Citywire - For Professional Investors

Register to get unlimited access to all of Citywire’s fund manager database. Registration is free and only takes a minute.

Asia stocks gain after strong US jobs data

Asia stocks gain after strong US jobs data

Asian stocks got off to a strong start to the week after expectation-topping US jobs data that eased fears of inflation and faster rate hikes.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4%. Japan's Nikkei jumped 2%, while South Korea rose 0.8%.

Down Under, the S&P/ASX 200 rose 0.82%. Gains were led by the materials and energy sub-indexes, which rose 1.53% and 1.39% respectively, while gold producers slid 2.14% in the morning.

In Greater China, the Hang Seng Index added 1.34%, while Mainland’s Shanghai Composite Index rose 0.26%.

Data released on Friday showed that the US economy added 313,000 jobs last month, above a forecast of 200,000 in a Reuters poll. Wage growth, however, rose 2.6% on an annualised basis, coming in below expectations.

Steel producers in Australia were in focus after US President Donald Trump tweeted on Friday that he was working with Australian Prime Minister Malcolm Turnbull to ensure that Australia would not face US steel and aluminum tariffs. Shares of Bluescope Steel rose 3.36% in early trade.

Japanese and South Korean steel producers regained some ground after sliding in the last session. The Topix Iron and Steel index was up 0.94% in the morning, with JFE Holdings up 0.69% in early trade. Meanwhile, Posco and Hyundai Steel rose 1.16% and 1.17%, respectively.

In currencies, the dollar index, which tracks the US currency against a basket of rivals, traded at 90.130 at 8:51 a.m. HK/SIN.

Against the safe-haven yen, the dollar firmed to trade at 106.90, extending gains seen last week on the geopolitical developments concerning US-North Korea ties.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Asia Bangkok Retreat 2018: day one images

    Citywire Asia Bangkok Retreat 2018: day one images

  • Citywire Asia Bangkok Retreat 2018: day two images

    Citywire Asia Bangkok Retreat 2018: day two images

  • Citywire Asia Taipei Retreat 2017: day one images

    Citywire Asia Taipei Retreat 2017: day one images

  • Citywire Asia Taipei Retreat 2017: day two images

    Citywire Asia Taipei Retreat 2017: day two images

  • Citywire Asia Bangkok Retreat 2017: day one images

    Citywire Asia Bangkok Retreat 2017: day one images

  • Citywire Asia Bangkok Retreat 2017: day two images

    Citywire Asia Bangkok Retreat 2017: day two images

  • Images from Citywire Thailand Forum 2017

    Images from Citywire Thailand Forum 2017

  • Citywire Asia Awards 2017: images from Singapore

    Citywire Asia Awards 2017: images from Singapore

  • Citywire Asia Awards 2017: images from Hong Kong

    Citywire Asia Awards 2017: images from Hong Kong

  • Citywire Asia Retreat in Bangkok: day two images

    Citywire Asia Retreat in Bangkok: day two images

  • Bangkok buzz: day 1 images from our Asia Retreat

    Bangkok buzz: day 1 images from our Asia Retreat

  • Images from Citywire's Thailand Forum

    Images from Citywire's Thailand Forum

  • Pictures from Citywire's Hong Kong forum

    Pictures from Citywire's Hong Kong forum

  • Images from our Citywire Singapore Forum

    Images from our Citywire Singapore Forum