Asia stocks higher after China, U.S. jobs data; Nikkei ends up 0.5%

Investing.com - Asian stock markets were mostly higher during late Asian trade on Monday, as investors in the region had their first chance to react to Friday’s stronger-than-forecast U.S. nonfarm payrolls data as well as a flurry of economic reports out of China over the weekend.

During late Asian trade, Hong Kong's Hang Seng Index eased up 0.1%, Australia’s ASX/200 Index ended 0.45% higher, while Japan’s Nikkei 225 Index closed 0.5% higher.

The Department of Labor said the U.S. economy added 236,000 jobs last month, blowing past expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

Meanwhile, in China, official data released over the weekend showed that consumer prices in China rose 3.2% in February from a year earlier, above expectations for a 3% increase and accelerating sharply from a 2% rate of increase in January.

The faster-than-expected increase in the rate of inflation was likely to dampen hopes that Beijing will introduce fresh easing measures in the near-term to boost economic growth.

Separate reports showed that industrial production rose 9.9% in February, less than the expected 10.5% increase and following a 10.3% rise the previous month.

The flurry of data came after a report on Friday showed that the nation’s trade surplus narrowed less-than-expected in February from January, as exports jumped 21.8%, while imports tumbled 15.2%.

China’s trade surplus hit USD15.3 billion last month, down from a USD29.2 billion surplus reported in January. Analysts were expecting an USD8.8 billion deficit.

In Tokyo, the Nikkei rose to the highest level since September 2008, as the yen hovered near a four-year low against the U.S. dollar, boosting exporters.

A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.

Automakers Mitsubishi and Honda surged 5.9% and 2.6% respectively, while Sony and Canon climbed 3% and 3.6%.

Japanese megabanks were also higher, with stocks of the nation’s largest lender Mitsubishi UFJ Financial Group rallying 6.3%, while Sumitomo Mitsui Financial Group and Mizuho Financial Group added 6.7% and 4.9% respectively.

Meanwhile, in Australia, the benchmark ASX/200 Index inched higher to touch the highest level since September 2008, as lenders were broadly higher.

The big four banks all rose, with Australia's number 1 lender, the Commonwealth Bank of Australia gaining 0.5%, while National Australia Bank tacked on 1.75%.

Gains were limited as global miners declined. Australian commodity producers are heavily reliant on Chinese demand for raw materials.

BHP Billiton and Rio Tinto lost 0.75% and 2% respectively, while iron ore maker Fortescue Metals Group slumped 1.1%.

Elsewhere, in Hong Kong, the Hang Seng swung between small gains and losses in choppy trade as traders digested economic reports out of China.

Hong Kong’s blue-chip exporters contributed to gains, with clothing retailer Esprit Holdings up 0.5% and Li & Fung rising 1.3%.

The China financial sector were among the biggest drags on the index, with Industrial and Commercial Bank of China declining 0.5% and Bank of China down 0.6%, while insurance giant Ping An lost 1.5%.

Looking ahead, European stock market futures pointed to a lower open. The EURO STOXX 50 futures pointed to a loss of 0.25% at the open, France’s CAC 40 futures dipped 0.3%, London’s FTSE 100 futures eased down 0.2%, while Germany's DAX futures pointed to a flat open.

Earlier in the day, official data showed that Germany’s trade surplus declined to EUR15.7 billion in January from a revised 16.9 billion the previous month.

German exports rose by a seasonally adjusted 1.4% in January compared to the same month last year, while imports rose 3.3%.