Monday, 12 March 2018
Asian equities rise following Wall Street’s reaction to jobs data
Asian markets
kicked off a new week in green territory, following a strong close in Wall
Street after jobs data surpassed analysts’ expectations.
In Japan, the
Nikkei 225 was more one-and-a-half percent higher, while the Topix showing a
similar development. All subindexes were trading higher.
In South Korea, the
Kospi rose 1.12 percent. Hong Kong's Hang Seng Index gained 1.53 percent,
finding support in energy and tech sectors.
Mainland indexes
such as the Shanghai composite was up half a percent and the Shenzhen composite
about 0.81 percent higher.
Sydney’s
S&P/ASX 200 added 0.74 percent, with materials and energy sectors moving
upwards. Gold companies notched down as demand for the yellow metal eased amid
an improving geopolitical context.
In other news, US
President Donald Trump said he is working with Australian Prime Minister
Malcolm Turnbull to ensure that Australia will not be affected by his decision
on steel and aluminium tariffs.
Last week, Trump
signed on the imposition of tariffs of 25 percent and 10 percent on steel and
aluminum imports, with Canada and Mexico exempted from them.
Wall Street three
major stock indexes posted strong gains of nearly 1.7 percent following the
latest report by the US Labor Department.
The US Labor
Department said the US economy added 313,000 jobs in February, above
economists’ expectations for a 200,000 build.
However, average
hourly wages growth came out below forecast, with a 0.1 percent increase in
February, compared to an estimated 0.2 percent build.
Those figures
boosted speculation that the Federal Reserve will not be raising interest rates
four times this year, but rather three, as it was firstly announced by the US
regulator.
<<< Asian
Stock Indexes >>>
Australia ASX S&P +40.20 +0.66% 6,109.30
Shanghai Composite +17.01 +0.51% 3,324.17
Hong Kong Hang Seng +472.96 +1.53% 31,469.17
Japan Nikkei 225 +239.78 +1.12% 21,708.98
Taiwan TSEC 50 Index +133.25 +1.23% 10,998.07
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