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Asian markets higher in Thursday trade | |
(about 5 hours later) | |
Asian stock markets held on to gains on Thursday, following the positive trend from US and European markets. | |
South Korea has returned from a public holiday. At the lunchtime break, the Kospi index was up 1% at 2,001.03. | |
In Japan, the benchmark Nikkei 225 index rose 2.5% at midday to 196,782.02, the highest level for the index this month. | |
The Japanese currency has steadily weakened to a one-week low against the US dollar. | The Japanese currency has steadily weakened to a one-week low against the US dollar. |
Overnight, the yen was at 109.21 against the US dollar, compared to the 107 range from earlier in the week. | |
A weaker Japanese currency would be welcomed by many Japanese exporters, as that would make their goods cheaper and more competitive overseas. | A weaker Japanese currency would be welcomed by many Japanese exporters, as that would make their goods cheaper and more competitive overseas. |
Shares of electronics giant Panasonic rose 3.7%. Car manufacturers Nissan and Toyota also got a boost, as their respective shares edged up by more than 2%. | |
In Hong Kong, the benchmark Hang Seng index added 0.89% or 187.71 points to 21,346.42. | |
On the mainland in China, the Shanghai Composite index edged up 0.06% to 3,068.58. | |
Australia jobs | |
In Australia, the benchmark S&P ASX 200 rose 0.9% - or 45.45 points - to hit 5,100.1 by midday. | |
Mining stocks led the rally in Australian markets, following a jump in iron ore prices. Shares of BHP Billiton added 4.6% by midday, while shares of rival Rio Tinto were up by 1.9%. | |
Data from Australia showed the economy added 26,100 jobs in March. That led to a dip in the unemployment rate to 5.7% - the lowest rate since September 2013. In February, the unemployment rate was at 5.8%. | |
The latest data could ease pressure on the Australian central bank to lower interest rates further, to help spur economic growth. | |
The central bank's key lending rate is currently at a record low of 2%. The last rate cut was in May 2015. | |
US markets closed positive overnight, led by gains in shares of financial institutions. | US markets closed positive overnight, led by gains in shares of financial institutions. |
JPMorgan shares surged by more than 4% after it reported a quarterly profit that beat market expectations for the three months to March. JPMorgan is the biggest US bank by assets. | |