Asian stock markets rise after weak US hiring data

Asian stock markets rose on Monday after weak US employment in August fueled expectations that the Federal Reserve Board might postpone the withdrawal of economic stimulus that pushed up stock prices.

Shanghai Tokyo and Hong Kong, which account for the majority of the region’s market capitalization, have advanced. Seoul and Sydney have withdrawn.

Wall Street’s Benchmark S & P 500 Index fell 0.1% on Friday, but still approached record highs after the Ministry of Labor reported in August that US employees added 235,000 jobs.

Investors seemed to welcome it. That’s because the Fed may be urged to postpone cuts in bond purchases that fund the financial system. Authorities have pointed out that the Fed’s board may decide on it this month, but wants to make sure the recovery is established and says employment is an important factor.

“A weaker increase in employment significantly reduces the chances of the Fed tapering,” IG’s Yeap Jun Rong said in a report.

The Shanghai Composite Index rose 1% to 3,617.53, and the Nikkei 225 in Tokyo rose 1.8% to 29,650.21. Hong Kong’s Hang Seng Index rose 0.5% to 26,027.23.

South Korea’s Kospi was down 0.2% to 3,193.84, and Sydney’s S & P-ASX 200 was down 0.3% to 7,502.30.

India’s Sensex opened 0.2% at 58,269.19. New Zealand, Singapore and Bangkok were acquired during Jakarta’s withdrawal.

Weak employment in the United States has also raised concerns that the epidemic of the more contagious delta mutants of the coronavirus is hampering economic growth. It was well below the monthly average of more than 900,000 jobs added in June and July.

Friday’s S & P 500 fell 1.52 points to 4,535.43. The Dow Jones Industrial Average fell 0.2% to 35,369.09. The Nasdaq Composite rose 0.2% to a record high of 15,363.52, the third straight week of growth.

The Fed has invested in the financial system through $ 120 billion in bond purchases each month.

In the energy market, benchmark US crude fell $ 79 to $ 68.50 a barrel in e-commerce on the New York Mercantile Exchange. The deal fell 70 cents to $ 69.29 on Friday. Brent crude, the basis of London’s international oil prices, fell 85 cents to $ 71.76 a barrel. In the last session, it fell 42 cents to $ 72.61.

The dollar rose from 109.64 yen on Friday to 109.80 yen. The euro fell from $ 1.1891 to $ 1.1869.

Exit mobile version