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Asian markets rebound on positive US jobs data | |
(about 3 hours later) | |
Asian markets rebounded from a string of declines on Monday after stronger-than-expected US payroll data. | |
US Labor Department figures showed 248,000 jobs were created in September and the unemployment rate dropped to a six-year low of 5.9%. | |
Japan's Nikkei 225 opened 1.1% higher while the broader Topix rose 1%. | Japan's Nikkei 225 opened 1.1% higher while the broader Topix rose 1%. |
The Japanese yen also weakened against the US dollar, which is near a four-year high on speculation the US central bank may raise interest rates earlier. | The Japanese yen also weakened against the US dollar, which is near a four-year high on speculation the US central bank may raise interest rates earlier. |
Hong Kong stocks opened flat as pro-democracy protests stretched into the second week. | |
The Hang Seng index rose in later trading on news that protest leaders were holding talks with the government and that crowd numbers were dwindling. | |
Over in South Korea, the Kospi rose 0.3% on Monday after being closed the previous session for a public holiday. | Over in South Korea, the Kospi rose 0.3% on Monday after being closed the previous session for a public holiday. |
Companies that do business with North Korea saw their shares jump after Pyongyang unexpectedly sent its most senior delegation ever to attend the closing of the Asian Games in Seoul. | Companies that do business with North Korea saw their shares jump after Pyongyang unexpectedly sent its most senior delegation ever to attend the closing of the Asian Games in Seoul. |
This includes Hyundai Merchant Marine, the largest shareholder of Hyundai Asan, which is a major investor in North Korea. | |
Australian economy | Australian economy |
Australian stocks fell 0.4% after private data showed that inflation cooled in September. The Australian dollar also fell to a four-year low against the US dollar. | |
According to TD Securities and the Melbourne Institute, consumer prices rose just 2.2% from a year ago last month, compared with a revised 2.4% reading for August. | |
China, India and most south-east Asian markets are closed today for a public holiday. | |
However, investors will be closely watching the election results in Brazil, where President Dilma Rousseff is expected to face a run-off against pro-business rival Aecio Neves on 26 October. | |
Latin America's largest economy is a major destination for foreign investment from Asia. | Latin America's largest economy is a major destination for foreign investment from Asia. |