{"id":115869,"date":"2021-03-07T23:47:05","date_gmt":"2021-03-07T23:47:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115869"},"modified":"2021-03-07T23:47:05","modified_gmt":"2021-03-07T23:47:05","slug":"australian-shares-jump-1-7-in-early-trade-in-the-asia-pacific-in-fragile-market-environment","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/australian-shares-jump-1-7-in-early-trade-in-the-asia-pacific-in-fragile-market-environment\/","title":{"rendered":"Australian shares jump 1.7% in early trade in the Asia-Pacific in &#x27;fragile&#x27; market environment"},"content":{"rendered":"<ul>\n<li>Australian shares opened in the green while futures pointed to early gains in Japan. <\/li>\n<li>Monday&#x27;s session follows a wild day in U.S. markets last Friday, where stocks roared back from a sharp sell-off.<\/li>\n<li>A stronger-than-expected U.S. jobs report fueled optimism for a quicker economic recovery. <\/li>\n<\/ul>\n<p>SINGAPORE \u2014\u00a0Asia-Pacific markets were set to trade higher Monday as investors reacted to last week&#x27;s U.S. jobs report that trounced expectations and fueled hopes for a faster economic recovery.<\/p>\n<p>Australian shares opened in the green. The benchmark ASX 200 climbed 1.73% in early trade as all sectors traded higher, with the heavily-weighted financials subindex adding 1.83%. Major banking and mining stocks rose: Shares of Commonwealth Bank jumped 1.86% while Rio Tinto added 2.54%, Fortescue was up by 2.49% and BHP gained 2.57%.<\/p>\n<p>Nikkei futures pointed to opening gains in Japan.<\/p>\n<p>Monday&#x27;s session in Asia-Pacific is set to follow a wild day in U.S. markets last Friday, where stocks roared back from a sharp sell-off as a stronger-than-expected nonfarm payrolls report improved optimism for a quicker economic recovery.<\/p>\n<p>&quot;Investors remain wary of the impact that the massive Biden fiscal experiment will have on longer-term interest rates, making for a fragile equity environment,&quot; analysts at ANZ Research said in a morning note on Monday. &quot;That defensiveness may prevail into the mid-March (Federal Open Market Committee) meeting.&quot;<\/p>\n<h2>U.S. relief package<\/h2>\n<p>The U.S. Senate passed a $1.9 trillion coronavirus relief package over the weekend that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.<\/p>\n<p>Last month, Fed Chair Jerome Powell told lawmakers that the U.S. economy was a long way from its employment and inflation goals and that it will likely take time for substantial further progress to be achieved. He said that\u00a0inflation is still &quot;soft&quot;\u00a0and that the Fed was committed to current policy, which implied interest rates are likely to remain low for now.<\/p>\n<table><\/table>\n<h2>Currencies and oil<\/h2>\n<p>The U.S. dollar traded relatively flat against a basket of its peers at 91.985, climbing from levels below 91.00 in the previous week.<\/p>\n<p>Elsewhere, the Japanese yen changed hands at 108.38 per dollar while the Australian dollar traded higher by 0.29% at $0.7708.<\/p>\n<p>Oil prices traded up as U.S. crude futures rose 1.88% to $67.33. Last week, OPEC and its oil-producing allies said the group would keep production largely steady through April while Saudi Arabia added that it would extend its one million barrels per day voluntary production cut into next month.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/03\/08\/asia-markets-us-coronavirus-relief-package-currency-moves-oil.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian shares opened in the green while<\/p>\n","protected":false},"author":3,"featured_media":115868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian shares jump 1.7% in early trade in the Asia-Pacific in &#x27;fragile&#x27; market environment - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/australian-shares-jump-1-7-in-early-trade-in-the-asia-pacific-in-fragile-market-environment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian shares jump 1.7% in early trade in the Asia-Pacific in &#x27;fragile&#x27; 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