Aussie Rebounds as Jobs Data Lifts Asia Stocks; Oil Gains Australia’s dollar rebounded from the weakest level since 2010 and Asian stocks rose as signs of improvement in the U.S. job market burnished the outlook for the world’s largest economy. Oil held at a 14-month high after the ouster of Egypt’s president and gold gained. The so-called Aussie jumped 0.2 percent by 10:22 a.m. in Sydney as the U.S. dollar weakened against 12 of 16 major peers, while the yen strengthened. The MSCI Asia Pacific Index of regional equities climbed 0.2 percent as shares in South Korea and Australia gained. Futures on the Standard & Poor’s 500 Index (SPX) added 0.1 percent. Crude rose 0.1 percent to $101.35 a barrel, after rallying 1.7 percent yesterday on declining U.S. stockpiles and concern the crisis in Egypt will disrupt supplies from the region. Gold prices increased a second day. Reports in the U.S. showed companies hired more people than economists predicted last month and that jobless claims fell before monthly payrolls figures due July 5. The data may help investors determine whether the American economy is strong enough for the Federal Reserve to begin reducing its $85 billion in monthly bond purchases. Reserve Bank of Australia Governor Glenn Stevens said yesterday the Aussie has been too high and the economy may get a weaker currency if needed. “I’m skeptical the Aussie will fall significantly further unless we see a larger deterioration to the outlook for China,” Janu Chan, a Sydney-based economist at St. George Bank Ltd., said by pnone. “The RBA has ramped up the talk about the Aussie being high, really talking it down in a way.” Futures maturing this month on the Hang Seng China Enterprises Index of Chinese stocks traded in Hong Kong climbed 0.4 percent. Japan’s Topix Index dropped 0.6 percent, poised for its first retreat in six days, while Korea’s Kopsi Index rose 0.5 percent and Australia’s S&P/ASX 200 gauge surged 1 percent. bloomberg/news/2013-07-03/hong-kong-futures-signal-stock-gains-as-egypt-lifts-crude.html
Posted on: Thu, 04 Jul 2013 00:40:04 +0000
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