Asian Shares Follow Wall Street Higher As Recession Worries Ease

RTTNews | 736天前
Asian Shares Follow Wall Street Higher As Recession Worries Ease

(RTTNews) - Asian stocks advanced on Monday as Friday's resilient U.S. jobs data and the Senate passing the debt ceiling bill helped ease fears of a recession. Encouraging service sector readings from China and Japan also boosted sentiment.

While U.S. jobs growth was almost as twice as strong in May, smaller wage gains stoked hopes inflationary pressures are weakening and the Fed will pause interest-rate hikes.

Signs of a strong U.S. economy gave an expected boost to the dollar and weighed on gold prices.

Oil prices jumped nearly 2 percent in Asian trade after a new output deal among OPEC+ member states was reached over the weekend.

Chinese shares ended on a flat note even as a private survey showed China's services activity picked up in May.

The Shanghai Composite index finished marginally higher at 3,232.44, giving up earlier gains. Hong Kong's Hang Seng index climbed 0.84 percent to 19,108.50.

Japanese shares led regional gains to hit a 33-year high, tracking strong gains on Wall Street Friday and amid optimism that the Bank of Japan will maintain ultra-low rates at the end of a two-day policy meeting later this month.

There was more cheer on the data front as a private survey showed Japan's service sector activity expanded at a record pace in May.

The Nikkei average jumped 2.20 percent to 32,217.43, marking its highest close since July 1990 and posting its biggest daily gain since Jan. 18. The broader Topix index ended 1.70 percent higher at 2,219.79.

Uniqlo brand owner Fast Retailing rallied 3.9 percent and robot maker Fanuc soared 4.5 percent while tech stocks such as Advantest and Screen Holdings climbed 2-3 percent.

Seoul stocks ended higher on Fed pause hopes. The Kospi average gained 0.54 percent to close at 2,615.41, led by auto, airline and energy stocks.

Australian markets rallied as strong oil and iron ore prices lifted energy and mining stocks. Gold miners succumbed to heavy selling pressures as bullion prices fell on a stronger dollar.

The benchmark S&P/ASX 200 finished 1 percent higher at 7,216.30 while the broader All Ordinaries index ended 0.95 percent higher at 7,401.20.

Elders rose 2.7 percent after an announcement that its chief executive, Mark Allison, would continue in his role.

New Zealand markets were closed for a public holiday.

U.S. stocks posted strong gains on Friday as the latest jobs report delivered mixed signals and the passage of a debt-ceiling agreement helped avert concerns surrounding debt default.

The Dow rallied 2.1 percent, while the tech-heavy Nasdaq Composite surged 1.1 percent to reach over one-year high and the S&P 500 added 1.5 percent to set a new nine-month closing high.

Data showed non-farm employment soared by 339,000 jobs in May while economists had expected an increase of 190,000 jobs.

However, a rise in unemployment rate to a seven-month high of 3.7 percent and lower average hourly earnings helped keep alive hopes of Fed pausing rate hikes.

read more
Eurozone Investor Confidence Strongest In A Year: Sentix

Eurozone Investor Confidence Strongest In A Year: Sentix

Euro area investor morale rose to the highest level in a year in June, driven by the economic recovery in Germany, survey data from the behavioral research institute Sentix showed Tuesday. The investor sentiment index rose to +0.2 in June from -8.1 in May. This was the highest reading since June 2024 and remained well above economists' forecast of -6.0.
RTTNews | 2小時8分鐘前
Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Tuesday morning with investors looking for directional clues as they await the outcome of the U.S.-China trade negotiations.
RTTNews | 3小時0分鐘前
FTSE 100 Advances; Persimmon, Marks & Spencer Among Top Gainers

FTSE 100 Advances; Persimmon, Marks & Spencer Among Top Gainers

Despite data showing an increase in the nation's unemployment rate, U.K. stocks are up in positive territory a little past noon on Tuesday on selective buying amid some optimism over the ongoing U.S.-China trade talks in London.
RTTNews | 3小時34分鐘前
CAC 40 Down Marginally In Cautious Trade

CAC 40 Down Marginally In Cautious Trade

French stocks are largely subdued on Tuesday as investors refrain from making significant moves while awaiting the outcome of the ongoing trade talks between U.S. and Chinese officials in London.
RTTNews | 4小時19分鐘前
Sensex, Nifty End Choppy Session Narrowly Mixed

Sensex, Nifty End Choppy Session Narrowly Mixed

Indian shares fluctuated before ending little changed on Tuesday as investors waited for more details to emerge from the second day of ongoing U.S.-China trade negotiations in London.
RTTNews | 5小時2分鐘前
Yen Recovers Amid BoJ Rate Hike Speculation

Yen Recovers Amid BoJ Rate Hike Speculation

The Japanese yen recovered from early lows against other major currencies in the European session on Tuesday, as traders speculate that the Bank of Japan (BoJ) will hike interest rates this year.
RTTNews | 5小時23分鐘前
UK Jobless Rate Rises; Wage Growth Softens

UK Jobless Rate Rises; Wage Growth Softens

The UK unemployment rate rose slightly in the three months to April period and wage growth softened as the rise in social security contribution and the minimum wage started to weigh on the labor market activity. The ILO jobless rate rose to 4.6 percent in the three months to April, as expected, from 4.5 percent in the three months to March, data from the Office for National Statistics revealed T
RTTNews | 5小時48分鐘前