Market Report – Asia Up on Data

Asian stocks rose today after better-than-expected U.S. jobs data was released.

A rise in Japanese machinery orders in July for the first time in four months added to Tokyo buying momentum, pushing the Nikkei index to a 10-month high.

Some of the optimism was tempered by a forecast for a sixth straight quarterly decline in orders, as Japan continues to struggle with overcapacity.

But Asian currencies were kept in check by renewed interest in the U.S. dollar in the wake of the jobs data.

The greenback’s strength sent oil prices slipping back towards $70 a barrel, after barrels touched a five-week high of nearly $73 on Friday.

Investor expectations that a slew of economic numbers from China on Tuesday will further confirm the world’s third-biggest economy is also on a recovery path. But Shanghai’s share index fell on concerns that this would hasten tighter money policy.

(NTDTV)