Asian shares rise ahead of US em­ploy­ment data

The China Post - - WORLD BUSINESS -

Asian mar­kets rose on Fri­day in hol­i­day-thinned trade as in­vestors looked ahead to the re­lease of U.S. jobs data later in the day, while Shang­hai re­treated on profit-tak­ing af­ter a re­cent rally.

Wall Street pro­vided a pos­i­tive lead fol­low­ing an­other round of up­beat U.S. in­di­ca­tors, although the dollar dipped against the yen.

Tokyo rose 0.63 per­cent, or 122.29 points, to 19,435.08 and Seoul added 0.81 per­cent, or 16.35 points, to 2,045.42.

Shang­hai rose 1.00 per­cent, or 38.15 points, to 3,863.93, ex­tend­ing a rally that has seen the in­dex surge to seven-year highs over the past month on hopes for fresh mon­e­tary eas­ing by China.

Bangkok gained 0.25 per­cent, or 3.82 points, to 1,536.05, while Kuala Lumpur rose 0.14 per­cent, or 2.55 points, to 1,834.52.

Hong Kong, Jakarta, Sin­ga­pore, Mumbai, Syd­ney, Welling­ton, Manila and Tai­wan were closed for public hol­i­days.

With few cat­a­lysts to drive trade, in­vestors were bid­ing their time un­til the re­lease in Wash­ing­ton of the U.S. non-farm pay- rolls fig­ures, which will be pored over for clues about the Fed­eral Re­serve’s timetable for hik­ing in­ter­est rates.

“We’re likely to be in a wai­t­and-see mode to­day” be­fore the jobs re­port and given the hol­i­days, Juichi Wako, a se­nior strate­gist at No­mura Hold­ings Inc. in Tokyo, told Bloomberg News.

Fri­day’s re­port is ex­pected to say the U.S. econ­omy added 245,000 non- farm jobs last month, down from Fe­bru­ary’s ex­tra 295,000, ac­cord­ing to a Bloomberg sur­vey.

On Wall Street the three main in­dexes ad­vanced af­ter data showed job­less claims fell last week, sug­gest­ing more tight­en­ing in the la­bor mar­ket, while the trade deficit shrank to a more than five-year low, which an­a­lysts said should give a boost to first-quar­ter eco­nomic growth.

The Dow added 0.37 per­cent, the S&P 500 gained 0.35 per­cent and the Nas­daq rose 0.14 per­cent

While the Fed is ex­pected to raise rates by the end of the year, there is no con­sen­sus on ex­actly when they will do so. The chances of an early sum­mer hike have been damp­ened by some soft eco­nomic fig­ures over the past month, in­clud­ing this week’s weak pri­vate-sec­tor jobs fig­ures and eas­ing man­u­fac­tur­ing growth.

Oil mar­kets were trade Fri­day.

Gold fetched US$ 1,200.50 against US$1,203.48 late Thurs­day.

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