Aisan shares mixed after weak session on Wall Street

MANILA, Philippines - Asian shares were mixed in cautious trading on Friday as investors awaited the release of U.S. non-farm payroll data and developments from China's National Congress, which will open this weekend with a speech by Premier Li Keqiang that is likely to downgrade the country's official growth forecast.

See Full Article

China said Friday it will boost military spending by about 7 to 8 per cent this year, the smallest increase in six years, reflecting slowing economic growth and a drawdown of 300,000 troops as Beijing seeks to build a more streamlined, modern military.

KEEPING SCORE: Japan's Nikkei 225 index gained 0.2 per cent to 16,991.52, while Hong Kong's Hang Seng added 0.6 per cent to 20,066.03 and Australia's S&P/ASX 200 rose 0.2 per cent to 5,151.10. South Korea's Kospi edged 0.2 per cent lower to 1,954.45. The Shanghai Composite index fell 0.6 per cent to 2,844.36, while shares in Southeast Asia were mostly higher.

ANALYST VIEWPOINT: "The markets are settling into a combination of cautiousness and restrained hopefulness," Bernard Aw of IG said in a commentary. "Investors are holding back on their appetite for risk, preferring to nibble at fine pieces instead of gobbling at an international buffet."

CHINA OUTLOOK: China's leaders are expected to trim their growth target during the annual session of the National People's Congress, seeking more flexibility for structural reforms for the slowing, state-dominated economy. The growth target due to be announced on Saturday is expected to be a range of 6.5 to 7 per cent, down from 2015's goal of about 7 per cent.

WALL STREET: The Dow Jones industrial average gained 44.58 points or 0.3 per cent to 16,943.90 and the Standard & Poor's 500 index rose seven points, or 0.4 per cent, to 1,993.40. The Nasdaq composite added 4 points, or 0.1 per cent, to 4,707.42.

OIL: The price of U.S. crude oil rose 25 cents to $34.83 a barrel in electronic trading on the New York Mercantile Exchange. It fell 9 cents to $34.57 a barrel Thursday. Brent crude, the benchmark for international oils, advanced 24 cents to $37.18 a barrel.

CURRENCIES: The euro rose to $1.0950 from $1.0946 and the dollar climbed to 113.81 yen from 113.62 yen.



Advertisements

Latest Economic News

  • BP Canada given the go-ahead to start drilling off the Nova Scotia coast

    Economic CTV News
    HALIFAX - Nova Scotia's offshore petroleum regulator has granted BP Canada Energy Group approval to begin drilling a well off the province's coast. The Aspy D-11 exploration well is the first in BP Canada's Scotian Basin Exploration Project, which could see up to seven exploration wells drilled off the southeast coast of Nova Scotia over a three year period. Source
  • Bought bitcoin in 2017? Here's how cryptocurrency is taxed in Canada

    Economic CBC News
    So, you read all the headlines in 2017 about the millions of dollars to be made in cryptocurrencies like bitcoin and ethereum, and you took the investment plunge. Maybe you made big money, maybe just a few thousand dollars. Source
  • Tesla's troubles are piling up — but the Elon Musk cult is still full of true believers

    Economic CBC News
    Tesla is beset by production problems and swimming in debt, its bonds are considered junk status, its stock has more people betting against it than any other major company. There are real concerns it won't be able to raise enough cash to keep going. Source
  • Oil surges toward $70 and stirs dreams of $100

    Economic CBC News
    Three years after the devastating oil price crash, optimism is back in the industry as prices are surging toward $70 US per barrel, and thoughts of $100 return. The rosy outlook is a far cry from early 2016, when prices dropped below $30 US per barrel. Source
  • Oilpatch skeptical about Plan B for Trans Mountain

    Economic CBC News
    The federal government may have a Plan B, if Kinder Morgan pulls the plug on the Trans Mountain pipeline. But the energy sector is still waiting on Plan A to be unveiled. Ottawa believes another proponent could step forward if Kinder Morgan bails on Trans MountainOn a conference call with analysts, Kinder Morgan's chief executive Steve Kean said that there were no signs that the political roadblocks were going to be removed. Source
  • Oilpatch skeptical about backup plan for Trans Mountain

    Economic CBC News
    The federal government may have a Plan B, if Kinder Morgan pulls the plug on the Trans Mountain pipeline. But the energy sector is still waiting on Plan A to be unveiled. Ottawa believes another proponent could step forward if Kinder Morgan bails on Trans MountainOn a conference call with analysts, Kinder Morgan's chief executive Steve Kean said that there were no signs that the political roadblocks were going to be removed. Source
  • Marijuana sector firms get marketing pushback as legalization looms

    Economic CTV News
    TORONTO -- Some Canadian marijuana sector companies are getting pushback against their marketing efforts from social media platforms and government officials as legalization of recreational pot looms and regulations are not yet final. Lift & Co, which hosts industry events and offers cannabis education, has had its YouTube account suspended and Facebook ad account deactivated, with both companies citing a policy violation. Source
  • Southwest offers apology, travel voucher and cash to passengers on damaged jet

    Economic CTV News
    PHILADELPHIA -- Southwest is sending a letter of apology, a $5,000 check and a $1,000 travel voucher to passengers who were on a flight that made an emergency landing in Philadelphia following an engine explosion. Source
  • FAA orders more engine inspections after Southwest accident

    Economic CTV News
    The U.S. Federal Aviation Administration on Friday ordered ultrasound inspections of hundreds of jet engines like the one that blew apart at 32,000 feet in a deadly accident aboard a Southwest Airlines plane. The agency said the directive affects 352 engines on new-generation Boeing 737s, a twin-engine jet that is a workhorse of the aviation industry, used by airlines around the world. Source
  • Metis, Manitoba agree to 2-week 'reset' before heading to court in hydro spat

    Economic CTV News
    WINNIPEG - The Manitoba Metis Federation and the province have agreed to a two-week "reset" to avoid meeting in court over planned hydro projects. Metis federation president David Chartrand and Crown Services Minister Cliff Cullen had a private meeting to discuss a deal between the federation and Manitoba Hydro. Source