Barring the Shanghai Composite, Asian stock market indices gain following Yellen’s comments
Majority of the Asian stock market indices were trading higher on 7 June 2016Reuters

Majority of the Asian stock market indices were higher on 7 June, including the Shanghai Composite Index, which was up 0.07% at 2,936.04 as of 7.33am GMT. This followed a positive close on Wall Street overnight amid comments from US Federal Reserve Chair, Janet Yellen.

Yellen said she was concerned over the disappointing US nonfarm payrolls data released on 3 June. She also expressed concern over the Brexit vote on 23 June and hinted that the American central bank would not increase interest rates at its June 14-15 policy meeting.

Fan Cheuk Wan, head of investment strategy, Asia at HSBC Private Bank, said: "Yellen's comments downplayed the impact of the jobs data last week and gave a cautious sense of optimism on the outlook for the US economy. Her comments point towards the world remaining stuck in a low-growth and low-yield environment which should be positive for risky assets and keep the dollar soft."

Indices in the rest of Asia traded as follows on 7 June at 6.02am GMT:

Country Index Price Up/Down %Change
Hong Kong Hang Seng Index 21,174.57 UP 0.69%
Japan Nikkei 225 16,680.82 UP 0.61%
South Korea KOSPI 2,008.92 UP 1.16%
India CNX Nifty 8,231.20 UP 0.37%
Australia S&P/ASX 200 5,366.70 UP 0.12%

Overnight (6 June), the Dow Jones Industrial Average closed at 17,920.33, up 0.64%, while the FTSE 100 closed at 6,273.40, up 1.30%.

Among commodities, oil prices were trading lower on 7June. While WTI crude oil was trading 0.18% lower at $49.60 (£34.17, €43.66) a barrel, Brent crude was trading 0.20% lower at $50.45 a barrel at 6.08am GMT.