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Dec. 9, 2013, 6:10 a.m. EST

Asia stocks get support from China, U.S. data

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By Daniel Inman

Asian stocks jumped higher on Monday after strong economic data from the world’s two largest economies helped sentiment, while a profit warning from QBE Insurance Group in Sydney weighed on Australian stocks.

The U.S. economy added 203,000 jobs in November, according to data released by the Labor Department late on Friday, while unemployment fell to 7%, a five-year low. Both figures beat expectations and were interpreted positively by Wall Street as a sign of strength in the world’s largest economy.


Reuters Enlarge Image

The main data point in Asia came from China over the weekend, as the country posted its largest trade surplus in nearly five years. Exports rose by a hefty 12.7% from a year earlier, while imports rose 5.3%.

The trade data were a positive sign for both China and the global economy, and it was followed early Monday by inflation data. The country’s consumer-price index rose by 3% from a year earlier in November, in line with expectations for a 3.1% increase.

The pieces of data helped market sentiment, which could be seen in a weaker yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.4906% . The dollar pushed 0.5% higher to ¥102.89 against its Japanese counterpart on Friday and rose slightly on Monday — it was last at ¥103.13.

The dollar trading above the ¥103 mark gave a boost to Japanese stocks, as the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%  jumped 1.9%. The weaker currency helped exporters, as Toyota Motor Corp.  /zigman2/quotes/203803129/delayed JP:7203 +1.10%   /zigman2/quotes/200537742/composite TM -0.05%  rose 1.3%, and Kyocera Corp. /zigman2/quotes/204880749/delayed JP:6971 -0.27%   /zigman2/quotes/205094593/delayed KYOCF +0.75%  added 2.5%. Industrial robotic firm Fanuc Corp. /zigman2/quotes/202054799/delayed JP:6954 -1.42%   /zigman2/quotes/206262686/delayed FANUF -2.94%  rose 2.5% after Credit Suisse raised the firm’s target price.

“The correction stage of the U.S. shares prior to the employment data release is over, and there is a greater optimism in the market buoyed by the reaction to the strong employment figures,” said Mitsushige Akino, fund manager at Ichiyoshi Asset Management.

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Indian stocks hit an all-time high on Monday. The Sensex /zigman2/quotes/210597966/delayed IN:1 -0.37%  was up 1.6% late in Asia, after results from the country's recent state elections showed that the opposition Bharatiya Janata Party had claimed four critical victories. The results were a positive for the business-friendly party's chances in the May 2014 elections, which helped the Indian rupee hit a four-month high against the dollar. The dollar /zigman2/quotes/210562010/realtime/sampled USDINR 0.0000%  was last trading at 61.07 rupees.

In China, Hong Kong's Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.09% rose 0.3% and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31%  rose less than 0.1%.

Elsewhere in the region, South Korea's Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49%  gained 1%, Taiwan's Taiex rose 0.9% and Indonesia's JSX /zigman2/quotes/210597981/delayed ID:JAKIDX -1.01%   was up 0.9%.

Australia failed to take part in the regional rally, as the S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33%  turned a modest early gain into a loss after the local mood was hurt by a profit warning from QBE Insurance Group /zigman2/quotes/207050271/delayed AU:QBE +0.13%   /zigman2/quotes/201857553/delayed QBEIF +0.65% . The index fell 0.8%.

The Sydney-based insurer predicted a sharp swing to a full-year loss due to higher claims provisions in North American, forecasting a $250 million net loss for the year. As a result, the company’s stock plunged 22.3%, accounting for around one half of the fall on the index.

Yumi Otagaki contributed to this article.

/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.5550
-0.5500 -0.4906%
Volume: 0.0000
Feb. 21, 2020 4:59p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,837.00
+85.00 +1.10%
Volume: 5.15M
Feb. 21, 2020 3:00p
P/E Ratio
9.06
Dividend Yield
2.81%
Market Cap
¥21916.10 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 139.04
-0.07 -0.05%
Volume: 150,574
Feb. 21, 2020 6:30p
P/E Ratio
8.76
Dividend Yield
2.56%
Market Cap
$196.64 billion
Rev. per Employee
$737,463
loading...
/zigman2/quotes/204880749/delayed
JP : Japan: Tokyo
¥ 7,452.00
-20.00 -0.27%
Volume: 732,000
Feb. 21, 2020 3:00p
P/E Ratio
21.58
Dividend Yield
2.15%
Market Cap
¥2708.10 billion
Rev. per Employee
¥21.68M
loading...
/zigman2/quotes/205094593/delayed
US : U.S.: OTC
$ 67.00
+0.50 +0.75%
Volume: 0.00
Feb. 12, 2020 9:48a
P/E Ratio
21.15
Dividend Yield
N/A
Market Cap
$24.28 billion
Rev. per Employee
$196,396
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,180.00
-290.00 -1.42%
Volume: 504,000
Feb. 21, 2020 3:00p
P/E Ratio
47.48
Dividend Yield
N/A
Market Cap
¥3928.21 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/206262686/delayed
US : U.S.: OTC
$ 179.08
-5.42 -2.94%
Volume: 237.00
Feb. 21, 2020 2:24p
P/E Ratio
46.01
Dividend Yield
N/A
Market Cap
$35.41 billion
Rev. per Employee
$869,691
loading...
/zigman2/quotes/210597966/delayed
IN : India: Bombay
41,170.12
-152.88 -0.37%
Volume: 0.00
Feb. 20, 2020 3:30p
loading...
/zigman2/quotes/210562010/realtime/sampled
US : Tullett Prebon
71.8800
0.0000 0.0000%
Volume: 0.0000
Feb. 21, 2020 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,308.81
-300.35 -1.09%
Volume: 1.77M
Feb. 21, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
+9.52 +0.31%
Volume: 36.46B
Feb. 21, 2020 3:01p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 635,474
Feb. 21, 2020 3:33p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,882.26
-60.23 -1.01%
Volume: 0.00
Feb. 21, 2020 4:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
loading...
/zigman2/quotes/207050271/delayed
AU : Australia: Sydney
$ 15.13
+0.02 +0.13%
Volume: 3.70M
Feb. 21, 2020 4:10p
P/E Ratio
24.64
Dividend Yield
4.40%
Market Cap
$19.72 billion
Rev. per Employee
$1.33M
loading...
/zigman2/quotes/201857553/delayed
US : U.S.: OTC
$ 9.35
+0.06 +0.65%
Volume: 0.00
Feb. 6, 2020 3:56p
P/E Ratio
21.68
Dividend Yield
N/A
Market Cap
$13.03 billion
Rev. per Employee
$990,122
loading...

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