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Asian stock markets bounded higher Thursday after weak data from
major economies boosted hopes for stimulus and a slow pace for U.S. interest
rate hikes.
KEEPING SCORE: Japan's Nikkei 225 rose 1.6 percent to 19,339.70
and South Korea's Kospi added 0.1 percent to 2,030.06. Hong Kong's Hang Seng
advanced 0.4 percent to 25,187.71 while Australia's S&P/ASX 200 gained 0.6
percent to 5,897.10. Stocks in mainland China and Southeast Asia were also
higher.
US DATA: Sluggish data from the U.S. showed the world's largest
economy may have slowed in the first quarter. Payroll processor ADP said U.S.
companies added fewer jobs last month than economists had expected, while an
index of manufacturing activity declined for the fifth month in a row. In
addition, the government said U.S. construction spending fell in February.
After weak data from ADP, analysts said the government's March payroll
employment data scheduled to be released on Friday may hit a softer note.
ANALYST'S TAKE: The policy implication is that the Fed is still
leaning toward a rate hike this year. According to Mizuho Bank Ltd. The nuance
though is that the pace of tightening will be more gradual and may be pushed back
slightly depending on data
ASIAN DATA: The day before the weak U.S. data, two biggest
economies in Asia reported dour industrial figures, adding to pressure on
leaders to launch new stimulus. Two surveys by HSBC Corp. and the China
Federation of Logistics and Purchasing showed weak Chinese manufacturing in
March and employers cut more jobs. That came after China's central bank
governor's warning that economic growth had fallen "too sharply." In
Japan, a central bank's quarterly survey found companies expect conditions to
deteriorate and plan to cut investment.
WALL STREET: U.S. stocks fell for a second day in a row
Wednesday. The S&P 500 index slid 0.4 percent to 2,059.69. The Dow Jones
industrial average fell 0.4 percent to 17,698.18. The tech-heavy Nasdaq
composite lost 0.4 percent to 4,880.23.
ENERGY: Benchmark U.S. crude fell 54 cents to $49.55 a barrel in
electronic trading on the New York Mercantile Exchange. The contract rose $2.49
to close at $50.09 a barrel on Wednesday on signs that U.S. production growth
is slowing. Brent crude, a benchmark for international oils, fell 31 cents to
$56.74 a barrel in London.
CURRENCIES: The euro rose to $1.0773 from $1.0768 the previous
day. The dollar inched down to 119.64 yen from 119.67 yen. (***)
Reference:
www.wsj.com
en.wikipedia.org
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