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.

Asian markets swing between gains and losses

Asian markets swing between gains and losses

Asian markets oscillated between gains and losses in late morning trade after monthly U.S. payrolls data showed the world’s largest economy continuing on a path of slow but steady recovery.

The MSCI Asia Pacific Index fell less than 0.1% to 132 as of 11:17 a.m. Tokyo time, erasing gains of as much as 0.3% earlier. Japan’s Nikkei 225 Stock Average slipped 0.2%.

Australia’s S&P/ASX 200 Index lost 0.1%, while South Korea’s Kospi Index dropped 0.6%. China’s Shanghai Composite Index slipped 0.1%, while Hong Kong’s Hang Seng Index swung between gains and losses.

Investors were upbeat after US payrolls rose by 155,000 workers last month following a revised 161,000 advance in November, which was more than initially estimated.  The unemployment rate held at 7.8%, matching the lowest level since December 2008.

Financial stocks were supported by a decision from global regulators on Sunday to give banks four more years and greater flexibility to build up cash buffers.

Li & Fung Ltd., a supplier of toys and clothes to retailers including Wal-Mart Stores Inc., rose 1.4% in Hong Kong.

Fortescue Metals Group Ltd., Australia’s third-largest iron-ore producer, climbed 1.4% in Sydney as the price of the metal increased.

Samsung and LG Display, the world’s biggest makers of flat panels, slid at least 1.3% after they were fined by the Chinese government.

Japanese exporters were supported by a weaker yen, which was steady around 88.17 to the dollar, after the US currency rose as far as 88.40 yen, its highest in nearly two-and-a-half years, on Friday.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter