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Mainland Chinese markets rose as they returned from a break, helped by hopes for government support for the property sector and economy – Copyright AFP STR<\/small><\/em><\/p>\nMost Asian markets rose Monday after data showing fewer US jobs were created last month rekindled optimism interest rates will be cut this year, while mainland Chinese equities bounced on hopes for fresh government economic support.<\/p>\n
A tech rally saw the Nasdaq lead Wall Street up after Friday\u2019s non-farm payrolls figures, which helped soothe concerns that forecast-busting inflation figures at the start of the year meant the Federal Reserve would keep borrowing costs at two-decade highs for an extended period.<\/p>\n
The 175,000 new jobs in April\u2019s NFP report were much lower than the month before and also marked a big miss on expectations, while wage growth was also slightly lower than forecast.<\/p>\n
Observers pointed out that while the reading indicated a slowdown in the world\u2019s number two economy, it was not seen as a big enough miss to feed fears that a recession is on the horizon.<\/p>\n
The news ramped up bets on the Fed cutting rates in September while investors also lifted their outlook on how many there would be, though the two priced in are still well short of the six envisaged at the start of the year.<\/p>\n
\u201cThe softer wage growth and a slight increase in unemployment may ease some of the Federal Reserve\u2019s concerns about implementing rate cuts this summer,\u201d said Stephen Innes at SPI Asset Management.<\/p>\n
\u201cThe unexpected weakness across the key labour series is a much-needed friendly surprise for policymakers.\u201d<\/p>\n
The advances on Wall Street on Friday \u2014 and another record for London \u2014 gave Asian investors a healthy lead, and most picked up the baton.<\/p>\n
Shanghai was the standout performer as mainland investors returned from a long break to play catch-up with a global rally over the past few days.<\/p>\n
Traders also cheered a report last week that leaders would look at ways to support China\u2019s battered property sector as well as use measures to provide fresh support to the economy.<\/p>\n
The tools outlined encompassed interest rates and the amount of cash banks must keep in reserve, Bloomberg News reported.<\/p>\n
\u201cMarket sentiment appears to be incrementally improving,\u201d Nicholas Yeo, of abrdn, said, pointing to improving traveller figures, market reforms and strong corporate releases.<\/p>\n
\u201cMore material support via larger-than-expected fiscal spending and additional help for the property market would go a long way to materially improve sentiment in China.\u201d<\/p>\n
Hong Kong edged up to push recent gains into a tenth successive trading day, while Sydney, Singapore, Taipei and Manila were also up. Wellington and Jakarta edged down.<\/p>\n
The dollar rose against the yen, clawing back some of the big losses it suffered Friday in response to the US jobs report.<\/p>\n
The Japanese unit endured a volatile time last week after hitting its weakest level in 34 years, leading authorities to reportedly intervene in forex markets Monday and Wednesday.<\/p>\n
\u2013 Key figures around 0300 GMT \u2013\u00a0<\/p>\n
Hong Kong \u2013 Hang Seng Index: UP 0.2 percent at 18,505.51<\/p>\n
Shanghai \u2013 Composite: UP 1.0 percent at 3,135.57<\/p>\n
Tokyo \u2013 Nikkei 225: Closed for a holiday<\/p>\n
Dollar\/yen: UP at 153.75 yen from 152.99 yen on Friday<\/p>\n
Euro\/dollar: DOWN at $1.0765 from $1.0767<\/p>\n
Pound\/dollar: UP at $1.2549 from $1.2546<\/p>\n
Euro\/pound: UP at 85.79 from 85.78 pence<\/p>\n
West Texas Intermediate: UP 0.4 percent\u00a0at $78.38 per barrel\u00a0<\/p>\n
Brent North Sea Crude: UP 0.3 percent\u00a0at $83.19 per barrel<\/p>\n
New York \u2013 Dow: UP 1.2 percent at 38,675.68 (close)<\/p>\n
London \u2013 FTSE 100: UP 0.5 percent at 8,213.49 (close)<\/p>\n<\/p><\/div>\n
Asian markets build on rally as US jobs data boost rate cut hopes
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#Asian #markets #build #rally #jobs #data #boost #rate #cut #hopes<\/p>\n","protected":false},"excerpt":{"rendered":"
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