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Strong US data lifts Asian markets Strong US data lifts Asian markets
(about 1 hour later)
Asian markets have kicked off Thursday's session on a positive note, with investors encouraged by a rebound on Wall Street. Asian markets kicked off Thursday's session on a positive note, with investors encouraged by a rebound on Wall Street.
US stocks rallied after the Commerce Department said new home sales jumped 18% in August, to the highest level since May 2008.US stocks rallied after the Commerce Department said new home sales jumped 18% in August, to the highest level since May 2008.
The data is also giving a lift to the US dollar in Asian trade. The data gave a lift to the US dollar in Asian trade.
In Japan the Nikkei index is up by 1.2% at midday to 16,364.74 points - the highest intraday level in seven years. In Japan, the Nikkei index ended the day up 1.28% at 16,374.14 points - the highest level in seven years.
Shares of Japanese consumer electronics firm Panasonic are up by 1.2% by midday. Shares of Japanese consumer electronics firm Panasonic closed up 1.2%, after the Nikkei newspaper reported that Panasonic was in talks about taking a stake in Spanish auto parts maker Ficosa International.
M&A stocks If a deal materialises, it will be the first major acquisition by Panasonic's automotive business.
The Nikkei newspaper is reporting that Panasonic is in talks about a potential stake in Spanish auto parts maker Ficosa International. If a deal materialises, it will mark the first major acquisition for the automotive business of the Japanese company. In Australia, shares in Goodman Fielder rose by 0.4%. The country's competition watchdog, the ACCC said it would not oppose the acquisition of Goodman Fielder by Singapore-based Wilmar and Hong Kong firm First Pacific.
In Australia, shares of Goodman Fielder are up by 0.4%. The country's anti-competition commission, the ACCC said it will not oppose the acquisition of Goodman Fielder by Singapore-based Wilmar and Hong Kong firm First Pacific.
Both companies had jointly offered to pay $1.2bn (£0.73bn) for the struggling food firm. Goodman Fielder sells packaged edible oil under the Crisco and Gold'N Canola brands.Both companies had jointly offered to pay $1.2bn (£0.73bn) for the struggling food firm. Goodman Fielder sells packaged edible oil under the Crisco and Gold'N Canola brands.
As for the overall market, Australia's benchmark index the S&P ASX 200 is up by 0.3%. Australia's benchmark index, the S&P ASX 200, ended Thursday's session up 6.4 points at 5,382.2.
China markets
In China, the benchmark Shanghai Composite index was up 0.7% at midday. There appeared to be muted reaction to various media reports that the Chinese government was looking into replacing central bank governor Zhou Xiaochuan, in a cabinet reshuffle during a major communist party meeting scheduled to take place next month.
Reports have suggested there are internal battles among China's leaders about what kind of reforms are needed to overhaul the Chinese economy.
CurrenciesCurrencies
The US dollar continues to surge from the strong housing data, hovering around a six-year high against the Japanese yen at 110 level. The US dollar continued to benefit from the strong housing data, hovering close to a six-year high against the Japanese yen after breaking through the 109 yen level.
But the New Zealand dollar has fallen to around one year low against the US dollar, following comments by the central bank governor there. But the New Zealand dollar has fallen to around one-year low against the US dollar, following comments by the central bank governor there.
Graeme Wheeler from the Reserve Bank of New Zealand (RBNZ) said "the level of the exchange rate is unjustified and unsustainable, and that it is susceptible to a significant downward adjustment." Graeme Wheeler from the Reserve Bank of New Zealand (RBNZ) said "the level of the exchange rate is unjustified and unsustainable, and that it is susceptible to a significant downward adjustment".
Mr Wheeler also said in a statement: "The real exchange rate has not adjusted materially to the recent downward movement in commodity prices.Mr Wheeler also said in a statement: "The real exchange rate has not adjusted materially to the recent downward movement in commodity prices.
"For example, global dairy prices have fallen by 45% since February 2014. Despite this, in August, New Zealand's real effective exchange rate was 1% higher than its February 2014 level.""For example, global dairy prices have fallen by 45% since February 2014. Despite this, in August, New Zealand's real effective exchange rate was 1% higher than its February 2014 level."
The statement from the RBNZ sent the New Zealand dollar tumbling by half a US cent to $0.8026.The statement from the RBNZ sent the New Zealand dollar tumbling by half a US cent to $0.8026.
In terms of broader sentiment, investors will be looking to the US later today, for further clues on the state of the world's biggest economy.In terms of broader sentiment, investors will be looking to the US later today, for further clues on the state of the world's biggest economy.
They'll be eyeing the weekly US jobless claims data, as well as durable goods figures due for the month of August. Both sets of data will be released before the open of trade on Wall Street. They will be eyeing the weekly US jobless claims data, as well as durable goods figures due for the month of August. Both sets of data will be released before the open of trade on Wall Street.