Asian Stocks Track Wall Street Higher After US Jobs
Renewed optimism hit the Asian stock markets this Monday following better than expected US jobs data, and triggered a relief rally in the regions’ indices after last week’s steep declines.
Non-farm payrolls rose by 215,000 in March, compared to the 205,000 new jobs which were expected by markets. Average hourly earnings increased by 0.3% last month, exceeding analysts' expectations, and are thus up 2.3% over the year ending in March.
Nikkei: Upside capped on stronger yen
The Japanese benchmark index, the Nikkei 225 staged a minor rebound in Asia and trades around 16,200 points, tracking a positive close on the Wall Street last Friday after upbeat US employment report boosted the overall market sentiment. However, the gains are seen restricted by the sliding oil prices along with a firmer Japanese currency. USD/JPY is down -0.23% and hovers below 111.50 levels.
While the Australian markets are seen posting gains and lead the advance on the Asian markets, with the benchmark S&P/ASX 200 index gaining 0.73% to 5,035. Markets seem to have brushed off poor Aus retail sales data and remained underpinned by broad AUD weakness, which supports the exports-oriented stocks. The Australian retail sales data showed no growth and stayed flat in Feb, coming in much weaker than a 0.4% increase estimated. While traders continue to cheer better than expected Chinese manufacturing PMI report published last week.
Meanwhile, the Chinese markets remain closed in observance of Tomb Sweeping Day.
(Market News Provided by FXstreet)