Global bourses rally as US jobs report whets appetite for risk
‘We still expect more volatility this year as many of these issues have further go run, but the broad trend in shares likely remains up’
Sydney — A relief rally swept across Asian share markets on Monday, after the latest US jobs report managed to impress with its strength while also easing fear of inflation and faster rate hikes — a neat feat that whetted risk appetites globally. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.3%, poised for a third session of gains. South Korea rose 1% while Australia’s main index added 0.7%, boosted by mining shares on news that Australia could be exempt from new US trade tariffs on steel and aluminium imports. E-mini futures for the S&P 500 index put on another 0.3%. Japan’s Nikkei jumped 1.2%, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land. Inflation worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6% after a spike in January. The pullback in wages t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.