Asean, European shares higher

Asean, European shares higher

European stocks higher

A man hides from the rain in front of an electronic stock quotation board outside a brokerage in Tokyo on Tuesday. (Reuters photo)
A man hides from the rain in front of an electronic stock quotation board outside a brokerage in Tokyo on Tuesday. (Reuters photo)

Southeast Aisan markets advanced Tuesday after a long holiday weekend, in their first reaction to soft US jobs data that has dampened expectations of an early US interest rate rise.

Wall Street provided a positive lead Monday as comments from a Federal Reserve official suggested any increases would likely be slow, while investors await the release of minutes from the bank's latest meeting.

Manila gained 0.56%, or 44.94 points, to 8,098.68 and Jakarta closed up 0.79%, or 43.26 points, to 5,523.29.

Kuala Lumpur gained 0.74, or 13.57 points, to close at 1,856.51 and Singapore rose 0.37%, or 12.71 points, to 3,465.62.

In other markets, Tokyo rose 1.25% as the yen eased against the dollar. The Nikkei added 242.56 points to 19,640.54 and Taipei rose 0.43%, or 41.58 points, to 9,641.90.

Sydney added 0.46%, or 27.4 points, to 5,926.0, although it pared early gains after the Reserve Bank of Australia disappointed many investors by holding off on an interest rate cut.

Seoul was flat, edging up 0.60 points to 2,047.03 and Shanghai surged 2.52%, or 97.45 points, to 3,961.38 -- its highest close since March 14, 2008.

Hong Kong was closed for a public holiday.

The US Labor Department said Friday the economy added just 126,000 jobs in March, half of what was expected and the weakest growth since December 2013.

While the data indicates a US slowdown, investors were cheered as it means the Fed will likely not announce any rate rise until later in the year.

"Investors appeared to support a slower Fed rate lifting regime," Michael McCarthy, chief market strategist in Sydney at CMC Markets, said according to Bloomberg News, before adding "but this  enthusiasm could be short-lived as the ramifications of a lower recovery sink in".

Europe's main stock markets rallied Tuesday, while the euro retreated against the dollar, as investors reacted to US economic data and debt moves by Greece in resumed trading after Easter.

London's benchmark FTSE 100 index jumped 1.25% to 6,919.20 points compared with last Thursday's close.

Frankfurt's DAX 30 won 0.96% to 12,082 points and the CAC 40 in Paris gained 1.21% to 5,135.3 approaching midday.


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