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Stocks in Asia upbeat following positive US gains Stocks in Asia upbeat following positive US gains
(about 7 hours later)
Stocks in Asia were boosted again on Friday, after US markets moved higher on expectations of positive US jobs data due out later in the day. Stocks in Asia were boosted again on Friday, after US markets moved higher on expectations of positive jobs data due out later in the day.
Japan's Nikkei 225 was up more than 0.8% in early morning trade. Analysts are expecting the latest US jobs data to show non-farm payrolls increased by 240,000 last month.
Markets were also given a boost by speculation that the European Central Bank will move to support the region's economy by buying government bonds. Japan's Nikkei 225 index closed up 0.18% at 17.197.73.
That played a part in the euro's drop, analysts said, after the currency hit a fresh nine-year low against the dollar. Shares in Uniqlo owner Fast Retailing rose 0.8% after the firm's first quarter results beat expectations, with profit rising 64% to 68.8bn yen.
The dollar was at 119.77 yen on Friday, compared to 119.65 yen in US trade. Hong Kong's Hang Seng index was up 193.21 points, or 0.8%, in afternoon trade at 24,028.74, while the Shanghai Composite was down 8.04 points at 3,285.41.
Analysts said market expectations were positive that the closely watched US jobs data would show the addition of some 240,000 jobs to non-farm payrolls. New inflation figures from China showed inflation remained near a five-year low in December.
In China, Hong Kong's Hang Seng index was up 0.9%, while on the mainland, the Shanghai Composite was bucking the trend again in early morning trade, down 0.42%. On Thursday, it finished the trading day down 2.4%. The annual rate of consumer price index (CPI) inflation was 1.5% last month, slightly higher than November's figure of 1.4% but well below the government's target of 3.5%.
Fresh inflation figures on Friday showed China's consumer inflation rate rising 1.5% in December from a year earlier, below the government's target of 3.5% and marking a near five-year low. The fresh figures support other recent data that indicates continued weakness in China's economy, and analysts say that may give the government room to introduce fresh policies aimed at supporting economic growth.
The country's official consumer price index (CPI) figure is its main inflation gauge and the December figure compares with a rise of 1.4% in November. In Australia's share market, the benchmark S&P/ASX 200 closed up 1.6% at 5,465.57, with investors' confidence boosted by gains in the US and steadying oil prices.
The numbers support other recent data that indicates continued weakness in China's economy. Analysts say that may give the government room to introduce fresh policies aimed at supporting economic growth.
In Australia's share market, the benchmark S&P/ASX 200 was up as much as 0.9% in mid-morning trade, with investors' confidence boosted by gains in the US and steadying oil prices.
Figures out on Friday showed Australia's retail sales in November were up 0.1% from a month earlier - slightly down on most expectations.Figures out on Friday showed Australia's retail sales in November were up 0.1% from a month earlier - slightly down on most expectations.
But analysts said that while the numbers were on the weaker side, the market was expecting stronger results to come out for December because of Christmas shopping. But analysts said that while the numbers were on the weaker side, the market was expecting stronger results for December because of Christmas shopping.
In South Korea, the benchmark Kospi was up 0.72% in early morning trade, in line with most other regional indexes. In South Korea, the benchmark Kospi closed up 1.05% at 1,924.70.