APAC Markets Follow US Higher Especially Tech, US Payrolls Later

APAC equity markets have generally followed the US’s Wednesday rally, especially the Nasdaq’s (+1.4%), in trading today, except in Japan where yen appreciation appears to be weighing on markets. US futures are little changed ahead of today’s US payroll data while Asian moves have tended to be moderate (see MNI preview here).

• USDJPY is down 2.4% since Wednesday as traders expect the BoJ to tighten and as a result equities are down sharply today with the Nikkei 1.7% lower.
• China’s CSI 300 is up 0.4% with the property index down 0.4%. The Hang Seng is +0.2%.
• Korea and Taiwan have benefited from the better tech sentiment with the KOSPI up 1% and the KOSDAQ +1.5%. Current account data for October showed stronger exports. Taiwan’s TAIEX is +0.7%.
• The ASX is 0.2% stronger supported by the mining and energy sectors. Whereas the NZX 50 is flat.
• In ASEAN markets are mixed with the Jakarta comp 0.4% higher, SE Thai +0.3%, Singapore’s Straits Times +1% and Malay KLCI +0.1%. The Philippines PSEi is closed for a holiday.
• India’s Nifty 50 is 0.4% higher after monetary policy was left unchanged but still restrictive.
• Later the key data are the November US payrolls which are expected to rise 183k with the unemployment rate remaining at 3.9%. There will also be Michigan consumer sentiment and inflation expectations. The ECB’s de Guindos will attend the ECOFIN meeting.