Asian Shares Advance As Yields Ease After Weak US Jobs Data

RTTNews | 568 days ago
Asian Shares Advance As Yields Ease After Weak US Jobs Data

(RTTNews) - Asian stocks advanced on Monday and the dollar held steady but remained vulnerable after data showed signs of slowing U.S. jobs growth.

Gold held steady near the key $2,000 per ounce level while oil prices were marginally higher after having fallen sharply on Friday on demand concerns.

Top exporters Saudi Arabia and Russia said they would continue with oil supply curbs of more than 1 million barrels a day through year-end.

In the Middle East, the Israel Défense Forces (IDF) spokesperson Daniel Hagari said that significant strikes have been carried out and the Gaza Strip has been 'cut into two'.

China's Shanghai Composite index rose 0.41 percent to 3,043.33 ahead of inflation and trade data due later in the week. Hong Kong's Hang Seng index surged 1.6 percent.

Chinese Premier Li Qiang on Sunday pledged to continue deepening reforms, expand access to markets and boost imports, which have fallen this year.

Japan's Nikkei average was up 2.5 percent after the Bank of Japan's meeting minutes from September showed members saw no need for new yield control tweaks.

Meanwhile, BOJ Governor Ueda said today he saw progress in achieving the central bank's 2 percent inflation target but not enough to end ultra-loose monetary policy.

Seoul stocks soared, with the Kospi average rallying 3.3 percent after financial authorities said on Sunday that they were re-imposing a ban on short selling at least until the end of June next year.

Australia's benchmark S&P ASX 200 was up 0.2 percent amid speculation that the Reserve Bank could end a four-month pause and raise interest rates at a board meeting on Tuesday.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index was half a percent higher.

U.S. stocks rose on Friday while the dollar and bond yields dipped after data showed U.S. jobs growth slowed in October and the unemployment rate ticked up slightly, underscoring views that the Fed is done hiking interest rates.

Data showed employment climbed by 150,000 jobs in October after an addition of a downwardly revised 297,000 jobs in September. The unemployment rate crept up to 3.9 percent from 3.8 percent in September.

Separate data showed a bigger than expected slowdown in the pace of growth in U.S. service sector activity in the month.

The tech-heavy Nasdaq Composite surged 1.4 percent, the S&P 500 gained 0.9 percent and the Dow added 0.7 percent.

European stocks fluctuated before finishing mostly higher on Friday, continuing the week's rally on dovish Fed bets.

The pan European STOXX 600 rose 0.2 percent to extend gains for the fifth consecutive session.

The German DAX edged up 0.3 percent, while France's CAC 40 slipped 0.2 percent and the U.K.'s FTSE 100 dropped 0.4 percent.

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