Asian Markets Manage Gains, Nikkei 225 Comes Racing Back
- Asian stocks posted gains across the board despite a weak Wall St lead
- The Australian Dollar was boosted by local employment data
- There’s plenty of life left in global Thursday
Just getting started in the trading world? Our beginners’ guide is here to help your expertise grow.
Asian stock markets overcame a shaky start to finish broadly higher Thursday. The US Dollar made gains too as investors looked to more interest rate hikes Stateside after some stronger economic data.
The Nikkei 225 added 1.5% while the ASX 200 finished 0.2% to the good. Chinese and South Korean stocks were also higher, with the exception of Shanghai which faded into the close. Energy stocks did a little better as crude oil prices steadied. Investors were still looking nervously towards US tax reform plans but, after five days of falls for the Nikkei, they clearly decided that stocks had suffered enough for now.
The US Dollar didn’t move much against major rivals through the Asian suession but its Australian counterpart got a boost from official employment data. Headline job creation was actually quite weak but full-time positions soared and the unemployment rate fell to lows not seen since early 2013.
There are plentiful Bank of England speakers coming up, including Governor Mark Carney. On the data schedule investors can look forward to Eurozone Consumer Price Index figures and UK retail sales. From the US will come the Philadelphia Federal Reserve’s manufacturing snapshot, import price numbers and jobless claim levels.
--- Written by David Cottle, DailyFX Research
Contact and follow David on Twitter: @DavidCottleFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.