Publications
Partners
Hong Kong - Asian markets rose on Thursday following another record close on Wall Street as US private jobs growth picked up, while Hong Kong and Shanghai were boosted after China unveiled a mini stimulus programme.
The gains extend a broad rally across global shares this week following upbeat manufacturing data in key economies while investors are keenly awaiting the release of a US non-farm payrolls report on Friday.
Tokyo jumped 0.85%, Shanghai advanced 0.22%, Hong Kong added 0.63%, Sydney put on 0.28% and Seoul was 0.47% higher.
Beijing on Wednesday announced a series of spending measures aimed at kickstarting the Chinese economy, a key driver of global growth but one which has shown signs of slowing in recent months.
The plan includes extra spending on railways, improving low-income housing and tax relief for small businesses, which have been struggling along with the economy.
Wednesday's announcement comes after a weak run of Chinese indicators, including on trade, investment and industrial output. The economy grew an annual 7.7% in 2013, the same as in 2012 - which was the slowest since 1999, while leaders have set a target of 7.5% for this year.
"It's very obvious that the leaders feel the need to stabilise growth," Mizuho economist Shen Jianguang told Dow Jones Newswires. "Overall, the 7.5% growth target means that the government still cares a lot about economic growth."
However, the government made no mention of monetary policy, such as a reduction in the amount of cash banks must keep in reserve, or an interest rate cut.
On Wall Street the S&P 500 closed at a second straight record high after payrolls firm ADP said US businesses added 191 000 jobs in March, returning to the level of growth seen in December before severe winter weather struck the country. The February number was also revised up by 39 000 to 178 000 jobs.
The S&P 500 rose 0.29%, the Dow added 0.24% and the Nasdaq finished 0.20% higher.
In addition, US factory orders rose 1.6% in February, better than forecasts of a 1.1% increase.
The results raised hopes for a strong March government jobs reports on Friday following three months of slowing caused by the winter storms.
On currency markets the dollar bought ¥103.9, compared with ¥103.85 in New York late on Wednesday.
The euro was at $1.3766 in Tokyo against $1.3765 in US trade, while it also fetched ¥143.0, up from ¥142.96.
The euro will be in focus over the next few days as the European Central Bank holds a policy meeting on Thursday, with investors looking to find out its plans after inflation eased to a four-and-a-half-year low in March.
Oil prices slipped. New York's West Texas Intermediate for May delivery eased 36 cents to $99.26 a barrel in early morning Asian trade and Brent North Sea crude dropped 17c to $104.62 for its May contract.
Gold fetched $1 291.21 an ounce at 02:52 GMT compared with $1 283.33 late on Wednesday.
