asian markets swing after china data with eye on us jobs
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Asian markets swing after China data with eye on US jobs

Arab Today, arab today

Arab Today, arab today Asian markets swing after China data with eye on US jobs

Chinese manufacturing activity last month hit its highest level
Hong Kong - AFP

Asian markets swung Thursday morning after a surprise pick-up in Chinese factory activity that indicated stability in the world's number two economy but fuelled fears authorities will hold off fresh stimulus.

Trading was cagey across the region following oil-linked losses in New York and ahead of Friday's closely watched US jobs report that could precipitate another Federal Reserve interest rate hike.

Beijing said its purchasing managers index of manufacturing activity hit 50.4 last month, its highest level since October 2014 and suggesting the economy is stabilising following a series of policy tweaks aimed at kick-starting growth.

The reading was sharply up from July's 49.9 and confounded expectations for a drop to 49.8 in a survey for Bloomberg News. Anything above 50 marks growth and a figure below points to contraction.

Analysts said recent weak PMI data had been skewed by severe floods in China that had hit key manufacturing areas.

"Underlying demand continues to stabilise, suggesting that the expansionary fiscal policy stance adopted since early this year is still supporting growth," Julia Wang, an economist with HSBC in Hong Kong, told Bloomberg News.

China's economy is growing at its slowest rate for a quarter of a century.

But Zhu Qibing, chief macro economy analyst at BOCI International (China) in Beijing said the "People's Bank of China will refrain from more easing, but won’t tighten immediately".

- Oil up after sell-off -

Hong Kong ended up 0.8 percent but Shanghai closed 0.7 percent down with both markets witnessing volatility.

Tokyo rose 0.2 percent by the close, with a weaker yen keeping the Nikkei just above water. But Sydney fell 0.3 percent and Seoul was off 0.1 percent while Taipei, Jakarta and Manila also sank.

In early European trade London rose 0.5 percent, Frankfurt added 0.3 percent and Paris climbed 0.2 percent.

The yen has softened against the dollar this week after Fed boss Janet Yellen -- and later her vice chair Stanley Fischer -- indicated rates could rise this year as the US economy improves.

The dollar bought 103.44 yen in Asia Thursday, up from 103.43 yen in New York and sharply higher than the levels below 100 yen seen last week before Yellen's speech.

Focus is now on Friday's non-farm payrolls figures, which will be pored over for clues about the Fed's next move. A private report by payrolls firm ADP said US businesses added a solid 177,000 new staff in July.

Analysts said that data supports the consensus forecast for a solid gain on Friday.

"As long as tomorrow’s jobs report isn’t dreadful, I would expect the hawkish rhetoric to pick up further in the coming weeks and markets to price in a hike more, which would likely mean a stronger dollar," Craig Erlam, senior market analyst at OANDA, said in a note.

On oil markets, both main contracts edged up slightly a day after plunging in response to an unexpected jump in US crude inventories.

West Texas Intermediate edged up 0.5 percent to $44.93, having dived 3.6 percent Wednesday, while Brent also added 0.4 percent to $47.08 after a 2.7 percent fall.

- Key figures around 0800 GMT -

Tokyo - Nikkei 225: UP 0.2 percent at 16,926.84 (close)

Shanghai - Composite: DOWN 0.7 percent at 3,063.31 (close)

Hong Kong - Hang Seng: UP 0.8 percent at 23,162.34 (close)

London - FTSE 100: UP 0.5 percent at 6,814.67

Euro/dollar: DOWN at $1.1131 from 1.1156 late Wednesday

Dollar/yen: DOWN at 103.44 yen from 103.43 yen

Pound/dollar: UP at $1.3139 from $1.3128

New York - DOW: DOWN 0.3 percent at 18,400.88 (close)

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian markets swing after china data with eye on us jobs asian markets swing after china data with eye on us jobs

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian markets swing after china data with eye on us jobs asian markets swing after china data with eye on us jobs

 



GMT 04:20 2017 Wednesday ,20 December

cyberfirm Kaspersky appeals ban

GMT 09:34 2017 Thursday ,05 October

Sahar Al Sayegh happy for honoring in festival

GMT 04:15 2018 Tuesday ,23 January

Kurds invited to join Syria peace

GMT 14:15 2017 Wednesday ,25 January

Next war, Israeli army is ordered to go in full force

GMT 03:15 2017 Sunday ,30 July

Nasr in Romania to promote investment in Egypt

GMT 12:17 2016 Wednesday ,24 August

Frank Ocean breaks silence

GMT 05:25 2017 Wednesday ,18 January

UAE Leaders receive Jiu-Jitsu International Federation

GMT 03:13 2017 Thursday ,12 October

US vice president Biden on surprise visit to Iraq

GMT 07:14 2017 Wednesday ,26 April

Hind Sabry bets on success of “The Treasure”

GMT 20:59 2017 Sunday ,17 September

Sisi arrives in New York to attend UNGA meetings
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday