Asian stocks rise as expectations for US rate hike hit by weak data
Print Edition
ASIAN markets climbed yesterday after the previous day’s losses, with expectations for a Federal Reserve interest rate hike further dampened by a weak set of US data.
The disappointing figures out of Washington also pushed Wall Street lower and weighed on the US dollar ahead of the release of a key US job report today.
Tokyo jumped 1.46 percent to 19,312.79 points, Sydney rose 0.64 percent to 5,898.6, and Seoul was up 0.62 points to 2,029.07.
Hong Kong ended 0.77 percent up at 25,275.64 points.
Analysts have warned of rocky weeks ahead after a strong rally across global equity markets in the first three months of this year, as Greece attempts to reform its bailout and oil prices struggle.
Expectations for an early summer US rate hike were also dashed on Wednesday after data showed growth in the manufacturing sector slowed for the fifth straight month in March and construction spending dipped in February, led by a decline in public construction.
Payrolls firm ADP also reported that 189,000 private sector jobs were created in March, below the 200,000-mark for the first time since January last year.
The Dow fell 0.44 percent on Wednesday, the S&P 500 dipped 0.4 percent, and the Nasdaq declined 0.42 percent.
On currency markets, the news hurt the US dollar, which fetched 119.54 yen in Tokyo yesterday, against 119.76 yen in New York.
Investors will be closely watching today’s US non-farm jobs figures to see if the world’s biggest economy remains strong enough to absorb an interest rate hike.
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