Asia shares up after Wall Street highs

Asian capital markets rose on Monday, buoyed by record closes on Wall Street, as investors await US employment figures this week and possible European easing measures. The dollar gained in Asia while weak Japanese data weighed on the yen. The euro continued to face pressure before this week’s European Central Bank board meeting, which many expect will see an easing of monetary policy. Stocks in Tokyo closed up 2.07 per cent, or 303.54 points, to finish at a two-month high of 14,935.92, while Seoul climbed 0.35 per cent, or 7.04 points, to 2,002.00. Sydney rose 0.47 per cent, or 25.95 points, to 5,518.5. Financial markets in Hong Kong, China, Taiwan and New Zealand were closed for public holidays. The jump in Tokyo came after record finishes on Wall Street on Friday following a flurry of merger and acquisition activity, and China's release of positive manufacturing data over the weekend.
- Positive China data -
There was some regional cheer after figures released by China on Sunday showed manufacturing activity strengthening to a five-month high in May. The official purchasing managers index reached 50.8 in May, the National Bureau of Statistics said, up from 50.4 in March. The index tracks manufacturing activity and is a closely watched indicator of the health of the economy. A reading above 50 indicates growth. With few other catalysts driving action, investors in Asia are awaiting data including US jobs figures this week for trading clues, as well as the European Central Bank meeting on Thursday. US employment data, including initial jobless claims, non-farm payrolls data and the latest unemployment rate will be released Thursday and Friday. In other markets: Manila closed up 0.94 per cent, or 62.75 points, at 6,710.40. Among the day’s movers were Philippine Long Distance Telephone which was up 2.06 per cent at 2,878 pesos. Ayala Corp gained 1.54 per cent to 672.50 pesos, according to AFP.