INSUBCONTINENT EXCLUSIVE:
MSCI's broadest index of Asia-Pacific outside Japan was little changed from Friday's three-week low.Asian shares pulled back on Monday after
US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK
parliament this week weighed on the pound.MSCI's broadest index of Asia-Pacific shares outside Japan was little changed from Friday's
Japan's Nikkei gained 0.4 per cent in early trade after four consecutive sessions in the red last week.Wall Street's main indexes posted
their biggest weekly decline since the market tumbled at the end of 2018 last week, falling for the fifth consecutive day on Friday on the
shocking payrolls data.The US economy created only 20,000 jobs in February, the weakest reading since September 2017
As a result, bond yields dropped, with the 10-year Treasuries yield hitting a two-month low of 2.607 per cent.The two-year yield also hit a
two-month low of 2.438 per cent, edging near the current Fed funds rate around 2.40 per cent.Fed funds futures are pricing in more than 20
per cent chance of a rate cut this year."The headline reading was so weak that the market could have reacted more aggressively
I would say markets reacted relatively calmly because there were elements that suggest weakness is temporary," said Tomoaki Shishido, fixed
income strategist at Nomura Securities.While jobs growth was weak, average hourly earnings rose 11 cents, or 0.4 per cent, raising the
annual increase to 3.4 per cent, the biggest gain since April 2009.Fed Chair Jerome Powell said on Friday that the central bank will be
careful not to shock financial markets as it stabilises its bond portfolio, saying the it does not see problems in the US economy that
warrant an immediate change in its policy.He also said the new normal for the Fed's total liabilities may be in the ballpark of 16.5 per
cent of GDP.Chinese data released over the weekend was slightly weaker though hopes for more policy support are likely to cushion any
blows.New bank loans in China fell a bit more than expected in February from a record the previous month, while money supply growth also
missed forecast.Following the data, China's central bank on Sunday pledged to further support the slowing economy by spurring loans and
lowering borrowing costs.In the currency market, the euro stood at $1.12345, keeping some distance from Thursday's $1.11765 hit after the
European Central Bank's surprisingly dovish stance
It was its lowest since late June 2017.The dollar was softer at 111.12 yen, having peaked at a 2-1/2-month high of 112.135 last Tuesday.The
British pound was wobbly at $1.2986, having fallen to a three-week low of $1.2945 earlier on Monday on nervousness ahead of a crucial week
in the UK's troubled political debate over EU membership, with parliament expected to reject Prime Minister Theresa May's deal in a vote on
Tuesday.If that happens, lawmakers will vote the next day on whether to leave without a deal on March 29
If they reject that, then on Thursday they are due to vote on a "limited" delay.Oil prices steadied after dipping on Friday on concerns
about a slower US economic growth and surging US oil supply.US West Texas Intermediate (WTI) crude futures rose 0.2 per cent to $56.18 per
barrel.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
