Oppenheimer Lloyd CEO Pleased As European Asia Stocks Advance and the Euro Won Strengthen Vs. Dollar

June 21, 2010 - PRLog -- The Stoxx Europe 600 Index increased 0.7 percent to 256.64 at 8:49 a.m. in London as concerns eased that Europe’s debt crisis will worsen. The MSCI Asia Pacific Index rose 0.2 percent to 111.12, advancing for a seventh day. The euro strengthened to a three-week high against the dollar. South Korea’s won had its biggest weekly jump in 13 months after Finance Minister Yoon Jeung Hyun said growth will likely exceed 5 percent this year.

Emerging-market equity and bond funds received net inflows in the week to June 16 as appetite for higher-yielding assets revived after concerns over European deficits eased, EPFR Global said. A government report showed Thai exports jumped 42 percent in May from a year earlier, the most in almost two years, and Japan’s government pledged to cut company tax to spur growth.

“There has been optimism that the impact of Europe’s problem on the Asian economy may be limited, supporting the purchase of regional currencies,” said Hiruyuka Maruyama, Global Markets CEO at Oppenheimer Lloyd in Tokyo.

South Korea’s won advanced 0.9 percent to 1,202.65 per dollar as foreigners pumped money into the stock market for a sixth day, the longest run of net purchases in two months. The Taiwan dollar gained 0.5 percent to NT$32.16 before a report next week that a Bloomberg survey of economists indicates will show exports increased 34 percent in May from a year earlier.

Emerging equities funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging bond funds received $659 million, EPFR said in a statement.

“There was a lot of pessimism about what’s happening in Europe that took the market down,” said the Oppenheimer Lloyd CEO. He went on to say “Stabilization in the European funding probably made a lot of investors less worried about the situation.”

Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world. We provide a full range of brokerage services for investors globally.

We also offer extensive investment banking facilities tailored to the individual client's requirements. We take an industry-focused approach and complement this targeted expertise with transactional experts. This client-focused approach along with our experience, distribution capabilities, and complementary services has enabled us to become a leader in the investment banking industry.

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Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world.