Asian markets surge as U.S. jobs data eases recession fear

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MG News | October 07, 2024 at 08:48 AM GMT+05:00

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October 07, 2024 (MLN): Asian markets rose Monday after a blockbuster US jobs report soothed any concerns about the world's top economy, while the dollar held gains with traders scaling back bets on another bumper interest rate cut, as APP reported. 

Oil prices edged down as traders await Israel's response to Iran's missile barrage last week amid ongoing fears about a region-wide war in the Middle East.

All three main indexes on Wall Street rallied Friday on data showing a forecast-busting 254,000 US jobs were created last month and the unemployment rate fell.

The reading was the best in six months and sharply higher than readings in July and August, which had sparked worries that the economy could be heading for a recession.

The dollar rallied on the reading as investors lowered their expectations the Federal Reserve will cut interest rates 50 basis points for a second straight meeting when it gathers later this month.

"The September payrolls print was meaningfully better than expected," said Taylor Nugent, a senior markets economist at National Australia Bank.

 "It was going to take more bad news for the (board) to match the extent of cuts in near-term pricing.

"But instead the data supported (its) assessment that the US labour market is not primed for imminent, sharper deterioration and may even be holding up a little better than expected.

Later in the week, traders will closely watch inflation data, hoping for more of an idea about the Fed's decision-making

The stronger dollar against the yen boosted Japanese stocks, with the Nikkei 225 climbing almost two percent, while Hong Kong extended its recent rally fuelled by China's raft of economic stimulus measures.

There were also gains in Sydney, Seoul, Singapore, Taipei and Manila.

Crude prices edged down after a volatile day Friday that saw them soar five percent at one point before paring the gains.

The initial rally came after US President Joe Biden said he was "discussing" possible Israeli strikes on Iranian oil sites in retaliation for Tehran's barrage.

But the commodity dropped back later in the day after he advised Tel Aviv against such action, saying he was trying to rally the world to avoid the escalating prospect of all-out war in the Middle East.

Still, investors are awaiting the next developments in the crisis on the first anniversary of Hamas's deadly attack on Israel that led the country to fight wars against the militant group and Hezbollah in Lebanon.

Copyright Mettis Link News
                  

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KSE30 57,253.65
170.47M
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KMI30 264,339.24
259.66M
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KMIALLSHR 72,280.61
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Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 89,425.00 90,600.00
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BRENT CRUDE 64.89 65.41
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RICHARDS BAY COAL MONTHLY 86.75 0.00
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ROTTERDAM COAL MONTHLY 98.75 98.75
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USD RBD PALM OLEIN 1,027.50 1,027.50
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0.00
0.00%
CRUDE OIL - WTI 60.36 60.89
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0.00%
SUGAR #11 WORLD 14.78 14.90
14.66
0.06
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