A few clouds

Winnipeg, MB

-7°c A few clouds

Full Forecast

Latest News

The Canadian Press - ONLINE EDITION

Australian stocks lead Asian markets higher on upbeat economic data

Posted: 02/2/2014 10:31 PM | Comments: 0

Last Modified: 02/6/2014 4:53 AM

Advertisement

  • Print
A man walks past an electronic board showing the Hong Kong share index outside a local bank in Hong Kong, Tuesday, Feb. 4, 2014. Weakness in U.S. and Chinese manufacturing sent Asian stock markets sharply lower Tuesday. Hong Kong’s Hang Seng tumbled 2.3 percent to 21,524.89 on its first day of trading following a 4-day weekend for Lunar New Year. (AP Photo/Vincent Yu)

Enlarge Image

A man walks past an electronic board showing the Hong Kong share index outside a local bank in Hong Kong, Tuesday, Feb. 4, 2014. Weakness in U.S. and Chinese manufacturing sent Asian stock markets sharply lower Tuesday. Hong Kong’s Hang Seng tumbled 2.3 percent to 21,524.89 on its first day of trading following a 4-day weekend for Lunar New Year. (AP Photo/Vincent Yu)

HONG KONG - Australia's stock market and currency jumped Thursday after encouraging economic data while gains on other major world benchmarks were more modest as investors waited for key policy meetings in Europe and a major U.S. job report.

Australia's S&P/ASX 200 rose 1.2 per cent to 5,129.20 and the Australian dollar rose to its highest in more than three weeks after the government reported a surprise trade surplus in December. Economists had been expecting a deficit.

Economists at Societe Generale wrote in a report that the trade figures as well as "solid" growth in December retail sales indicate strong economic growth in the final quarter of 2013 for Australia, which has been contending with a cooling mining boom.

In early European trading, Germany's DAX climbed 0.6 per cent to 9,167.85 while France's CAC 40 advanced 0.4 per cent to 4,133.09. The FTSE 100 index of leading British companies was up 0.3 per cent to 6,477.90

U.S. stocks were poised to edge higher. Dow futures rose 0.1 per cent to 15,389.00 while S&P 500 futures added 0.2 per cent to 1,747.40.

Benchmarks in Asia finished higher, although Japan's benchmark Nikkei 225 index closed 0.2 per cent lower at 14,155.12 after spending most of the day in positive territory.

South Korea's Kospi climbed 0.9 per cent to 1,907.89 and Hong Kong's Hang Seng advanced 0.7 per cent to 21,423.13.

Markets in China remained closed until Friday because of Lunar New Year holidays.

Asian stocks were stabilizing after sharp declines earlier in the week.

Investors are holding tight ahead of interest rate policy meetings by the European Central Bank and Bank of England later Thursday and a U.S. report on non-farm payrolls for January on Friday.

"Range trading is likely to dominate" before those events, said Mitul Kotecha, Asian head of global markets research for Credit Agricole CIB.

While no change in policy is expected from the bank meetings, the results of the U.S. job report will provide an important clue to the state of the world's largest economy. That in turn will guide policymakers at the U.S. Federal Reserve, who have been scaling back stimulus that has helped fuel gains in world markets.

In currencies, the dollar dipped to 101.35 Japanese yen from 101.54 in late trading Wednesday. The euro slipped to $1.3525 from $1.3540.

Benchmark U.S. oil for March delivery was up 17 cents to $97.55 in electronic trading on the New York Mercantile Exchange. The contract rose 19 cents to close at $97.38 Wednesday.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.