Monday, June 10, 2013

(BN) Japanese Stock Futures Surge After U.S. Jobs Data; Yen Declines

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Japanese Stock Futures Surge After U.S. Jobs Data; Yen Declines
2013-06-09 23:54:38.326 GMT


By Glenys Sim and Yoshiaki Nohara
June 10 (Bloomberg) -- Japanese stock futures rose after a
report showed the U.S. added more workers than expected, while
the yen weakened. Copper fell with Australia's dollar as trade
data in China trailed estimates.
Nikkei 225 contracts traded in Singapore and Osaka jumped
more than 4 percent after Japanese markets closed on June 7.
Standard & Poor's 500 Index futures slid 0.1 percent today after
the benchmark gained 1.3 percent on June 7, the biggest daily
advance since April. The yen and Australia's dollar both fell
0.7 percent as of 8:40 a.m. in Tokyo. Copper futures in New York
sank 1.3 percent.
American employers took on 175,000 workers in May, beating
the 163,000 median forecast in a Bloomberg survey. China's
industrial production rose a less-than-forecast 9.2 percent
while the nation's export gains were at a 10-month low and
imports dropped, data released over the weekend show. Japan's
Government Pension Investment Fund said June 7 it will sell
bonds to buy equities, and the Bank of Japan starts a two-day
meeting today.
The Nikkei 225 "will be up 2 to 3 percent and it will go
from there," Khiem Do, head of Asian multi-asset strategy at
Baring Asset Management, which oversees about $51 billion, said
in a phone interview from Hong Kong. "The yen weakened, the
U.S. market is strong and there's a lot of newsflow from Abe-
san, which are quite positive for the stock market. All that
combined should be quite positive for the Nikkei."
Stock markets in China and Australia are closed today for
public holidays. The New Zealand dollar declined 0.5 percent to
78.54 U.S. cents.
Fixed-asset investment growth in China slowed and new yuan
loans declined while factory-gate prices fell, the data showed.
Export gains were at a 10-month low and imports dropped after a
crackdown on fake trade invoices.
"The China train is hardly derailing, but it does seem to
be running out of puff somewhat for the moment," Sharon
Zollner, a senior economist at ANZ Bank New Zealand Ltd. in
Wellington, wrote in a note to clients today.


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--With assistance from Luzi Ann Javier in Singapore and Yuki
Yamaguchi in 東京. Editors: Sarah McDonald, James Poole

To contact the reporters on this story:
Glenys Sim in Singapore at +65-6311-2466 or
gsim4@bloomberg.net;
Yoshiaki Nohara in Tokyo at +81-3-3201-7446 or
ynohara1@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at +852-2977-6545 or
ngentle2@bloomberg.net

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