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Asian Stocks Rise on U.S. Jobs Data; Japan Shares Rally



Seems like the week opened on a positive note as equities rally. Having said so, the EUR/USD remains muted for now. Coming in slightly below 1.3200. Continued monitoring for sentiment clues should be done. Good reading from Bloomberg.

Asian Stocks Rise on U.S. Jobs Data; Japanese Shares Rally

Asian stocks rose, with the regional benchmark index heading for the biggest rally in three weeks, after a report showed the U.S. added more workers than expected. Japanese shares surged after a three-week, $600 billion rout. Japan ’s Topix index jumped 4.1 percent, the most in two years, after the Government Pension Investment Fund, the world’s biggest manager of retirement savings, said on June 7 it will sell bonds to buy more equities. Toyota Motor Corp., the No. 1 global carmaker, gained 6.8 percent. Yue Yuen Industrial Holdings Ltd. (551) , a shoemaker that gets 29 percent of its revenue in the U.S., rose 2.2 percent in Hong Kong . Sharp Corp. (6753) jumped 12 percent after Qualcomm Inc. agreed to a second purchase of the unprofitable Japanese TV maker’s shares. The MSCI Asia Pacific Index added 1.2 percent to 131.88 as of 12:58 p.m. in Tokyo, the biggest gain since May 20. More than four stocks gained for each that fell. Stocks also rose after Japan revised up its first-quarter growth and Prime Minister Shinzo Abe yesterday said the government will unveil its second growth strategy after the upper house election next month. “The U.S. jobs data is giving the biggest boost to the market as it was strong, but not too good to stoke concern about scaling back stimulus,” said Kenji Shiomura, a Tokyo-based senior strategist at Daiwa Securities Group Inc., Japan’s second-largest brokerage. “Abe is reviving market optimism that we will have another big rally after the election.” Fed Expectations Asia’s equity benchmark fell to 129.87 earlier, extending its drop from this year’s high on May 20 to 10 percent. Shares have fallen on speculation that improvement in the U.S. economy will lead the Federal Reserve to scale back record stimulus. The measure on June 7 […]

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