Market Report – Rio Tinto Successful in Rights Issue

Today global mining company Rio Tinto wrapped up an important share offering that puts it on its way to paying off heavy debt. Australian shareholders have taken up 95 percent of their entitlements to new shares issued by the company.

In Japan, one Japanese newspaper reports that Japan’s Sumitomo Mitsui Financial Group is considering buying a stake in Nikko Asset Management after Sumitomo Trust and Banking buys the asset manager from Citigroup.

Australia provided evidence that policy stimulus is fueling consumer demand. June was the third-strongest month on record for vehicle sales, while activity in the service sector boasted the first expansion in 15 months.

Shanghai Securities reports that new lending by Chinese banks is likely to exceed a staggering $1.5 trillion this year, even as bank regulators warn about risks from improper loans.

And overall, Asian stocks were mixed and the dollar edged up after a disappointingly big drop in U.S. employment prompted investors to pull back from commodities.