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Aussie falls after jobs data, oil trades above $30
Oil rose back above the key $30 a barrel level. The upbeat risk sentiment helped pushed Asian markets higher on Thursday. Inflation data from China also helped the mood.
Brent crude, the international benchmark, was up 1 per cent at $34.85 a barrel. WTI crude, the US benchmark, gained 1.8 per cent higher at $31.22. Talks in Doha between major oil producers to freeze oil production has helped oil prices. Iran gave a cautious welcome to a proposed freeze on production.
China’s CPI rose 1.8 per cent year-on-year in January, from a 1.6 per cent rise in December, and to the fastest pace since August. The Lunar New Year holidays helped push up consumer prcies.
Meanwhile data out of Japan was not as upbeat. The country’s trade figures showed exports and imports fell the most since October 2009.
The yen rallied following the trade data, and was 0.1 per cent stronger at Y113.97 per dollar.
Meanwhile, data out of Australia showed the unemployment rate rose more than expected to 6 per cent in January and the economy shed 7,900 jobs. In reaction to the news, the Australian dollar fell 0.3 per cent at $0.7166. The aussie was the worst-performing major currency in the Asian session.
Gold was 0.1 per cent higher at $1,209.75 an ounce.
In equity markets, Japanese shares were the big gainers, with the Nikkei 225 up 2.5 and the broader Topix ahead by 2.3 per cent. That was despite data showing the biggest drop in imports and exports since 2009 and a strengthening in the yen. China’s Shanghai Composite and tech-focused Shenzhen Composite were both up 0.2 per cent. Hong Kong’s Hang Seng was 1.9 per cent higher, while Australia’s S&P/ASX 200 was ahead 1.8 per cent.
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