Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Asian shares rise as US jobs data ease stimulus concerns

Asian shares rise as US jobs data ease stimulus concerns

Asian stocks rose on Monday in morning trade in the wake of surprisingly weak US jobs numbers that eased concern the Federal Reserve will accelerate cuts to stimulus.

The MSCI Asia Pacific excluding Japan Index gained 0.6% to 460 as of 9:41 a.m. in Hong Kong. Markets in Japan are closed for a holiday today.

South Korea’s Kospi index gained 0.7%. Australia’s S&P/ASX 200 Index lost 0.2% and New Zealand’s NZX 50 Index added 0.5%.

Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index both advanced 0.1%. Singapore’s Straits Times Index rose 0.1% and Taiwan’s Taiex index increased 0.8%.

US employers added 74,000 workers in December, the weakest growth since January 2011, signalling a pause in the recent strength of the labour market that may partly reflect the effects of bad weather.

The US jobless rate unexpectedly declined last month, dropping to 6.7% from 7%, the 10 January payrolls report showed.

In corporate news, Newcrest Mining Ltd. (NCM), an Australia gold producer, advanced 6.2% in Sydney as the precious metal climbed after the American jobs data.

Dongbu Steel Co. jumped 6.4%, heading for the highest closing level in two months, after reports companies are interested in buying one of its factories and a stake in Dongbu Metal Co.

Hyundai Motor Co. surged 3.9% in Seoul as consumer discretionary firms posted the largest gains among the 10 industry groups on the regional benchmark index.

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter