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

  • Bank of Canada stands pat again, keeps key interest rate at 0.5%

    Economic CBC News
    The Bank of Canada has decided to keep its benchmark interest rate where it is, citing a possible slowdown of the economy. While the economy gained steam through the last half of 2016, it predicts a slowdown ahead, which is why it has decided to keep its benchmark interest rate where it is for now. Source
  • ECB seen expanding stimulus amid Trump, Italy uncertainties

    Economic CTV News
    FRANKFURT -- Faced with weak growth and inflation across the 19-country eurozone, the European Central Bank is expected to extend its stimulus program for at least another six months when it concludes its latest policy meeting on Thursday. Source
  • Average Canadian now owes $22,081, but we're managing to pay it off

    Economic CBC News
    The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says. In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. Source
  • Pfizer fined for hiking epilepsy drug price 2,600 per cent in U.K.

    Economic CTV News
    LONDON -- British regulators fined U.S. drugmaker Pfizer and distributor Flynn Pharma a record 89.4 million pounds ($112.7 million) Wednesday for increasing the cost of an epilepsy drug by as much as 2,600 per cent. Source
  • PrivateBancorp delays shareholder vote on takeover deal with CIBC

    Economic CTV News
    TORONTO -- PrivateBancorp Inc. is delaying a shareholder vote on a proposed takeover of the company by Canadian Imperial Bank of Commerce (TSX:CM) that was set for Thursday. The U.S. bank, which says it remains committed to the deal, says a new date for the meeting is expected to be set for early in the first quarter of next year. Source
  • Thousands of Bangladesh kids working 64 hours a week: study

    Economic CTV News
    DHAKA, Bangladesh -- Thousands of Bangladeshi children who live in the capital's slums are working illegally for an average of 64 hours a week, with many employed by the garment industry making clothing for top global brands, according to a report released Wednesday. Source
  • Dollarama reports third-quarter profit and sales up from year ago

    Economic CTV News
    MONTREAL -- Dollarama Inc. (TSX:DOL) saw its third-quarter profit grow to nearly $110.1 million compared with nearly $100.1 million in the same quarter a year ago. The retailer says the profit amounted to 92 cents per diluted share, up from 78 cents per diluted share a year a year ago when it had more shares outstanding. Source
  • NHL to move to new 67-storey tower on Manhattan's west side

    Economic CTV News
    NEW YORK -- The National Hockey League is moving its headquarters to a 67-storey office tower under construction on Manhattan's west side. Developer Brookfield Property Partners announced Wednesday the NHL will move from its current location in midtown to the tower that will be known as One Manhattan West. Source
  • EU fines 3 banks $520 million over rate market rigging

    Economic CTV News
    BRUSSELS -- European Union regulators on Wednesday fined banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates. EU antitrust Commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to make big profits in the market on the specialized financial products. Source
  • Consumer debt and delinquency rates climb in third quarter: Equifax

    Economic CTV News
    TORONTO - A new Equifax Canada report says low interest rates and falling oil prices drove up consumer debt and delinquency rates in the third quarter. The credit reporting agency found that average debt increased by 3.6 per cent to $22,081 in the quarter ended Sept. Source