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Asian Equities Mostly Higher As Market Follows US Equities Higher

ASIA STOCKS

Regional Asian equities are higher today, following gains on Wall Street Friday after better-than-expected US payrolls, the US economy added 303,000 jobs in March, beating analyst expectations in the latest sign of labour market strength. This data indicates the US economy remains in good health but investors are optimistic that the US Federal Reserve will keep interest rates flat at its June policy meeting. Earlier Japan cash earnings data was mostly inline with expectations showing a decline in real wages for the 23rd consecutive month, while BoP Current Account Balance was below expectations. Australia had Home Loan Value data missed estimates.

  • Japan equities are higher today mostly following the US markets higher. Earlier Labor Cash Earnings were inline with expectations at 1.8% y/y, while real wages were slightly higher than expected at -1.3% vs -1.4% y/y, but down from -0.6% in Jan, BoP Current Account Balance was ¥2644.2b vs ¥3050.0b expected. The Topix Bank Index is up 1.26%, up slightly more than the Topix which is up 1.21%, the Nikkei is up 1.35%.
  • South Korean equities are slightly higher on Monday, there has been very little in the way of market headlines. Foreign Investors sold equities on Friday, however momentum remains positive with SK equities seeing the highest inflows of any market in the region, on the back of the corporate "Value-up" program and the ban on short selling. The Kospi is up 0.10% today
  • Taiwanese equities have returned from their extended break, and are trading slightly higher, up 0.63%. Building and construction stocks are the top performing in the region as the benefit of the recent earthquake.
  • Australian equities are unchanged today, financials are slightly lower, while Metals and Mining names are the top contributor to index. Earlier Australia Home Loan values were 1.5% vs 2.0% expected.
  • Elsewhere in SEA, New Zealand equities are down 0.50%, while Philippines equities are down 0.83%, Indian equities are up 0.41%, Malaysian equities are up 0.20%

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