asia markets up after us jobs but dollar slips
Last Updated : GMT 09:07:40
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Last Updated : GMT 09:07:40
Egypt Today, egypt today

Asia markets up after US jobs but dollar slips

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Egypt Today, egypt today Asia markets up after US jobs but dollar slips

Asian traders tracked gains in New York
Hong Kong - AFP

Asian markets mostly rose Monday following last week's forecast-busting US jobs report but the dollar weakened against most other currencies, with this week's expected Federal Reserve interest rate hike already accounted for.
Friday's employment report reinforced a long-running belief the world's top economy was on a strong growth track and focus is now on the conclusion of the central bank's policy meeting Wednesday, hoping for clues about the next increase.
The Japanese and British central banks also meet this week.
The dollar edged up but was unable to hold above the 115-yen mark breached briefly last week, while the euro benefitted from speculation the European Central Bank could start tightening monetary policy as the region's economy shows signs of improvement.
The greenback was also down against most high-yielding units with South Korea's won 1.2 percent higher and the Australian dollar 0.5 percent up.
"Markets are already fully priced for a Fed rate hike on Wednesday,” Janu Chan, a senior economist at St George Bank in Sydney, said.
Most stock markets in Asia started the week on a high -- tracking all three main Wall Street indexes -- after the Labor Department said the economy created 235,000 new jobs in February, much more than estimated.
“There’s some initial upside from the jobs report but most people are waiting and watching to see what the central banks say later in the week,” Andrew Sullivan, managing director for sales trading at Haitong International Securities Group in Hong Kong, told Bloomberg News.
Tokyo closed up 0.2 percent, while Hong Kong added 1.1 percent and Shanghai gained 0.8 percent. Seoul jumped one percent and Singapore put on 0.4 percent, with Wellington, Manila and Taipei also well up.
Oil prices continued to suffer following last week's losses of about nine percent in both main contracts, hit by a surprisingly big jump in US stockpiles, increased US shale production and concerns about a OPEC-Russia led deal to cut output.
"For all the somewhat hopeful talk from industry experts about oil inventories running down later in the year, the fact remains that US shale has come back harder, faster and cheaper than anyone could have imagined," Jeffrey Halley, senior market analyst at OANDA, said in a note. "Talk is cheap, and oil is getting cheaper as well."
In early European trade London rose 0.3 percent and Paris added 0.1 percent but Frankfurt shed 0.1 percent.
 - Key figures around 0800 GMT - 
Tokyo - Nikkei 225: UP 0.2 percent at 19,633.75 (close)
Hong Kong - Hang Seng: UP 1.1 percent at 23,829.67 (close)
Shanghai - Composite: UP 0.8 percent at 3,237.02 (close)
London - FTSE 100: UP 0.3 percent at 7,366.50
Euro/dollar: UP at $1.0705 from $1.0672
Pound/dollar: UP at $1.2213 from $1.2169
Dollar/yen: DOWN at 114.60 yen from 114.78 yen
Oil - West Texas Intermediate: DOWN 35 cents at $48.14 per barrel
Oil - Brent North Sea: DOWN 26 cents at $51.1
New York - Dow: UP 0.2 percent at 20,902.98 (close)


Source: AFP

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asia markets up after us jobs but dollar slips asia markets up after us jobs but dollar slips



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