Asian Trading Update: Rally Extends
Markets had been given a positive lead from New York, where all three main indexes ended with healthy gains, with the Nasdaq posting yet another record, following a better-than-expected jobs reading.
The economy added an estimated 211,000 net new positions in April wle the unemployment rate fell to 4.4 percent, the lowest since May 2007, the Labor Department reported.
The reading further strengthens prospects the Federal Reserve will stick to a planned course of two more interest rate hikes this year.
China’s exports and imports rose in April but missed analysts’ expectations, as domestic and foreign demand faltered and commodity prices fell.
China’s April exports rose 8.0 percent from a year earlier, missing analysts’ expectations, while imports expanded 11.9 percent, official data showed on Monday.
That left the country with a trade surplus of $38.05 billion for the month, the General Administration of Customs said.
China’s imports and exports are expected to stabilize and improve in the near future, the Ministry of Commerce said last week in its quarterly report on trends in the country’s foreign trade.
Foreign trade is expected to face a better environment in 2017 compared with the past two years, the commerce ministry report said.
Exports to the United States rose 11.7 percent in April from a year earlier while imports from the U.S. rose 1.5 percent.
China’s trade surplus with the U.S. was $21.34 billion in April, up from $17.74 billion in March, according to data from China’s customs bureau.
Australia will hold an inquiry into competition in the country’s financial system, following a series of scandals in the banking sector and public allegations against the “Big Four” banks of abuse of market power.
The latest inquiry is part of a number of government measures since last year aimed at alleviating public concerns about the power of the big banks, after revelations of misconduct in the industry.
Energy firms from #Australia to Hong Kong also bounced after Friday’s sharp losses, as traders tracked a rebound in oil prices, which on Friday hit five-month lows owing to fresh supply glut worries.