Asian shares up on recovery hopes amid positive US data
Published: 17th Feb 2012 03:34:10
Asian markets have risen on hopes of a recovery in the US after the world's biggest economy reported better-than-expected jobs data.
Japan's Nikkei 225 index rose 1.9%, South Korea's Kopsi gained 1.5% and Hong Kong's Hang Seng index added 1%.
On Thursday, data showed new claims for unemployment benefits in the US fell to their lowest level since March 2008.
As a result, US shares closed at their highest level since the 2008 financial crisis.
The Dow Jones index of leading companies closed up 1% at its highest level since May 2008, while the tech-based Nasdaq index climbed 1.5% to its highest level since December 2000.
When we started the year, economists were unanimous in their opinion that it will be a weak job recovery, but the statistics have belied that so far”
Some of the biggest economies in Asia such as China, Japan and South Korea rely heavily on exports to boost their growth and the US is one of the key markets for their goods.
However, the high rate of unemployment in the US has not only hurt growth in its economy, but also hurt demand for Asian goods.
A recovery in the jobs market is seen by most economists as key to an overall US economic recovery.
Analysts said that, given its impact on consumer confidence, US jobs data was also closely monitored by Asian firms.
"It is among the top two or three factors that exporters in the region look at," Arjuna Mahendran of HSBC Private Bank told the BBC.
"When we started the year, economists were unanimous in their opinion that it will be a weak job recovery, but the statistics have belied that so far."
Mr Mahendran added that a sustained recovery would help the region's exporters to grow.
At 02:01:53 in EntertainmentEverything But The Girl musician Ben Watt has been announced as part of the 15-strong longlist for the Samuel Johnson Prize for non-fiction.
At 01:57:27 in HeadlinesCoral reefs may look static to the naked eye, but scientists have now seen "violent" activity on their surface.
At 01:53:31 in HealthWatching action films may make you more likely to pile on the pounds, according to US researchers.
At 01:38:45 in SportWith £150m of attacking talent already at his disposal, few expected Manchester United manager Louis van Gaal to dip back into the transfer market for another forward.
At 01:38:02 in SportThe transfer window has closed and now clubs and managers know what they will be dealing with until it reopens on 1 January.
At 01:29:13 in ScotlandLabour MP Jim Murphy is resuming his street tour of Scotland ahead of the independence referendum, following its suspension last week.
At 01:25:40 in ScotlandSuperfast computer technology is to be piloted in the Highlands.
At 01:20:52 in ScotlandFormer prime minister Gordon Brown has said an independent Scotland would become "an international outcast" if it refused to accept a share of UK debt.
At 01:19:02 in ScotlandChildren's entertainers The Singing Kettle have announced they are to stop performing from early next year.
At 01:15:10 in ScotlandWater voles have been recorded in a part of the Highlands for the first time in 20 years.
Harvard CitationBBC News, 2012. Asian shares up on recovery hopes amid positive US data [Online] (Updated 17th Feb 2012)
Available at: http://www.ukwirednews.com/news/225894/Asian-shares-up-on-recovery-hopes-amid-positive-US-data [Accessed 2nd Sep 2014]
News In Other Categories
Watching action films may make you more likely to pile on the pounds, according to US researchers.
Mr Vacuum Cleaner has swept into the debate over the EU's import ban on high-wattage vacuum cleaners.
With £150m of attacking talent already at his disposal, few expected Manchester United manager Louis van Gaal to dip back into the transfer market for another forward.
Prescription books used by the murderer Dr Crippen are expected to be sold for about £5,000 at auction in Shropshire.
The government is desperate to get more young people interested in scientific subjects. Could a self-proclaimed "geek festival" held last weekend in Milton Keynes hold the answer?