Asian markets track Wall St gains

AFP, HONG KONG: Japanese stocks fell for a fifth straight session yesterday as the yen strengthened against the dollar, while most other Asian markets turned positive after a better-than-expected US jobs report.
Oil prices fell again after plunging about four per cent Friday as Saudi Arabia suggested it could delay freezing output unless other key producers
follow suit—fuelling worries about a meeting this month to address a global supply glut.
Wall Street traders provided a perfect lead for their Asian counterparts. All three main indexes rallied Friday after data showed the US economy added more jobs than expected in March while there was also a modest pick-up in hourly wages.
That was followed by a report showing US manufacturing activity increased in March for the first time in six months.
The news was the latest to highlight renewed strength in the world’s top economy, but analysts said the Federal Reserve would still not raise interest rates before June at least.
“Friday’s US labour market report was something of a middling result for markets,” Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand, said in a client note.
“On the one hand it was not really strong enough to suggest inflation pressures are going to run away on the Fed, but on the other, it certainly still showed, together with a rebound in (manufacturing data), that the economy is still performing well overall.”
With dealers betting that US rates will not rise for some time, the yen pushed up against the dollar, hitting Japanese exporters Monday. Tokyo’s Nikkei—which lost 3.55 per cent Friday—ended down 0.3 per cent. Sydney lost 0.1 per cent but the rest of the region turned higher. Singapore gained 0.4 per cent, Seoul added 0.3 per cent and Wellington put on 0.5 per cent. There were also gains in Manila and Jakarta.
Hong Kong, Shanghai and Taipei were closed for a public holiday.
In early European trade London added 0.1 per cent, while Frankfurt lost 0.1 per cent and Paris slipped 0.3 per cent.
Asian markets had plunged on Friday, led by Japan after a closely watched survey showed its businesses growing increasingly downbeat about the economic outlook.
The yen ticked higher against the dollar Monday as market-watchers said the greenback would likely not pick up in the near term with the Fed unlikely to lift rates any time soon.
On oil markets both main contracts sank again, with Brent down one per cent and West Texas Intermediate 1.2 per cent lower.
Saudi Arabia’s deputy crown prince, Mohammed bin Salman, suggested to Bloomberg News last week that the kingdom would only freeze output if the move was mirrored by Iran and other major producers.
Prices had been rising in March to levels above $40 a barrel after Saudi Arabia and Russia agreed to holds talks with other crude majors to address a supply glut.

Asian markets track Wall St gains

AFP, HONG KONG: Japanese stocks fell for a fifth straight session yesterday as the yen strengthened against the dollar, while most other Asian markets turned positive after a better-than-expected US jobs report. Oil prices fell again after plunging about four per cent Friday as Saudi Arabia suggested it could delay freezing output unless other key producers follow suitfuelling worries about a meeting this month to address a global supply glut. Wall Street traders provided a perfect lead for their Asian counterparts. All three main indexes rallied Friday after data showed the US economy added more jobs than expected in March while there was also a modest pick-up in hourly wages. That was followed by a report showing US manufacturing activity increased in March for the first time in six months. The news was the latest to highlight renewed strength in the worlds top economy, but analysts said the Federal Reserve would still not raise interest rates before June at least. Fridays US labour market report was something of a middling result for markets, Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand, said in a client note. On the one hand it was not really strong enough to suggest inflation pressures are going to run away on the Fed, but on the other, it certainly still showed, together with a rebound in (manufacturing data), that the economy is still performing well overall. With dealers betting that US rates will not rise for some time, the yen pushed up against the dollar, hitting Japanese exporters Monday. Tokyos Nikkeiwhich lost 3.55 per cent Fridayended down 0.3 per cent. Sydney lost 0.1 per cent but the rest of the region turned higher. Singapore gained 0.4 per cent, Seoul added 0.3 per cent and Wellington put on 0.5 per cent. There were also gains in Manila and Jakarta. Hong Kong, Shanghai and Taipei were closed for a public holiday. In early European trade London added 0.1 per cent, while Frankfurt lost 0.1 per cent and Paris slipped 0.3 per cent. Asian markets had plunged on Friday, led by Japan after a closely watched survey showed its businesses growing increasingly downbeat about the economic outlook. The yen ticked higher against the dollar Monday as market-watchers said the greenback would likely not pick up in the near term with the Fed unlikely to lift rates any time soon. On oil markets both main contracts sank again, with Brent down one per cent and West Texas Intermediate 1.2 per cent lower. Saudi Arabias deputy crown prince, Mohammed bin Salman, suggested to Bloomberg News last week that the kingdom would only freeze output if the move was mirrored by Iran and other major producers. Prices had been rising in March to levels above $40 a barrel after Saudi Arabia and Russia agreed to holds talks with other crude majors to address a supply glut.