Asian Markets Gain Ahead of U.S. Nonfarm Payrolls Data

By Ritu,

Capital Sands

Asian markets gained in morning trade on Friday ahead of the release of U.S. nonfarm payrolls data for November due later in the day stateside.

China’s Shanghai Composite was little changed by 10:35 PM ET (02:35 GMT), while the Shenzhen Component inched up 0.2%.

Japan’s Nikkei 225 rose 0.3% after the country’s Prime Minister Shinzo Abe announced on Thursday evening stimulus measures to support growth

The total stimulus package amounts to around 26 trillion yen ($239 billion) spread over the coming years.

The stimulus are expected to boost growth in Japan by about 1.4%, according to a government document.

“We shouldn’t miss this chance, this is exactly when we should accelerate Abenomics and overcome our challenges,” Abe said.

The stimulus came after the Hong Kong government also announced further stimulus measures worth around HK$4 billion ($511 million) earlier this week, as authorities hope to shore up businesses suffering from months of civil unrest.

Hong Kong’s Hang Seng Index last traded at 26,386.75, up 0.7%.

On the Sino-U.S. trade front, the Wall Street Journal reported that the Washington and Beijing disagree on the size of agriculture purchases.

Citing people familiar with the discussions, the Journal said U.S. President Donald Trump wants China to buy $40 billion to $50 billion of farm goods a year, which is significantly higher than the $8.6 billion China bought last year.

South Korea’s KOSPI traded 0.9% higher.

Down under, Australia’s ASX 200 gained 0.3%.

Looking ahead, traders now await the U.S. governments monthly nonfarm payrollsreport, which is expected later in the day.