to produce strong returns through the end of the year. The yen also weakened 1% against the dollar to 98.59 yen to the dollar. The analysts believe that a weaker yen is good for the major companies whose sales come from overseas markets, they recommend clients to invest in Japanese auto manufacturers, such as Toyota.

In Sydney, the S&P/ASX 200 gained 1.1%, boosted by gold mining firms. As the Fed decided not to taper it caused gold to spike more than 4%. Newcrest Mining jumped 7.9%, Zhaojin Mining Industry climbed an impressive 12% and Zijin Mining Group gained 10.4%. The analysts at TCL Associates believe that gold is still a good investment at $1,360, and predict it to surge to $1,700 by the end of the year.

The Chinese and South Korean markets were not able to respond to the Fed's decision because they are closed for the rest of the week due to a public holiday. On Wednesday, the Shanghai Composite gained 0.3% but in South Korea the Kospi dropped 0.4%.

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