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

  • Canada pushing for inclusion of strong labour standards in NAFTA

    Economic CTV News
    OTTAWA - Canada is pushing for the inclusion of enforceable, progressive labour standards in a rewritten North American Free Trade Agreement, aimed at compelling Mexico to pay workers higher wages and do away with so-called "yellow" unions that represent employers rather than employees. Source
  • Federal government should scale back spending on water, sewage systems: report

    Economic CTV News
    OTTAWA - A new report from a bipartisan think-tank says the federal government should scale back its spending on water and sewage systems in Canadian cities for each community's financial good. The Ecofiscal Commission report being released today makes the case that the fees homeowners pay for the water running through their taps and down their drains don't cover the full cost of service, leading to gaps in funding that upper levels of government have been trying to fill for years. Source
  • Asian stocks little changed after Wall Street tumble

    Economic CTV News
    BEIJING - Asian stocks were little changed Tuesday as investors watched U.S.-North Korean tensions after a decline in tech shares dragged down Wall Street. KEEPING SCORE: Tokyo's Nikkei 225 lost 0.1 per cent to 20,377.29 points while the Shanghai Composite Index was unchanged at 3,340.53. Source
  • China's richest man Jack Ma says he has 'great chemistry' with Trudeau

    Economic CTV News
    Alibaba founder and China’s richest man Jack Ma says he and Prime Minister Justin Trudeau have now met five times and have “great chemistry.” “See, the PM this morning talked about cutting the red tapes and improving the business environment,” Ma told BNN’s Jon Erlichman Monday after their latest meeting in Toronto. Source
  • Ottawa begins public consultations on dealing with corporate wrongdoing

    Economic CTV News
    MONTREAL -- The federal government kicked off nearly two months of public consultations Monday on revising efforts to address corporate wrongdoing, including the possible introduction of a deferred prosecution agreement regime. Engineering and construction firm SNC-Lavalin (TSX:SNC) has led the charge for deferred prosecution agreements (DPA) found in other countries as a way to resolve criminal fraud charges it faces. Source
  • South Dakotans oppose Canadian company's gold search

    Economic CTV News
    ROCHFORD, S.D. -- Some private landowners are opposing a Canadian company's search for gold in a remote area of South Dakota's Black Hills National Forest. Mineral Mountain Resources has submitted an operating plan to the forest for more than 20 drilling sites on federal land a couple miles south of Rochford. Source
  • Alberta creates advisory team to assist cities bidding for second Amazon HQ

    Economic CTV News
    CALGARY -- The Alberta government is stepping in to help Edmonton and Calgary bid for retail giant Amazon's second headquarters. Premier Rachel Notley says the team will assist the cities to make the best bids while selling the assets the province has to offer. Source
  • Satya Nadella aims to make Microsoft mighty — and mindful

    Economic CTV News
    Satya Nadella, the Microsoft CEO who kept the company relevant as its primary PC software business faded, could write a book about the challenges he faced. And he has ... but it's not a tell-all memoir. Source
  • Donald Trump on jobs of the future LIVE

    Economic CBC News
    Rohingya Muslims fleeing Myanmar describe military's violence and killings 2:50 Rohingya Muslims fleeing Myanmar describe how they faced violence and killings by the Burmese military, prompting thousands of them to flee to neighboring Bangladesh. Source
  • JetBlue latest U.S. airline to back Bombardier in fight with Boeing

    Economic CTV News
    MONTREAL -- JetBlue is the latest U.S. airline to back Bombardier in its trade dispute with Boeing, ahead of the expected imposition of preliminary export duties on shipments to the United States. The airline has urged the U.S. Source