SYDNEY - Asian shares crept ahead on Monday as Wall Street gathered momentum into a busy week of earnings with more than 100 major companies due to report, while the dollar was again hobbled by a lack of progress on US fiscal stimulus.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.3 percent, with Australia ahead by 0.1 percent.
Japan's Nikkei rose 0.2 percent in the wake of a firmer finish on Wall Street. Japanese Prime Minister Shinzo Abe meets US President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on the agenda.
A private survey out of China showed activity in the services sector remained strong in January as companies reported a solid increase in orders.
Local markets seemed unimpressed and Shanghai stocks were barely changed. Dealers are still absorbing Friday's surprise move by China's central bank to raise short-term interest rates.
While the increases were modest, they suggested Beijing was intent on both containing capital outflows and reining in risks to the financial system created by years of debt-fuelled stimulus.
It was the first move in the repo rate since October 2015.
"This change is ground-breaking and suggests that the central bank will change onshore rates more frequently," wrote analysts at ANZ in a note. "The bottom line is to prevent a cash crunch amidst deleveraging and deflating financial bubbles in certain sectors."
On Wall Street, banks had ended Friday strongly as President Donald Trump moved to roll back regulations intended to prevent a repeat of the global financial crisis.
JP Morgan Chase shares closed up 3.1 percent and helped push the S&P bank index up 2.6 percent. The Dow rose 0.94 percent, while the S&P 500 gained 0.73 percent and the Nasdaq 0.54 percent.
Friday's payrolls data also showed US jobs jumped more than expected in January as construction firms and retailers ramped up hiring, but wages growth still slowed.
"All in all a very mixed payroll report, with the breakdown tending to validate the latest Fed message of a gradual tightening and no need to rush into a hike at the next meeting," said Deutsche Bank's global head of forex Alan Ruskin.
"This data plays to the idea that there may be an extended gestation period both for easier US fiscal policy and tighter monetary policy."
Fed fund futures show only a slim chance of a hike in March and a Reuters poll of primary dealers found none expected a move before the second quarter.
That cautious outlook kept the dollar softer on the yen at 112.48 yen JPY=, having lost 2.3 percent last week in its worst weekly performance since late July.
The euro was a fraction firmer at $1.0782 while the dollar dipped against a basket of currencies to 95.713. In the commodities market, spot gold XAU= was 0.3 percent higher around $1,223.00 an ounce.
Oil prices edged up after the United States imposed sanctions on some Iranian individuals and entities, days after the White House rebuked Tehran for a ballistic missile test. US crude futures added 7 cents to $53.90, while Brent gained 8 cents to $56.89 a barrel having rallied 2 percent last week. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
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آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔