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 Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: 'a lot of the hard work is done' says Charles Stanley

Profile: 'a lot of the hard work is done' says Charles Stanley

We’ve turned a corner, and there is positive momentum behind Charles Stanley says Charles Stanley's private client head

Wealth Manager on Twitter