Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Asian shares gain ahead of Yellen speech, rate view key

Published 08/21/2014, 10:37 PM
Updated 08/21/2014, 10:40 PM
Asian shares higher

Investing.com - Asia stocks rose Friday as, as investors looked to the forum of global central banker meeting in Jackson Hole, Wyoming.

Key among the speeches in Jackson Hole on Friday will be the comments from U.S. Federal Reserve Chairwoman Janet Yellen. Investors are looking for indications of when the U.S. plans to increase interest rates.

Australia's S&P/ASX 200 was up 0.2%, having risen as much as 4.7% in the past two weeks amid domestic earnings news.

Big banks in Australia were higher with ANZ Banking Group (ASX:ANZ) gaining 0.5%.

Elsewhere, South Korea's KOSPI was up 0.3%. The Nikkei 225 was up just 0.2%, after closing up 0.9% Thursday.

Overnight, U.S. stocks rose boosted by a double shot of positive U.S. data coupled with expectations that Federal Reserve Chair Janet Yellen will deliver a market-friendly speech on Friday.

The Dow 30 rose 0.36%, the S&P 500 index rose 0.29%, while the NASDAQ Composite index rose 0.12%.

The Federal Reserve released the minutes of its July policy meeting on Wednesday, and the document revealed that interest rates could rise sooner rather than later if the labor market continues to recover.

Stocks rose on Thursday even amid sentiments that buying costs are set to rise, as many investors bet Yellen will provide dovish words in a Jackson Hole speech on Friday to complement the hawkish minutes in order to convey to markets that even though rates will rise, monetary authorities will make sure they do so gradually.

Upbeat U.S. data also boosted stock prices.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The Federal Reserve Bank of Philadelphia said that its manufacturing index topped a three-year high of 28.0 this month from July’s 23.9 reading. Analysts had expected the index to decline to 19.2 in July.

Separately, market research group Markit said that its preliminary U.S. manufacturing purchasing managers’ index increased to a four-year high of 58.0 this month from a final reading of 55.8 in July. Analysts had expected the index to ease down to 55.7 in August.

Data also showed that U.S. existing home sales increased 2.4% to 5.15 million units last month from 5.03 million in June. Analysts had expected existing home sales to dip 0.4% to 5.02 million units in July.

Also on Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Aug. 16 decreased by 14,000 to 298,000 from the previous week’s revised total of 312,000.

Analysts had expected jobless claims to fall by 12,000 to 300,000 last week.

On Friday, expect markets to move on speeches delivered by Fed Chair Janet Yellen and ECB President Mario Draghi at the annual economic symposium in Jackson Hole, Wyoming.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.