On most Asian trading floors Thursday

Asia markets mostly up, eyes on China meeting and US jobs

GMT 07:53 2016 Thursday ,03 March

Arab Today, arab today Asia markets mostly up, eyes on China meeting and US jobs

Energy firms enjoyed more buying interest thanks to the pick-up in oil
Hong Kong - Arab Today

The broadly upbeat mood that has pushed global markets higher recently helped extend gains on most Asian trading floors Thursday following a lead from Wall Street.

Energy firms were the big winners thanks to the recovery in crude, while there are hopes that China's leadership will unveil new economy-boosting measures when they start a policy meeting at the weekend.

After a nerve-shattering start to the year that saw trillions of dollar wiped off valuations, there are hopes markets have found some stability.

Confidence has been given a lift from positive US data on jobs Wednesday, China's decision to loosen monetary policy further and talk of a deal between Saudi Arabia and other key producers on limiting oil output to shore up prices.

Payrolls firm ADP said the US private sector added 214,000 jobs in February, better than the 190,000 expected.

The report came ahead of Friday's US Department of Labor February jobs figures and will provide some reassurance following weeks of worry that the world's top economy may not be as strong as originally thought.
"The better US data flow continued to support the improvement in risk appetite in financial markets," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand, said in a client note.

"Global markets have broadly had a much better time of it in recent weeks as speculation rises that the early-year pessimism was overcooked, particularly regarding the US," she added, according to Bloomberg News.

- Energy firms rise -

Tokyo was up 0.9 percent by the break, Shanghai gained 0.2 percent and Sydney 0.8 percent, while there were also strong gains in Singapore, Wellington and Kuala Lumpur.

However, after a two-day surge of about 4.5 percent Hong Kong retreated 0.9 percent in early exchanges.

Traders are also keeping watch on events in Beijing where the government Saturday heads into the National People's Congress, where delegates will sign off on a new five-year economic plan.
The gathering comes days after the central bank cut the amount of cash banks must keep in reserve, its latest move to try to ramp up lending in order to kickstart slowing growth.

Energy firms enjoyed more buying interest thanks to the pick-up in oil. Sydney-listed BHP Billiton was more than three percent up and Rio Tinto was two percent better off, while Inpex and JX Holdings in Tokyo were also soaring.

Crude, which in January was wallowing near 13-year lows below $30 a barrel, has was holding up Thursday despite another increase in US stockpiles.

Dealers have been buoyed by talk among producers of a plan to coordinate a limit to output. Saudi Arabia, Russia and others have said they would abide by such a cap if other producers follow suit.

- Key figures around 0300 GMT -

Tokyo - Nikkei 225: UP 0.9 percent at 16,895.08 (break)

Shanghai - composite: UP 0.2 percent at 2,855.16

Hong Kong - Hang Seng: DOWN 0.8 percent at 19,853.76

Euro/dollar: UP at $1.0867 from $1.0865 on Wednesday

Dollar/yen: UP at 113.76 yen from 113.46 yen

New York - Dow: UP 0.2 percent at 16,899.32 (close)

London - FTSE 100: DOWN 0.1 percent at 6,147.06 points (close)
Source: AFP

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