Asian stocks wary while ECB, U.S. job reports loom

By IVCPOST Staff Reporter

Jul 06, 2013 10:57 AM EDT

On Thursday, the Asian stocks opened to a slight fanfare. The investors were guarded as crucial events transpired. The European Central Bank had a summit while the US non-farm payrolls report emerged.

MSCI's broadest index of Asia-Pacific stocks outside Japan increased by 0.5%. The jump allowed it to recover a fraction of its 2.5% decrease on Wednesday. Tokyo's Nikkei slipped by 0.3%. This extended its 0.3% fall in the earlier session.

"Volume is likely to stay low because of fewer participants as the U.S. markets will be closed later today," stated an assistant general manager at SMBC Nikko Securities, Hiroichi Nishi. "Investors are focused on Friday's U.S. jobs data, so they won't take large positions today."

US crude increased by 0.1% to US$101.33 per barrel. This record was close to its 14-month high of US$102.18. Wednesday's recovery was particularly promoted by rapidly shrinking supplies in the US domestic markets.

The dollar index quickly moved away from a five-week peak.

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