Market Report – Asia Shares hit 4 Week Highs
In today’s market report… Asian stock markets rose to their highest in four weeks Monday, as investors took a more optimistic view of the global economy.
The rally was driven by better-than-expected U.S. jobs data, which eased fears of a new recession.
Japanese stocks soared, bringing gains so far this month to over five percent, as investors bought into growth-sensitive exporters such as Toyota and memory chipmakers.
That gain came despite the yen holding firm against the U.S. dollar.
Elsewhere, mainland insurers rose after Beijing allowed them to invest more in private equity and real estate.
Shares of Ping An hit a four-month high in Shanghai, while China Life added 1.5 percent in Hong Kong.
The Hang Seng and Shanghai Composite were both up about one percent midday.
Technology stocks lifted Taiwan stocks to a two-week high, but shares of Hon Hai weighed on the TAIEX, after the world’s largest electronics parts maker reportedly said sales would halve in the longer term.
The Taipei benchmark closed up 0.8 percent.
A profit warning limited gains in Sydney, as top investment bank Macquarie fell as much as eight percent, after saying its first-half earnings would fall.
The All Ordinaries was supported by miners, with a strong job ads report also boosting sentiment.