Asia shares broadly up after US, Japan, China data
A woman with an umbrella stands in front of an electronic stock indicator of a securities firm in Tokyo, Friday, June 6, 2014. Asian markets mostly rose Monday,June 9, buoyed by another record close on Wall Street in response to an impressive US jobs report, an upward revision of Japanese economic growth and healthy Chinese export figures. AP PHOTO/EUGENE HOSHIKO
HONG KONG–Asian markets mostly rose Monday, buoyed by another record close on Wall Street in response to an impressive US jobs report, an upward revision of Japanese economic growth and healthy Chinese export figures.
The euro ticked up as the upbeat outlook provided enough confidence for traders to look into higher yielding, higher risk assets.
Tokyo rose 0.31 percent, or 46.76 points, to 15,124.00–a three-month high–while Hong Kong gained 0.79, or 166.47 points, to 23,117.47.
Shanghai was flat, edging up 0.55 points to 2,030.50 but Seoul eased 0.27 percent, or 5.44 points, to 1,990.04.
Sydney was closed for a public holiday.
US shares continued their recent run of records on Friday after the Labor Department said the world’s biggest economy added a net 217,000 jobs in May, in line with expectations.
Economists cheered the solid report, which marked the fourth straight month that more than 200,000 jobs had been created.
The figures are the latest in a string of data out of the United States indicating its economic recovery is well on track, even as the Federal Reserve winds down its multi-billion-dollar stimulus program.
The Dow climbed 0.52 percent and the S&P 500 jumped 0.46 percent, both ending at record highs. The tech-rich Nasdaq added 0.59 percent to close at its best level since mid-March.
On Monday, Japan unveiled revised data showing its economy grew 1.6 percent in the first quarter of 2013 as consumers stepped up shopping before April’s sales tax rise–the strongest in more than two years.
On an annualized basis–a hypothetical figure that stretches the pace of growth over the course of a year–the economy grew 6.7 percent.
Euro firms against the yen
Sunday saw China release figures showing the country’s key exports jumped 7 percent in May, much better than the 0.9 percent seen in April and in line with forecasts of 7.2 percent.
However, imports dipped surprisingly, meaning the trade surplus surged 75 percent year on year to $35.92 billion, much more than expectations of $23.4 billion.
The results came a week after reports showed a solid increase in manufacturing activity, easing concerns about the strength of the Asian economic giant and key driver of global growth.
On foreign exchange markets the yen, considered a safe bet in times of uncertainty, eased against the euro.
The euro briefly topped 140 yen in morning Tokyo trade before easing back to 139.84 yen, although that is still up from the 139.80 yen in late New York trade Friday.
The single currency was also at $1.3650 against $1.3641.
The greenback, however, gave up earlier gains to buy 102.43 yen compared with 102.50 yen.
In oil trade US benchmark, West Texas Intermediate for July delivery, gained 40 cents to $103.06 a barrel in afternoon trade, while Brent North Sea crude for July rose 28 cents to $108.89.
Gold fetched $1,255.94 an ounce at 1105 GMT compared with $1,251.85 late Friday.
In other markets:
— Singapore closed 0.17 percent higher, or 5.77 points, to 3,305.20.
Singapore Telecommunications gained 0.52 percent to Sg$3.88 while United Overseas Bank eased 0.26 percent to Sg$22.68.
— Jakarta closed down 1.06 percent, or 52.09 points, at 4,885.08.
Carmaker Astra International rose 0.35 percent to 7,225 rupiah, while state miner Aneka Tambang fell 2.97 percent to 1,145 rupiah.
— Kuala Lumpur ended flat at 1,863.69, inching up just 0.05 percent, or 0.99 points.
IHH Healthcare added 0.2 percent to 4.19 ringgit, while 7-Eleven Malaysia Holdings gained 1.9 percent to 1.64. SapuraKencana Petroleum lost 1.2 percent to 3.99 ringgit.
— Bangkok lost 0.05 percent, or 0.72 points, to 1,457.30.
Central Plaza Hotel added 4.48 percent to 35 baht, while telecoms company True Corporation gained 2.76 percent to 7.45 baht.
— Mumbai rose 0.72 percent, or 183.75 points, to end at 25,580.21 points. Earlier in the session, the index touched 25,644.77 points, a new record high for a second straight day.
Unitech surged 17 percent to 37.85 rupees and Grasim Industries gained 11.53 percent to 3,699.90 rupees.
— Taipei rose 0.31 percent, or 28.28 points, to 9,162.74.
Taiwan Semiconductor Manufacturing Co. was 0.41 percent higher at Tw$123.0 while leading chip design house MediaTek added 1.80 percent to Tw$509.0.
— Wellington was flat, nudging up 4.91 points to 5,187.35.
Chorus gained 0.58 percent to NZ$1.72, Fletcher Building was off 0.44 percent at NZ$9.15 and Air New Zealand was steady at NZ$2.21.
— Manila closed 0.59 percent higher, adding 40.11 points to 6,802.73.
Ayala Corp. rose 0.71 percent at 640 pesos and its property arm put on 0.32 percent at 30.90 pesos.
