DJIA chart reading : correction range bound upside biased.
Hang Seng chart reading : pullback correction downside biased.
Asia Stocks Advance as U.S. Jobs Report Beats Estimate (Source: Bloomberg)
Energy producers led Asian stocks higher, with the regional benchmark index climbing for the first time in five days, after stronger-than-forecast U.S. jobs growth bolstered confidence in the world’s largest economy and halted a rout of commodity prices. Japan’s power companies fell. Cnooc Ltd., China’s largest offshore oil producer, climbed 1.8 percent in Hong Kong as oil rebounded from the biggest weekly decline since 2008. BHP Billiton Ltd., Australia’s biggest oil producer, gained 0.8 percent in Sydney. HSBC Holdings Plc (5), Europe’s biggest bank by market value, added 1.5 percent in Hong Kong after Greece denied it was considering leaving the euro. Chubu Electric Power Co. slumped 11 percent in Tokyo after Japan’s Prime Minister Naoto Kan asked the utility to shut its Hamaoka nuclear plant.
U.S. Will Urge China to Boost Interest Rates in Washington Talks (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner will urge China to allow higher interest rates when he meets with Chinese leaders this week, as the U.S. extends its push for a stronger yuan.
Retail Sales Probably Rose, Showing U.S. Consumers Bearing Higher Prices (Source: Bloomberg)
Sales at U.S. retailers probably climbed in April, reinforcing evidence that employment gains are allowing Americans to weather higher fuel costs, economists said before reports this week.
Employers in U.S. Added More Jobs Even as Fuel Costs Climbed (Source: Bloomberg)
American employers added more jobs than forecast in April and previous monthly gains this year were revised up, easing concern the economy is cooling. Payrolls expanded by 244,000 last month, the biggest gain since May 2010, after a revised 221,000 increase the prior month, the Labor Department said yesterday in Washington. The jobless rate climbed to 9 percent, the first increase since November, a separate survey of households showed. Employment was forecast to grow by 185,000 last month, according to the median estimate of economists surveyed by Bloomberg News.
Treasuries Advance for Fourth Week Amid Economic Recovery Concern, Greece (Source: Bloomberg)
Treasuries rose for a fourth week, pushing 30-year bond yields to the lowest level since December, as a plunge in commodities reduced concern inflation will climb and investors sought a refuge from Greece’s debt crisis. U.S. two-year note yields dropped yesterday to the lowest level since March after reports European finance officials were in Luxembourg for an unscheduled meeting that may address restructuring Greek debt. Treasury yields had risen earlier yesterday after a government report showed payrolls accelerated in April in the biggest gain since May 2010. A report next week may show retail sales rose for a 10th straight month.
Retail Sales Probably Rose, Showing U.S. Consumers Bearing Higher Prices (Source: Bloomberg)
Sales at U.S. retailers probably climbed in April, reinforcing evidence that employment gains are allowing Americans to weather higher fuel costs, economists said before reports this week. The projected 0.6 percent gain in purchases would follow a 0.4 percent increase in March, according to the median forecast in a Bloomberg News survey ahead of Commerce Department figures May 12. Another report may show the cost of living increased.
Japan Stocks Fall for Second Day on Nuclear Worries; Chubu Electric Slumps (Source: Bloomberg)
Japanese stocks fell for a second day on speculation that a government request to shut a nuclear reactor located close to an earthquake fault-line may hurt the economy.
Irish to Avoid ‘Doomsday,’ Honohan Says as Rescheduling Mooted (Source: Bloomberg)
Irish central bank Governor Patrick Honohan said the country will avoid economic “doomsday,” as a government minister and prominent professor suggested the nation should reschedule debts from its as much as 85 billion-euro ($121 billion) bailout.
U.K. First-Time Homebuyers Become Less Pessimistic on House-Price Outlook (Source: Bloomberg)
British first-time homebuyers have become less pessimistic about property values as a growing number call the “bottom of the market,” Rightmove Plc (RMV) said. Thirty-three percent of people who intend to purchase their first property in the coming 12 months said prices will be higher in a year, the operator of Britain’s biggest property website said in an e-mailed report in London today, citing an April survey. That compares with 22 percent in January.
Euro Rises on Bets Debt Issues Won’t Stop More Rate Increases (Source: Bloomberg)
The euro rose against the dollar and yen on prospects the region’s debt crisis won’t keep the European Central Bank from increasing interest rates further. The common currency gained versus 14 of its 16 major counterparts as European Union officials may require Greece to provide collateral for aid and Irish central bank Governor Patrick Honohan said his nation will avoid economic “doomsday.” The yen fell against the euro amid speculation traders took advantage of the Japanese currency’s gain to a five-week high to sell it.
EU Said to Consider Requiring Collateral for Providing Extra Aid to Greece (Source: Bloomberg)
European Union officials may require Greece to provide collateral for aid as policy makers struggle to prevent the euro area’s first sovereign debt restructuring, said a person with direct knowledge of the situation. Expanding the 110 billion-euro ($158 billion) lifeline Greece received last year may mean that assets or revenue from asset sales are used to secure extra funds, the person said. Demanding collateral, an idea floated last year by Finland, may help avoid a political backlash against bailouts.
Euro Tumbles Most Against Dollar Since January on Rate Signal; Yen Climbs (Source: Bloomberg)
The euro fell the most in four months against the dollar after European Central Bank President Jean- Claude Trichet signaled he may not raise interest rates next month and concern grew that Greece’s debt crisis is worsening. The shared currency tumbled yesterday by the most in a year after Germany’s Spiegel magazine said Greece may withdraw from the euro. European Union ministers attending talks in Luxembourg later denied Greece would leave the currency and said it may receive more aid. The yen strengthened as plunging commodities prompted investors to unwind bets in higher-yielding assets. In the U.S. inflation may have slowed in April even as more jobs were added, a report next week is forecast to show.
Singapore’s Lee Retains Power With Smallest Vote Margin Since Independence (Source: Bloomberg)
Singapore Prime Minister Lee Hsien Loong’s People’s Action Party retained power with the smallest margin of popular votes since independence amid a record turnout that tripled the number of opposition members in parliament. The party that has ruled Singapore for more than five decades won 81 out of 87 parliamentary seats and 60.1 percent of the popular vote in yesterday’s polls, according to the Elections Department. A record 2 million ballots were counted.
Australia’s Budget Will Make ‘Substantial’ Savings, Swan Says (Source: Bloomberg)
Australia will make "substantial" spending cuts in the budget after a rising currency, the nation’s costliest natural disasters and Japan’s earthquake crimped revenue, Treasurer Wayne Swan said.
Australian Dollar Rises for Second Day Before China Trade Data Tomorrow (Source: Bloomberg)
The Australian dollar rose for a second day ahead of a report tomorrow that economists said will show China’s imports increased in April, a sign tighter monetary policy isn’t crimping the Asian nation’s growth. The so-called Aussie snapped last week’s declines versus the greenback and the yen before Treasurer Wayne Swan delivers the nation’s budget tomorrow after pledging to make “substantial” savings and return to surplus by 2012-2013. China is the largest importer of Australia’s raw materials.
FOREX-Dollar gains vs yen, euro on strong jobs data
NEW YORK, May 6 (Reuters) - The dollar rose against the euro and yen on Friday after data showed U.S. employers added more jobs than expected last month, suggesting the economy may not be slowing as much as some had feared.
The dollar rose most against the yen, trading up 0.7 percent at 80.73 yen as the addition of an unexpectedly large 244,000 new jobs in April lifted U.S. bond yields, increasing the greenback's appeal over the Japanese currency.
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