NTDTV
Market Report - Asia Up Despite U.S. Jobs Report
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In today’s market report… Asian markets were up on Monday, shrugging off the poor US jobs numbers but showing only meager appetite for increased risk.
Investors bought beaten-down shares and took profits on defensive plays, but overall sentiment remained weak, amid signs the U.S. and Chinese economies are slowing.
Bank of China shares declined on talk that the China’s No. 4 needed cash urgently, while the move also came ahead of Agricultural Bank of China’s IPO pricing due Tuesday.
Separately, Australia’s Centennial Coal agreed to a $2 billion takeover bid from Thailand’s Banpu Public.
At a 40% premium above Centennial’s Friday close, a counteroffer is seen as unlikely.
The deal is expected to be the first of several in the Australian coal sector, after Canberra watered down plans for a big mining tax.
Meanwhile, the latest economic figures out of Australia could complicate the rate outlook for the central bank.
While worries mount about global economic growth in the second half, Australian jobs ads rose for a second month and car sales jumped to a record high, as inflation edged above the Reserve Bank’s long term target band.
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