Australia | Feb 04 2013
Download related file: afternoon_report_2013-02-04
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asia rallies as ASX slumps on soft local data
Asian stocks rallied on a strong lead from Wall Street today, following a raft of promising U.S. data on Friday. The local market was not so fortunate, however; edging lower after reports showed Australian building approvals fell 4.4% in December and job advertisements continued their downward slide in January (albeit at the slowest pace in six months).
The slowing in the pace of job advert losses may be evidence for a turning point in the local labour market, but ANZ said job adverts are prone to seasonal fluctuations in January.
Regional markets were buoyed today by U.S. payrolls, consumer confidence and manufacturing data released on Friday, which highlighted a strengthening U.S. economic outlook. The payrolls report, in particular, showed the U.S. jobs market is continuing to improve; revisions in November and December added 127,000 more jobs than initially estimated (247K and 196K, respectively). Japan’s exporter-oriented Nikkei-225 led gains for the region today, adding 0.7%.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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