Asian markets post slight gains despite weak U.S. data

SEOUL, Korea, Republic Of - Asian stock markets were moderately higher on Thursday after Wall Street logged modest gains on solid labour market data, despite weakness in U.S.

See Full Article

manufacturing.

KEEPING SCORE: Japan's Nikkei 225 rose 1.0 per cent to 16,907.18 and South Korea's Kospi edged up 0.1 per cent to 1,949.96. Australia's S&P/ASX 200 gained 1.0 per cent to 5,135.30. Hong Kong's Hang Seng index fell 0.5 per cent to 19,898.59, while the Shanghai Composite Index added 0.2 per cent to 2,856.14. Stocks in Taiwan, Singapore and Southeast Asia were higher.

ANALYST'S TAKE: "Data point to a mixed picture with a robust labour market and headwinds in the manufacturing sector and the shale sector on the other hand," Mizuho Bank said in a daily commentary. Uncertainties about the potential impact of the global financial market volatility on the U.S. economy will likely lead Federal Reserve policymakers to maintain their wait-and-see stance when they meet later this month, it said.

MIXED U.S. DATA: ADP, a payroll processing company, said private U.S. businesses added a healthy 214,000 jobs last month. However, the Fed's latest survey of business conditions in its 12 regions, known as the 'Beige Book,' found signs of trouble in the manufacturing sector due to weak demand from energy companies, the impact of the strong dollar on exports and sagging growth in key U.S. markets such as Europe and China.

WALL STREET: Wall Street eked out tiny gains on Wednesday. The Dow Jones industrial average rose 34.24 points, or 0.2 per cent, to 16,899.32. The Standard & Poor's 500 index gained 8.10 points, or 0.4 per cent, to 1,986.45. The Nasdaq composite index added 13.83 points, or 0.3 per cent, to 4,703.42.

OIL: Benchmark U.S. crude added 6 cents at $34.72 per barrel in New York. The contract rose 26 cents to close at $34.66 a barrel on Wednesday. Brent crude was flat at $36.94 a barrel in London.

CURRENCIES: The euro weakened to $1.0859 from $1.0870 and the dollar rose to 114.07 yen from 113.61 yen.



Advertisements

Latest Economic News

  • Home Capital director quits, citing potential conflict

    Economic CTV News
    TORONTO -- The chief executive of HOOPP has resigned as a director of Home Capital Group and its subsidiaries, citing a potential conflict of interest following the pension fund's decision to provide $2 billion of credit to the mortgage company. Source
  • German airlines to scrap requirement for 2 people in cockpit

    Economic CTV News
    BERLIN -- Germany's aviation association says the country's airlines have decide to scrap rules requiring two people in the cockpit at the same time, implemented after a Germanwings pilot is believed to have crashed his own plane in France two years ago. Source
  • Apple cuts off payments, Qualcomm slashes expectations

    Economic CTV News
    NEW YORK -- Qualcomm slashed its profit expectations Friday by as much as a third after saying that Apple is refusing to pay royalties on technology used in the iPhone. Its shares hit a low for 2017. Source
  • Canadian GDP flat in February after hot start to 2017

    Economic CTV News
    OTTAWA - Canadian economic growth took a pause in February after the break-neck pace seen at the start the year. Statistics Canada says gross domestic product was unchanged in February. The result matched the expectations of economists, according to Thomson Reuters. Source
  • Trump seeks to expand offshore drilling

    Economic CTV News
    WASHINGTON -- Working to dismantle his predecessor's environmental legacy, U.S. President Donald Trump plans to sign an executive order Friday that could lead to the expansion of drilling in the Arctic and Atlantic oceans. With one day left to rack up accomplishments before he reaches his 100th day in office, Trump will order his interior secretary to review an Obama-era plan that dictates which locations are open to offshore drilling, with the goal of the new administration to expand…
  • CEO of pension plan that gave lifeline to Home Capital resigns from board

    Economic CBC News
    The chief executive of HOOPP has resigned as a director of Home Capital Group and its subsidiaries, citing a potential conflict of interest following the pension fund's decision to provide $2 billion of credit to the mortgage company. Source
  • 'A real negative for Canada, no question': Experts weigh in on Trump's tax reform

    Economic CBC News
    A large corporate tax cut proposed by U.S. President Donald Trump must still get approval from Congress before it sees the light of day, but it could have impacts on Canada, economists say. On Wednesday, the Trump administration unveiled a tax revamp proposal that would reduce the top corporate tax rate from 35 per cent to 15 per cent. Source
  • Wealthsimple targeting older U.S. demographic, CEO says

    Economic CTV News
    TORONTO - Three months after expanding its millennial-targeted robo-adviser service to the United States, Wealthsimple is now seeking to capture an older demographic south of the border due to the burden of student loan debt there. Source
  • Ad boycott of YouTube could spell trouble for Google

    Economic CTV News
    SAN FRANCISCO -- YouTube's inability to keep big-brand ads off unsavoury videos is threatening to transform a rising star in Google's digital family into a problem child. It's not yet clear whether a recent ad boycott of YouTube will be short-lived or the start of a long-term shift away from the video service - one that could undercut Google's growth and that of its corporate parent, Alphabet Inc. Source
  • Uber exec running self-driving car division stepping aside due to lawsuit

    Economic CTV News
    SAN FRANCISCO -- The executive running Uber's self-driving car division is stepping aside while the company defends itself against charges that he provided the project with technology stolen from a Google spinoff. Anthony Levandowski, an autonomous vehicle expert who defected from Google last year, notified Uber's staff of his decision in a Thursday email. Source