Asian stocks rise despite worries over global slowdown

TOKYO - Asian stock markets crept higher Monday in thin holiday trading, with gains kept in check as investors fretted about a global economic slowdown after data showed U.S.

See Full Article

employers added fewer jobs last month.

KEEPING SCORE: Japan's benchmark Nikkei 225 rose 1.1 per cent to 17,004.30 while Australia's S&P/ASX 200 was flat at 4,975.40. Thailand's SET added 0.3 per cent to 1,307.56. India's Sensex was little changed at 24,632.26. Markets were closed in China, Hong Kong, Taiwan, South Korea, Singapore, Indonesia, Malaysia and the Philippines for Lunar New Year holidays. New Zealand's stock market was closed for a national holiday.

U.S. DATA: With much of Asia in holiday mode, attention focused on the discouraging U.S. employment figures for January released on Friday. U.S. employers added 151,000 jobs last month, a sharp deceleration from recent months as companies shed education, transportation and temporary workers. That was below economists' forecasts of 185,000 new jobs, according to a survey of analysts by financial data provider FactSet. The employment report lends weight to the case for the Federal Reserve to delay interest rate hikes, which is a positive for stock markets, but also adds to signs of weakness in major economies.

THE QUOTE: "There seems little doubt that we have reached a key juncture for the world's financial markets and if confusion wasn't at fever pitch two weeks ago then things are even worse now," said Chris Weston, chief market strategist at IG in Melbourne, Australia. "All eyes will be on Janet Yellen's semi-annual testimony to Congress this week and there will be much focus on her vision around the impact tighter financial conditions have had on economics."

WALL STREET: The Dow Jones industrial average fell 211.61 points, or 1.3 per cent, to finish Friday at 16,204.97. The Standard & Poor's 500 index lost 35.40 points, or 1.9 per cent, to 1,880.05 and the Nasdaq composite dropped 146.41 points, or 3.3 per cent, to 4,363.14.

ENERGY: Benchmark U.S. crude inched was up 26 cents to $31.15 a barrel in electronic trading on the New York Mercantile Exchange. The futures contract fell 83 cents to $30.89 a barrel on Friday. Brent crude, a benchmark for international oils, was up 34 cents to $34.40 a barrel in London.

CURRENCIES: The dollar rose to 117.39 yen from 116.82 yen on Friday. The euro fell to $1.1135 from $1.1160.



Advertisements

Latest Economic News

  • EU air safety body urges halt on use of Kobe Steel products

    Economic CBC News
    The European Aviation Safety Agency has recommended that companies suspend use of Kobe Steel products when possible. The recommendation on the agency's website follows the company's admission that it has faked inspections data on products sold to hundreds of companies. Source
  • Amazon would save $1.5B a year in salaries if new HQ in Toronto area: Ed Clark

    Economic CBC News
    The man heading up Ontario's bid to lure Amazon to the province says the tech giant would save $1.5 billion a year in lower salaries for tech workers by locating in the Greater Toronto area. Ed Clark, Premier Kathleen Wynne's business adviser, said the region offers highly-trained talent at a savings when compared to most U.S. Source
  • Amazon would save $1.5B a year in salaries if new HQ in GTA: Ed Clark

    Economic CTV News
    TORONTO -- The man heading up Ontario's bid to lure Amazon to the province says the tech giant would save $1.5 billion a year in lower salaries for tech workers by locating in the Greater Toronto area. Source
  • Magna signs JV deal with Chinese company to build electric-drive powertrains

    Economic CTV News
    AURORA, Ont. -- Auto parts maker Magna International Inc. has signed a joint-venture agreement with Chinese company Huayu Automotive Systems Co., Ltd., a subsidiary of SAIC Motor. The partnership plans to produce an electric-drive powertrain system for an unidentified German automaker. Source
  • Statistics Canada says manufacturing sales climbed higher in August

    Economic CTV News
    OTTAWA -- Statistics Canada says manufacturing sales rose 1.6 per cent to $53.5 billion in August, their first move higher after two consecutive monthly declines. The agency says the increase was mainly attributable to higher sales in the transportation equipment and petroleum and coal product industries. Source
  • George Soros donates majority of his fortune to charity

    Economic CBC News
    Investor George Soros has transferred about $18 billion, the majority of his estimated fortune, to his Open Society Foundations, making them the second largest philanthropic grant-making group in the United States, according to media reports on Tuesday. Source
  • Canada among 10 WTO members airing concerns about Trump 'Buy American' order

    Economic CTV News
    GENEVA -- A Geneva trade official says China and Taiwan have joined many U.S. allies including Israel at the World Trade Organization to express concerns over a Trump administration executive order that seeks to maximize use of American-made goods, products and materials in government procurement. Source
  • TBH, Facebook just bought this new app

    Economic CBC News
    Facebook has bought TBH, a teen-focused app that lets people give anonymous compliments to each other through polls and messages. Facebook on Tuesday confirmed the purchase, announced on TBH's blog, but did not say how much it paid. Source
  • First Nation in Ontario hopes drones will help lower costs, create jobs

    Economic CTV News
    An Indigenous community in northeastern Ontario is turning to drones to help lower costs and create jobs. Moose Cree First Nation has teamed up with Toronto-based Drone Delivery Canada to see if the self-flying aircraft can reduce the time and expense of bringing food, medicine and other supplies to the remote community. Source
  • Canada heartened by new congressional research report on NAFTA: source

    Economic CTV News
    OTTAWA -- The Trudeau government is taking a measure of comfort in a new report by the U.S. Congress that casts doubt on one of Donald Trump's priorities for renegotiating the North American Free Trade Agreement, The Canadian Press has learned. Source