• Asia shares broadly higher after US, Japan, China data

    0

    HONG KONG: Asian markets mostly rose on Monday, buoyed by another record close on Wall Street in response to an impressive US jobs report, an upward revision of Japanese economic growth and healthy Chinese export figures.

    The euro ticked up as the upbeat outlook provided enough confidence for traders to look into higher yielding, higher risk assets.

    Tokyo rose 0.31 percent, or 46.76 points, to 15,124—a three-month high—while in the afternoon Hong Kong was 0.60 percent higher.

    Shanghai was flat, edging up 0.55 points to 2,030.50 but Seoul eased 0.27 percent, or 5.44 points, to 1,990.04.

    Sydney was closed for a public holiday.

    US shares continued their recent run of records on Friday after the Labor Department said the world’s biggest economy added a net 217,000 jobs in May, in line with expectations.

    Economists cheered the solid report, which marked the fourth straight month that more than 200,000 jobs had been created.

    The figures are the latest in a string of data out of the United States indicating its economic recovery is well on track, even as the Federal Reserve winds down its multibillion-dollar stimulus program.

    The Dow climbed 0.52 percent and the S&P 500 jumped 0.46 percent, both ending at record highs. The tech-rich Nasdaq added 0.59 percent to close at its best level since mid-March.

    On Monday, Japan unveiled revised data showing its economy grew 1.6 percent in the first quarter of 2013 as consumers stepped up shopping before April’s sales tax rise—the strongest in more than two years.

    On an annualized basis—a hypothetical figure that stretches the pace of growth over the course of a year—the economy grew 6.7 percent.

    Euro firms against the yen
    Sunday saw China release figures showing the country’s key exports jumped 7 percent in May, much better than the 0.9 percent seen in April and in line with forecasts of 7.2 percent.

    However, imports dipped surprisingly, meaning the trade surplus surged 75 percent year-on-year to $35.92 billion, much more than expectations of $23.4 billion.

    AFP

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.