Strong US Jobs Data Boosts Asian Markets

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.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza