Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Wealth Manager on Twitter