Asia News
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Stocks rose, oil gained and the dollar fell as Australia’s economy grew at twice the rate economists estimated and investors awaited the European Central Bank’s monthly rate decision. The so-called Aussie rallied, while aluminum climbed as metals in London resumed trading.
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Australia’s economy expanded at more than twice the pace economists forecast, sending the local currency, bond yields and stocks higher and prompting traders to pare bets on a half-point interest-rate cut next month.
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Guangdong’s job market is showing signs of withstanding China’s slowdown as factory owners report that shortages of workers persist in the southern export hub.
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Palm-oil inventories in Malaysia, the second-biggest supplier, probably dropped to the lowest level in more than a year in May, potentially curbing a 17 percent slump in prices of the commodity used in candy bars and biofuels.
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