SoftBank Corp. jumped 3.7 percent in Tokyo as Japan’s third-largest wireless carrier contributed the most to the regional benchmark’s advance. Myer Holdings Ltd. (MYR), Australia’s largest department-store operator, added 1.5 percent in Sydney after the nation’s retail sales in January climbed the most in a year. Tencent Holdings Ltd., the world’s best-performing major technology stock in the past five years, increased 1.8 percent in Hong Kong to head for a record close.
The MSCI Asia Pacific Index rose 0.3 percent to 138.01 as of 11:42 a.m. in Tokyo, with about four shares rising for every three that fell. The 128.6 trillion yen ($1.26 trillion) Government Pension Investment Fund should seek yearly returns of 1.7 percent plus the rate of pay increases for workers, according to a draft report from the committee tasked with helping the health ministry decide on economic assumptions for investment targets.
“I think pension funds are moving in the right direction because they have been too risk averse,” said Masaru Hamasaki, a senior strategist at Tokyo-based Sumitomo Mitsui Asset Management Co., which oversees about 11 trillion yen ($107 billion) in assets. “It’s not a bad thing they are going to take risk, but we need to be ready for higher volatility in assets.”
Japan’s Topix index rose 0.3 percent. Hong Kong’s Hang Seng Index added 0.4 percent. South Korea’s Kospi Index was little changed. New Zealand’s NZX 50 Index advanced 0.6 percent, extending gains from a record high.
Retail Sales
Australia’s S&P/ASX 200 Index (AS51) declined 0.1 percent, retreating from a 5 1/2-year high. The gauge pared losses of as much as 0.4 percent after retail sales in January beat estimates.
The Shanghai Composite Index dropped 0.7 percent, heading for a third day of decline. Finance Minister Lou Jiwei said economic growth below the government’s target is acceptable, with employment, not the exact level of expansion, being key.
Premier Li Keqiang yesterday kept the annual growth target unchanged at 7.5 percent for 2014, stoking speculation the government will allow the country’s $21 trillion debt mountain to inflate. Investors are watching the National People’s Congress for clues to the next steps to fix local-government finances, rein in shadow banking and open state businesses to private investment.
Default Risk
The growing risk of default by Shanghai Chaori Solar Energy Science & Technology Co. may become China’s “Bear Stearns moment,” prompting investors to reassess credit risks as they did after the U.S. securities firm was rescued in 2008, according to Bank of America Corp. The maker of solar cells said March 4 it may not be able to make an 89.8 million yuan ($14.7 million) interest payment in full by the deadline tomorrow.
There’s no need to panic about a default, which is “normal volatility” in the bond market, the China Securities Journal reported, citing Li Daokui, a former adviser to the People’s Bank of China. Local government debt defaults are more of a concern because there would be a larger-scale impact, Li said, according to the newspaper.
The MSCI Asia Pacific Index climbed 5.7 percent from this year’s lowest level through yesterday, leaving the gauge trading at 12.9 times the estimated earnings of its constituent companies, compared with 15.9 for the Standard & Poor’s 500 Index and 14.6 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
Ukraine Crisis
European Union leaders will consider repercussions for Russia at an emergency meeting today on the Ukraine crisis, after Russia’s foreign minister fended off a U.S. effort to ease tensions in the Crimean peninsula. Western nations are threatening Russia with sanctions over its military intervention in Crimea while pursuing diplomacy in an effort to defuse the situation.
Futures on the S&P 500 were little changed after the U.S. equities benchmark fell less than one point to 1,873.81 in New York.
To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net; Jonathan Burgos in Singapore at jburgos4@bloomberg.net
To contact the editor responsible for this story: Sarah McDonald at smcdonald23@bloomberg.net
http://www.bloomberg.com/news/2014-03-06/asian-stocks-little-changed-as-investors-weigh-u-s-data.html
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