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Asian Markets Higher as Date Released for Trading Link Between Shanghai and Honk Kong
November 10, 2014 11:20 amVideo
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November 10, 2014 – Indices News
The Nonfarm Payroll report was released on Friday and showed a surprising drop in the number of jobs created during the past month. Prior to the report the market had priced in positive results, strengthening the Dollar. The report showed that 214,000 jobs were created which was below the expected 231,000.The unemployment rate, however, remained positive and dropped to 5.8% showing that the labour market is improving at a faster pace than expected. Overall, the results were positive as job creation remained above 200,000 for 9 straight months. Nevertheless, figures slightly dampened speculation that the Fed could increase interest rates sooner despite hawkish comments from Yellen on Friday. At market close U.S. stocks finished with little change but reached record highs once again; the S&P 500 was 0.03% higher at 2,031.92 and the Dow Jones was 0.11% higher at 17,573.93.
Asian markets were mixed today. The Nikkei dropped 0.59%as the Yen strengthened against the Dollar. The Dollar was trading at a high of ¥115.6 on Friday compared to the current level of ¥114. Exporters also declined as the Yen climbed. Hitachi Ltd lost 0.4%, Toyota fell 1.54% and Nissan dropped 0.48%. The Hang Seng added 0.83% as the trading link between Shanghai and Hong Kong is set to begin Nov 17. The start date was originally scheduled for October but was postponed due to protests in Hong Kong. This scheme creates the second largest equity market and is a step in the capital market reform and economic reform in China.
European markets are higher today as comments from Draghi last week continued to support sentiment and better than expected earnings were released. Draghi stated that the bank is prepared to add monetary stimulus to spur the economy whenever needed. Investors welcomed this news as they believe this could fill some of the gap left by the removal of quantitative easing in the U.S. Currently, the CAC 40 is up 0.51% while London’s FTSE 100 is up 0.30% and Germany’s DAX is up 0.21%.
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