Stock market today: Asian stocks follow Wall St up after strong U.S. jobs report
CTV
Asian stocks followed Wall Street higher on Monday after strong U.S. hiring data suggested a possible recession might be further away, while smaller wage gains stoked hopes inflationary pressures are weakening.
Asian stocks followed Wall Street higher on Monday after strong U.S. hiring data suggested a possible recession might be further away, while smaller wage gains stoked hopes inflationary pressures are weakening.
Tokyo's benchmark gained almost 2%. Shanghai, Hong Kong and Seoul also rose.
Wall Street's benchmark S&P 500 index leaped 1.5% on Friday, putting it on the verge of entering what traders call a "bull market" after rising nearly 20% in seven months.
Government data Friday showed employers hired more people than expected in May, suggesting the economy is strong despite repeated rate increases to cool inflation. Wage gains slowed, suggesting pressure for prices to rise might be weakening, which would reduce the need for the Federal Reserve to cool business activity with more rate hikes.
"Markets appear poised to ride last week's upward momentum as bubbly risk appetite finds a comfort pillow in hopes for a U.S. soft landing," said Stephen Innes of SPI Asset Management in a report.
The Nikkei 225 in Tokyo advanced 1.9% to 32,106.94 and the Shanghai Composite Index added less than 0.1% to 3,232.77. The Hang Seng in Hong Kong gained 0.3% to 19.011.82.
The Kospi in Seoul was 0.6% higher at 2,615.35 and the S&P ASX 200 in Sydney jumped 1% to 7,214.90.
