Asia shares mixed after weak US jobs data

An investor monitors electronic boards at a brokerage in Bangkok (file). Bangkok stocks rose 2.24% yesterday.AFP/TokyoAsian markets were mixed yesterday after a worse-than-expected jobs report from the US that could lead the Federal Reserve to hold off on any fresh cuts to its stimulus programme. Shanghai fell 0.19%, or 3.73 points, to close at 2,009.56, while Hong Kong added 0.19%, or 42.51 points, to 22,888.76. Sydney ended 0.38%, or 20.3 points, lower at 5,292.1 and Seoul added 0.54%, or 10.38 points, to 1,948.92. Tokyo was closed for a public holiday. In other markets; Bangkok rose 2.24%, or 28.11 points, to close at 1,283.56; Kuala Lumpur gained 0.46%, or 8.36 points, to close at 1,834.97; Singapore closed down 0.27%, or 8.38 points, at 3,135.49; Jakarta ended up 3.19%, or 135.80 points, at 4,390.77; Taipei rose 0.43%, or 36.85 points, to 8,566.2; Wellington climbed 1.03%, or 35.01 points, to 4,899.40, while Manila closed 1.67% higher, adding 97.79 points to 5,940.67.The US Labor Department said on Friday the economy added just 74,000 jobs in December, well below the 197,000 expected by analysts. At the same time it said the unemployment rate dropped to 6.7% from 7.0% in November, although that was mostly because more people had given up looking for work. The news sent Wall Street’s three main indexes tumbling initially before they recovered. By the end of Friday the Dow was down 0.05%, while the S&P 500 rose 0.23% and the Nasdaq added 0.44%. The drop in US Treasury yields suggested the market thought the jobs report meant the Fed will avoid aggressively scaling back its stimulus for the time being. The central bank will hold its next policy meeting at the end of the month and investors will be closely monitoring it to see if it further reduces its bond-purchasing.Taiwan dollar gains most since SeptemberThe Taiwan dollar yesterday rallied the most in more than three months as US jobs data that missed estimates tempered concern the Federal Reserve will accelerate reductions in stimulus that has buoyed emerging markets, Bloomberg reported.Employers in the world’s largest economy added 74,000 workers last month, the least since January 2011, official figures showed on Friday. The median forecast in a Bloomberg survey was for an increase of 197,000. Taiwan’s government bonds due 2023 advanced for a fourth day, while the benchmark Taiex index of local equities rose 0.4%.“Like other Asian currencies, the Taiwan dollar is reacting to the disappointing non-farm payrolls,” said Suan Teck Kin, a Singapore-based economist at United Overseas Bank Ltd “It will probably strengthen in the next few days.”Taiwan’s dollar appreciated 0.3% to NT$30.112 against the greenback, the most since September 23, rebounding from last week’s 0.6% loss that was the biggest since the period ended December 20, prices from Taipei Forex Inc show. It was up 0.5% in the last three minutes of trading yesterday before paring gains on suspected intervention.The currencies of Japan and South Korea, whose exports Taiwan competes with, rose 0.7% and 0.4%, respectively.