Asia report: Markets rise as US Treasury yields ease

(Sharecast News) - Most Asia-Pacific markets experienced gains on Thursday, reacting positively to an ease in US Treasury yields. Those yields deviated from 16-year highs after the United States reported significantly weaker-than-expected jobs data.

"Asian equity markets mostly traded higher, finding relief as risk assets rebounded with yields retreating from recent highs after weak US ADP jobs data and a drop in oil prices," said TickMill market analyst Patrick Munnelly.

"The Nikkei 225 led the gains, up 1.6%, breaking a five-day losing streak.

"Meanwhile, the Hang Seng initially lagged due to light news flow and the absence of mainland Chinese participants but eventually gained momentum."

Most equities close higher; China still on holiday

In Japan, the markets painted an optimistic picture, with the Nikkei 225 leaping by 1.8% to 31,075.36 and the Topix index following suit with a 2.02% gain, closing at 2,263.76.

Prominent gainers on Tokyo's benchmark included Aozora Bank, up 5.74%; Yamaha Motor, ahead 5.16%; and Advantest, finishing 5.11% firmer.

China's markets remained closed for the ongoing National Day holiday, having last traded on 28 September.

Hong Kong's Hang Seng Index climbed 0.1% to settle at 17,213.87.

Sectors seeing notable inclines included the brewing industry, with Budweiser Brewing Company jumping 5.44% and China Resources Beer Holdings ahead 2.41%.

WH Group also saw a respectable rise of 3.25%.

In contrast, South Korea's Kospi marginally slid by 0.09%, closing at 2,403.60.

Significant decliners comprised Yuhan, down 5.82%; SD Biosensor, off 4.96%; and SK Telecom, which lost 4.02%.

Australia's S&P/ASX 200 progressed upward, with a rise of 0.51% to conclude at 6,925.50.

There were solid performances from APM Human Services, up 4.95%; Northern Star Resources, ahead 4.72%; and Life360, which closed 3.75% firmer.

New Zealand's S&P/NZX 50 also ended in the green, increasing by 0.66% to 11,309.10.

Stride Property added 3.1%, Pacific Edge rose 2.7%, and KMD Brands was 2.53% stronger by the end of trading in Wellington.

On the currency front, the dollar was last down 0.11% on the yen at JPY 148.96, while it weakened 0.15% against the Aussie to trade at AUD 1.5786 and slipped 0.31% on the Kiwi to change hands at NZD 1.6859.

In the commodity markets, oil prices were in the reed, with Brent crude futures last down 0.82% on ICE at $85.11 per barrel and the NYMEX quote for West Texas Intermediate receding 0.89% to $83.47.

Hong Kong's private sector faces headwinds

In economic news, Hong Kong's private sector saw a contraction in September, marking the third month of decline, per the S&P Global purchasing manager's index (PMI).

The index declined marginally to 49.6 in September from the prior month's 49.8, slightly impacted by the intrusion of Typhoon Saola in early September.

A silver lining was seen in mitigated price pressures during the month and an uptick in employment, offering a tempered outlook amidst the overarching economic contraction.

Reporting by Josh White for Sharecast.com.