Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. 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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter