🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Asian stocks rally ahead of U.S. jobs data; Nikkei up 1.41%

Published 08/01/2013, 11:53 PM
Updated 08/01/2013, 11:54 PM
USD/JPY
-
Investing.com - Asian stocks traded broadly higher to close the week as traders await the July non-farm payroll report from the U.S. Labor Department due out later Friday.

In Asian trading Friday, Japan’s Nikkei 225 climbed 1.41% although USD/JPY traded lower after the Bank of Japan said that Japan’s monetary base increased 38% last month following a 36% rise in June. Analysts expected a July increase of 43.2%.

Shares of exporters such as Honda and Sony lead Japanese stocks to the upside.

Hong Kong’s Hang Seng added 0.58% while the Shanghai Composite rose 0.55%. China’s non-manufacturing PMI data is due out Saturday following mixed government and HSBC readings of manufacturing PMI in the world’s second-largest economy Thursday.

Australia’s S&P/ASX 200 Index jumped 0.9% even after data showed Australia will likely post a budget deficit of AUD30 billion for the current fiscal year, well above the AUD15 billion forecast just eight weeks ago. The deficit for the 2014-15 fiscal year is expected to be AUD24 billion, more than double the initial estimate of AUD10.9 billion.

For the 2015-16 fiscal, the deficit will be AUD5 billion before disappearing the following year. Other data showed the unemployment rate in the world’s 12th-largest economy is expected to be 6.25% this year, an increase of 70,000 jobless compared with prior estimates.

Elsewhere, the Australian Bureau of Statistics said that producer price inflation rose just 0.1% in the second quarter compared with a 0.3% increase in the first quarter. Analysts had expected PPI to rise 0.6% last quarter.

New Zealand’s NZSE50 climbed 0.63% while the Singapore Straits Times Index added 0.33%. In U.S. economic news out Thursday, the Institute for Supply Management said its July manufacturing index soared to 55.4% vs. 50.9% in June, good for the best reading since 2011. Economists expected a July reading of 52%. Readings above 50% indicate expansion.

The Labor Department said initial claims for jobless benefits dropped by 19,000 last week to 326,000, the lowest level since January 2008. The less volatile four-week moving average dropped by 4,500 to 341,250

South Korea’s Kospi rose 0.38% while S&P 500 futures inched up 0.07% a day after the benchmark U.S. index surged 1.25%.


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.