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Asia stocks gain after Wall Street rally on jobs data

Asia stocks gain after Wall Street rally on jobs data

Asian shares gained on Monday in late morning trade as the yen weakened and jobs data spurred the biggest two-day rally for US equities since October.

The MSCI Asia Pacific Index added 0.4% to 134 at 11:19 a.m. in Tokyo, rising a fourth day. The Topix index rose 0.7% as the yen weakened.

Japan’s current-account deficit widened to a record in December, while China’s central bank signalled volatility in money-market interest rates will persist and borrowing costs will rise. Japan’s ¥638.6 billion ($6.2 billion) shortfall surpassed November’s gap of ¥592.8 billion, the finance ministry said in Tokyo today. The currency fell as much as 0.3% against the greenback.

China’s Shanghai Composite Index climbed 1.4%. Hong Kong’s Hang Seng Index fell 0.1%. South Korea’s Kospi index and Singapore’s Straits Times Index both added 0.2%. Taiwan’s Taiex index increased 0.6%. Australia’s S&P/ASX 200 Index advanced 0.5%. New Zealand’s NZX 50 Index slid 0.2%.

The US added 113,000 jobs in January, a 7 February report showed, trailing the median estimate of 180,000 in a Bloomberg survey. The jobless rate dropped to 6.6%.

In corporate news, Nissan Motor Co. surged 1%, pacing gains among Japanese exporters.

Rio Tinto Group (RIO), the world’s second-largest mining company, added 1.2% in Sydney after copper futures rose a third day.

Landing International Development Ltd. surged 13% in Hong Kong after the Chinese property developer and partner Genting Singapore Plc announced plans to build a $2.2 billion casino resort in South Korea’s Jeju island.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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