SAJJAD PURVEZ - Apple and gold spur Asia stocks, currencies

SAJJAD PURVEZ: HONG KONG (MarketWatch) — Most Asian markets ended higher Thursday, with the South Korean stock benchmark racing to a record as technology stocks were cheered by Apple Inc.’s results and as commodity producers rose on a rally in crude-oil and gold prices.

Investor sentiment remained positive after solid overnight gains on Wall Street, and was also reflected in the foreign-exchange market as riskier currencies pushed higher against the U.S. dollar. The Australian dollar sparkled, in particular, climbing to a fresh post-float high against the greenback.

Asia Today: Apple Results Soar, Unhurt by Japan

Apple's earnings rose sharply thanks to strong iPhone sales, and the company downplayed concerns about Japan's impact on its supplies, its recent lawsuit against Samsung and CEO Steve Jobs's medical leave. WSJ's Jake Lee and Andrew LaVallee discuss.

“Great earnings numbers from both Apple and Intel this week are giving investors confidence that the U.S. economy is trending up, and for now it’s offsetting concerns over debt issues in Europe and nuclear worries,” said Hiroichi Nishi, general manager of the equity division at Nikko Cordial Securities.

Japan’s Nikkei Stock AverageJP:NI225 +1.20%  gained 0.8% to 9,685.77.

Australia’s S&P/ASX 200 AU:XJO +1.13% added 1.1% to 4,913.80 and South Korea’s Kospi advanced 1.3% to 2,198.54.

Hong Kong’s Hang Seng Index HK:HANGSENG +1.01%  climbed 1% to 24,138.31, China’s Shanghai Composite CN:SHCOMP +0.65%  edged up 0.7% to 3,026.67, and Taiwan’s main index rose 1.6% to 8,957.65.

Dow Jones Industrial Average DJIA +1.52%  futures were up 56 points in screen trade.

Several technology-related stocks extended gains in Tokyo, Seoul and Taipei.

In Tokyo, Apple-linked stocks were mostly higher, with chip makers Toshiba Corp.TOSYY +4.49%   JP:6502 +2.16%  rising 1.9% and Elpida Memory Inc. JP:6665 +3.60%  ELPDF 0.00%  climbing 3.6%.

Softbank Corp. JP:9984 -0.44% SFTBF +3.07% , the exclusive provider of Apple products in Japan, fell 0.4% after climbing 3.9% Wednesday in anticipation of strong earnings from Apple AAPL +1.35%  .

Takuya Yamada, senior portfolio manager at ITC Investment Partners, said Japan’s market would likely be capped by caution and volumes will remain weak ahead of a slew of Japanese corporate results next week. He added that earnings from U.S. chipmaker Advanced Micro Devices AMD +4.35%  will be closely watched later Thursday.

Chip foundries and iPhone parts suppliers and assemblers rose in Taiwan despite a more subdued earnings outlook for the local firms. J.P. Morgan strategist Nick Lai said that first-quarter earnings from Taiwan tech firms, most of which are due next week, are likely to disappoint due to the supply-chain impact stemming from the March 11 earthquake in Japan.

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Taiwan Semiconductor Manufacturing Co.TSM +4.10%  advanced 1.3% and Hon Hai Precision Industry Co. added 1.4%.

In Seoul, the Kospi hit a record as heavyweight Samsung Electronics Co.SSNLF +78.57%  added 1.3% and Hynix Semiconductor Inc. HXSCF 0.00%  surged 7.9%

SAJJAD PURVEZ - President Obama woos Brazil while Libya air assault unfolds

Sajjad Purvez - RIO DE JANEIRO: President Barack Obama will take in the sights of sunny Rio de Janeiro on Sunday as he courts Latin America on an economic and goodwill tour overshadowed by a US and European air assault on Muammar Gaddaffi's forces in Libya.

Obama enters the second day of what aides have called his signature first-term trip south of the border, intent on sticking to his packed agenda but with his attention divided by the biggest military intervention in the Arab world since the invasion of Iraq.

The military campaign against Gaddafi's forces launched on Saturday intruded on Obama's schedule of diplomacy and business promotion in the capitalBrasilia and seemed certain to do the same in Rio where he will continue huddling regularly with top aides to stay on top of unfolding events.

Obama is seeking improved Brazilian relations after a period marked by tensions and neglect, during which China overtook the United States as Brazil's main trade partner.

He will spend the day visiting a vibrant metropolis that encapsulates what he called Brazil's "extraordinary" rise as a global power in recent years.

The White House has justified Obama's five-day Latin American tour in large part for its potential dividends of boosting US exports to help create American jobs, also considered crucial to his 2012 re-election chances.

His talks on Saturday with Brazilian President Dilma Rousseff focused heavily on strengthening economic ties with Latin America's powerhouse, though little progress was made on key disputes.

Conservative critics at home may seize the opportunity to chide Obama for being away from Washington -- and in a city renowned for its pristine beaches -- at a time when he is putting US forces in harm's way. Republican foes have accused him of a failure of leadership in a string of international crises.

But in keeping with the president's "no-drama Obama" image, the White House wants to avoid any sense he is being held hostage by events or unable to tend to other crucial business.

OBAMA'S RIO ITINERARY

Obama's only planned sightseeing in Rio will be to the city's iconic Christ the Redeemer hilltop statue, and even that had to be postponed from morning until evening to give him time for early briefings on the Libyan situation.

He will also visit Rio's famous City of God slum to inspect beefed-up security and poverty-fighting efforts there and will deliver what has been billed as a speech to the Brazilian people at a historic theater in the city center.

Thousands of Rio residents were disappointed this week when US officials, without giving a reason, canceled plans for Obama to give an open-air address to a much bigger audience.

No matter the venue, Obama's message will have to compete for attention with hostilities in Libya.

US warships launched cruise missiles on Saturday, joining France, Britain, Canada and Italy in attacks aimed at crippling Libyan leader Gaddafi's air defenses to stop his loyalists' advances into rebel-held areas.

Mindful of public concern of entangling the United States in another conflict on top of the wars inIraq and Afghanistan, Obama took pains to stress the limited US military role in Libya.

He insisted that US forces were supporting, not leading, the international coalition against Gaddafi and there would be no commitment of American ground troops. Nevertheless, he could still face tough questions from anti-war liberals at home.

In Rio, festive crowds lined the streets to greet the arrival of Obama's motorcade at his beachfront hotel on Saturday night.

While polls show Obama popular among Brazilians, not everyone is welcoming him to the city of Carnival and samba. Police fired rubber bullets at a small group of leftist protesters on Friday after someone threw a Molotov cocktail at the US consulate in the city center.

The city that seemed in inexorable decline a decade ago has been rejuvenated by Brazil's economic boom, the discovery of vast oil fields off its shores, its selection as 2016 Olympic host and a big improvement in security.

With crises rocking the Middle East and pushing up oil prices, the United States is taking a keen interest in the deep-sea oil reserves that Brazil is starting to tap off the Rio coast. Rousseff said on Saturday she saw opportunities for both countries to cooperate in developing the fields.

Officials and business leaders from both countries are due to hold meetings on Sunday to discuss investment opportunities around the oil development and an expected infrastructure boom arising from Rio's hosting of the Olympics.

Obama will leave Rio on Monday morning for a visit to economic success story Chile and will wrap up his regional tour on Wednesday in tiny El Salvador. 


courtesy: http://timesofindia.indiatimes.com/world/rest-of-world/New-Article/articleshow/7747060.cms