Markets

Strong US data, Wall Street, the dollar, Toshiba, and China PMI in focus

Positive U.S. data released on Wednesday gave Wall Street a boost overnight as the dollar recovered ahead of the Thursday Asian trading day.

Revised second-quarter GDP showed the U.S. economy grew 3 percent in that period, above the 2.6 percent figure previously calculated. Meanwhile, the private sector in the U.S. added 237,000 positions in August, above a Reuters forecast of 185,000. That was the fastest pace of private payrolls growth in five months.

The positive data releases gave the greenback a boost overnight. The dollar index, which tracks the dollar against a basket of six currencies, climbed as high as 92.946 overnight compared to levels around 92.3 the day before. The dollar index stood at 92.85 at 6:53 a.m. HK/SIN.

Against the Japanese currency, the dollar rose to its highest levels in around two weeks. The dollar last fetched 110.28 yen, compared to the 109 handle seen for most of the past fortnight.

Stocks stateside also closed higher as investors digested the economic data, with tech stocks leading gains. The Dow Jones industrial average tacked on 0.12 percent, or 27.06 points, to close at 21,892.43, the S&P 500 rose 0.46 percent, or 11.29 points, to close at 2,457.59 and the Nasdaq outperformed, closing 1.05 percent up at 6,368.31.

Elsewhere, President Donald Trump said he didn’t want to be “disappointed by Congress” on tax reforms during a speech on Wednesday. The president provided few details aside from outlining how cutting corporate and individual tax rates could lead to economic growth and job creation.

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