Asian markets rebound on positive US jobs data
Asian markets rebounded from a string of declines on Monday after stronger-than-expected US payroll data.
US Labor Department figures showed 248,000 jobs were created in September and the unemployment rate dropped to a six-year low of 5.9%.
Japan’s Nikkei 225 opened 1.1% higher while the broader Topix rose 1%.
The Japanese yen also weakened against the US dollar, which is near a four-year high on speculation the US central bank may raise interest rates earlier.
Hong Kong stocks opened flat as pro-democracy protests stretched into the second week.
The Hang Seng index rose in later trading on news that protest leaders were holding talks with the government and that crowd numbers were dwindling.
Over in South Korea, the Kospi rose 0.3% on Monday after being closed the previous session for a public holiday.
Companies that do business with North Korea saw their shares jump after Pyongyang unexpectedly sent its most senior delegation ever to attend the closing of the Asian Games in Seoul.
This includes Hyundai Merchant Marine, the largest shareholder of Hyundai Asan, which is a major investor in North Korea.
Australian economy
Australian stocks fell 0.4% after private data showed that inflation cooled in September. The Australian dollar also fell to a four-year low against the US dollar.
According to TD Securities and the Melbourne Institute, consumer prices rose just 2.2% from a year ago last month, compared with a revised 2.4% reading for August.
China, India and most south-east Asian markets are closed today for a public holiday.
However, investors will be closely watching the election results in Brazil, where President Dilma Rousseff is expected to face a run-off against pro-business rival Aecio Neves on 26 October.
Latin America’s largest economy is a major destination for foreign investment from Asia.
Source: BBC- Asian markets rebound on positive US jobs data
