Date: Jun 05, 2016
Asian stocks headed for a second week of gains as Japanese shares climbed for the first time in three days and investors awaited the monthly US government jobs report for clues on when the US central bank will raise borrowing costs.
The MSCI Asia Pacific Index added 0.4 percent to 128.58 as of 4:19pm in Hong Kong, heading for its first week of back-to-back gains since mid-April. Australian and Philippine equities were among the biggest gainers in the region. Investors are also turning their focus on macroeconomic events this month, with the UK vote on whether to remain in the EU.
Stocks in the US rose to a seven-month high on optimism the US economy is strong enough to withstand higher interest rates.
Economists surveyed by Bloomberg forecast employers added 160,000 jobs last month, the same as in April, with the unemployment rate slipping to 4.9 percent.
It has been a tumultuous year for investors in Asia-Pacific equities. The regional index began the year with a 14 percent slump through a February low on concern a devaluation of the yuan would curb global growth and amid prospects for a US rate increase. It then rallied almost 20 percent through this year’s peak in April before retreating again. The gauge was down 4.5 percent from its high for the year through Thursday. [FULL STORY]