Arab Today, arab today asian markets boosted by china data europe deal
Last Updated : GMT 18:00:57
Arab Today, arab today
Arab Today, arab today

Asian markets boosted by China data Europe deal

Arab Today, arab today

Arab Today, arab today Asian markets boosted by China data Europe deal

Abu Dhabi - AFP

Asian markets mostly rose Monday following strong manufacturing figures from China and after eurozone finance chiefs agreed to boost the region’s firewall against future debt crises. The yen eased against the dollar and euro as traders moved out of the safe-haven currency in the wake of the optimistic news while strong US consumer spending data also provided support. Tokyo was 0.79 percent higher by the break as the softer yen cushioned results of the closely watched Tankan survey, which showed confidence among major manufacturers remained weak. Sydney gained 0.25 percent and Seoul added 0.15 percent, but Hong Kong slipped 0.35 percent. Shanghai was closed for a public holiday. China said Sunday that manufacturing activity last month hit its highest level since March last year, tempering recent concerns of a sharp slowdown in the world’s number two economy. The official purchasing managers index (PMI) rose to 53.1 from 51 in February, helped by an increase in new orders, the China Federation of Logistics and Purchasing said. The figure marks the fourth straight rise. A reading above 50 indicates expansion, while a reading below 50 suggests contraction. A separate PMI by HSBC showed continued contraction but the official data provided some respite after recent depressing figures including a huge trade deficit in February. The “Chinese PMI should ensure risk appetite starts the quarter on the front foot,” said Mike Jones, currency strategist at Wellington-based BNZ. “The data should help dispel lingering fears of a Chinese hard landing,” he added, according to Dow Jones Newswires. On Friday eurozone finance ministers meeting in Copenhagen agreed to boost their firewall against another debt crisis to about 800 billion euros ($1.1 trillion). The deal will comprise 500 billion euros from the permanent European Stability Mechanism bailout fund that comes into effect in July, plus 200 billion euros in loans already pledged, and 100 billion euros in bilateral loans and EU funds. The deal lifted the euro late Friday and the unit extended its gains Monday. In early Asian trade it bought $1.3344, against $1.3336 late Friday in New York, while it was also at 111.00 yen from 110.55 yen in New York. The dollar rose to 83.12 yen from 82.85 yen. Investors sold the yen after the Bank of Japan’s quarterly Tankan survey showed business confidence unchanged at minus four in March, disappointing the market. Economists had expected a reading of minus one as the yen has recently started to ease after the central bank carried out surprise monetary easing in February. In Washington on Friday the Commerce Department said consumer spending, the main driver of the economy, surged 0.8 percent in February, following a 0.4 percent rise in January, The Dow gained 0.50 percent and the S&P 500 added 0.37 percent but the Nasdaq slipped 0.12 percent. On oil markets New York’s main contract, West Texas Intermediate crude for delivery in May, gained 31 cents to $103.33 per barrel while Brent North Sea crude for May settlement was up 44 cents at $123.32.

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