Asia higher; ASX up 0.9%, Nikkei up 0.3%, China, Taiwan closed : 16.09.2016
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Japan's Nikkei 225 gained 0.25 percent, while the Topix index was up 0.34 percent with major banking stocks gaining more than 1 percent each.
Asia markets opened higher on the final trading day of the week, ahead of next week's key central bank meetings in the US and Japan. In Australia, the ASX 200 advanced 0.85 percent, with most sectors trading higher.
The energy sector was up 0.95 percent, while the heavily-weighted financials sub-index added 0.91 percent. Japan's Nikkei 225 gained 0.25 percent, while the Topix index was up 0.34 percent with major banking stocks gaining more than 1 percent each. Shares of Mitsubishi UFJ was up 1.67 percent, SMFG added 1.79 percent and Mizuho Financial was higher by 1.47 percent. Markets in China, Taiwan and South Korea are closed on Friday for public holidays.
The Asian session followed gains in US equities on Thursday, where the Dow Jones industrial average rose 177.71 points, or 0.99 percent, to 18,212.48. The S&P 500 gained 21.49 points, or 1.01 percent, to 2,147.26, while the Nasdaq advanced 75.92 points, or 1.47 percent, to 5,249.69. "The bulls have wrestled some sort of control back in U.S. equity indices, but ... there is still a good amount of technical work to be done for the bulls to fully be in control," Chris Weston, chief market strategist at brokerage firm IG, said.
The dollar moved little against a basket of currencies, with the dollar index at 95.261 as of 8:40 a.m. HK/SIN. This was only a touch lower than the 95.499 level it traded at on Thursday afternoon Asia time. The lack of movement in the dollar followed soft economic data stateside: initial jobless claims came in at 260,000 for the week ended September 10, which was below expectations.
The producer price index for August was unchanged and retail sales fell more than expected. "These disappointing reports should have driven the US dollar sharply lower, but instead the greenback ended the day higher versus the British pound and unchanged against the euro and the Japanese yen," said Kathy Lien, managing director for foreign exchange strategy at BK Asset Management. The slew of disappointing US data may make the case for the Federal Reserve to raise interest rates at its September policy meeting much harder to make.
Fed officials have previously said their decision was data-dependent. "The economy seems to be unable to sustain without central bank support," said Naeem Aslam, chief market analyst at spreadbettor ThinkMarkets. "This could become a serious problem for the Fed and they can soon start paddling backwards."
Oil prices retreated Friday morning Asia time, after seeing some rebound overnight. US crude futures fell 0.61 percent to USD 43.64 a barrel, after climbing 0.8 percent in the US session. Global benchmark Brent fell 0.64 percent to USD 46.27, after adding 1.6 percent overnight.
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Asia markets opened higher on the final trading day of the week, ahead of next week's key central bank meetings in the US and Japan. In Australia, the ASX 200 advanced 0.85 percent, with most sectors trading higher.
The energy sector was up 0.95 percent, while the heavily-weighted financials sub-index added 0.91 percent. Japan's Nikkei 225 gained 0.25 percent, while the Topix index was up 0.34 percent with major banking stocks gaining more than 1 percent each. Shares of Mitsubishi UFJ was up 1.67 percent, SMFG added 1.79 percent and Mizuho Financial was higher by 1.47 percent. Markets in China, Taiwan and South Korea are closed on Friday for public holidays.
The Asian session followed gains in US equities on Thursday, where the Dow Jones industrial average rose 177.71 points, or 0.99 percent, to 18,212.48. The S&P 500 gained 21.49 points, or 1.01 percent, to 2,147.26, while the Nasdaq advanced 75.92 points, or 1.47 percent, to 5,249.69. "The bulls have wrestled some sort of control back in U.S. equity indices, but ... there is still a good amount of technical work to be done for the bulls to fully be in control," Chris Weston, chief market strategist at brokerage firm IG, said.
The dollar moved little against a basket of currencies, with the dollar index at 95.261 as of 8:40 a.m. HK/SIN. This was only a touch lower than the 95.499 level it traded at on Thursday afternoon Asia time. The lack of movement in the dollar followed soft economic data stateside: initial jobless claims came in at 260,000 for the week ended September 10, which was below expectations.
The producer price index for August was unchanged and retail sales fell more than expected. "These disappointing reports should have driven the US dollar sharply lower, but instead the greenback ended the day higher versus the British pound and unchanged against the euro and the Japanese yen," said Kathy Lien, managing director for foreign exchange strategy at BK Asset Management. The slew of disappointing US data may make the case for the Federal Reserve to raise interest rates at its September policy meeting much harder to make.
Fed officials have previously said their decision was data-dependent. "The economy seems to be unable to sustain without central bank support," said Naeem Aslam, chief market analyst at spreadbettor ThinkMarkets. "This could become a serious problem for the Fed and they can soon start paddling backwards."
Oil prices retreated Friday morning Asia time, after seeing some rebound overnight. US crude futures fell 0.61 percent to USD 43.64 a barrel, after climbing 0.8 percent in the US session. Global benchmark Brent fell 0.64 percent to USD 46.27, after adding 1.6 percent overnight.
