By Jonathan Burgos and Yoshiaki Nohara - Dec 12, 2011 3:08 PM GMT+0700
Dec. 12 (Bloomberg) -- Nigel Tupper, Asia Pacific strategist and chief global quantitative strategist at Bank of America Merrill Lynch, talks about the outlook for Asian financial markets and his investment strategy. Tupper speaks in Hong Kong with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
Asian stocks (MXAP) pared gains as Italy and France prepared to sell debt and Moody’s Investors Service reiterated it plans to review the credit ratings of European nations even after an agreement to tighten fiscal controls in the region and boost a bailout fund.
The Hang Seng Index fell as much as 0.4 percent, reversing its advance of as much as 1.8 percent. Esprit Holdings Ltd. (330), the Hong Kong-based clothier that counts Europe as its biggest market, slipped 1.7 percent. Samsung Electronics Co. the world’s second-largest mobile-phone maker by sales, climbed 2.9 percent in Seoul after selling a record number handsets this year.
“The European situation will continue to bother us into next year as policy initiatives seem insufficient,” said Mark Matthews, Singapore-based head of research for Asia at Bank Julius Baer & Co., which has about $180 billion globally. “U.S. economic data is improving quite nicely and that’s one of the few bright spots in the world.”
The MSCI Asia Pacific Index gained 0.7 percent to 115.89 as of 5:05 p.m. in Tokyo, paring gains of as much as 1.4 percent. Almost two shares rose for each that fell in the measure. The gauge dropped 2.2 percent last week after Standard & Poor’s said it may cut credit ratings for Germany, France and 13 other euro- area countries amid a deepening debt crisis.
Japan’s Nikkei 225 Stock Average (NKY) increased 1.4 percent led by Olympus Corp. (7733), the endoscope maker at the center of an accounting scandal. Its shares jumped 7.8 percent after saying it will meet a Dec. 14 deadline to submit its accounts to avoid delisting.
South Korea’s Kospi Index gained 1.3 percent. Australia’s S&P/ASX 200 index added 1.2 percent. China’s Shanghai Composite Index declined 1 percent.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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