Investing.com - Most Asian bourses are trading higher Monday, aided by rumors Japan is close to naming a new Bank of Japan governor that favors aggressive, bold monetary easing that could continue to weaken the yen.
In Asian trading Monday, Japan’s Nikkei 225 jumped 1.78% after on reports that Prime Minister Shinzo Abe is close to naming a new Bank of Japan governor. USD/JPY fell following press reports that said Asian Development Bank President Haruhiko Kuroda will likely be the new BoJ leader. Traders view Kuroda as a proponent of strong monetary easing, which explains the yen’s weakness today.
Hong Kong’s Hang Seng rose 0.01% and the Shanghai Composite added 0.30% after HSBC and Markit Economics said China’s manufacturing index fell to 50.4 in February from 52.3 in January. Economists expected a February reading of 52.2. Readings above 50 indicate expansion. The official government manufacturing report is due out on Friday.
Australia’s S&P/ASX 200 Index advanced 0.6% aided by a weaker Aussie dollar and rallying energy shares. Some Australian energy names rose on reports Chevron, the second-largest U.S. oil company, will pay USD349 million to become part of an Australian shale project.
Later this week, Australia delivers completed construction projects on Wednesday and private capital expenditure and private sector credit data on Thursday.
New Zealand’s NZSE 50 rose 0.32%. On Tuesday, New Zealand unveils inflation expectations and trade data. The country’s business confidence report is due out Thursday, the same day the U.S. updates the fourth-quarter GDP reading.
South Korea’s Kospi fell 0.12%, perhaps due in large part to the weaker yen. Singapore’s Straits Times Index rose 0.03% and S&P 500 futures are off 0.12%.
In Asian trading Monday, Japan’s Nikkei 225 jumped 1.78% after on reports that Prime Minister Shinzo Abe is close to naming a new Bank of Japan governor. USD/JPY fell following press reports that said Asian Development Bank President Haruhiko Kuroda will likely be the new BoJ leader. Traders view Kuroda as a proponent of strong monetary easing, which explains the yen’s weakness today.
Hong Kong’s Hang Seng rose 0.01% and the Shanghai Composite added 0.30% after HSBC and Markit Economics said China’s manufacturing index fell to 50.4 in February from 52.3 in January. Economists expected a February reading of 52.2. Readings above 50 indicate expansion. The official government manufacturing report is due out on Friday.
Australia’s S&P/ASX 200 Index advanced 0.6% aided by a weaker Aussie dollar and rallying energy shares. Some Australian energy names rose on reports Chevron, the second-largest U.S. oil company, will pay USD349 million to become part of an Australian shale project.
Later this week, Australia delivers completed construction projects on Wednesday and private capital expenditure and private sector credit data on Thursday.
New Zealand’s NZSE 50 rose 0.32%. On Tuesday, New Zealand unveils inflation expectations and trade data. The country’s business confidence report is due out Thursday, the same day the U.S. updates the fourth-quarter GDP reading.
South Korea’s Kospi fell 0.12%, perhaps due in large part to the weaker yen. Singapore’s Straits Times Index rose 0.03% and S&P 500 futures are off 0.12%.