Asian stocks hug three-month highs after surprise U.S. jobs recovery, oil ticks up

      Published on Monday, 8 June , 2020      701 Views     
Asian stocks hug three-month highs after surprise U.S. jobs recovery, oil ticks up

  • World

Asia shares advanced on Monday after a surprise recovery in U.S. employment lifted hopes of a quicker global economic revival after many weeks of lockdowns aimed at controlling the coronavirus pandemic

European markets were headed for a weaker open, with pan-European Euro Stoxx 50 futures down 0.5% and FTSE futures easing 0.3%. U.S. S&P 500 futures inched 0.15% higher but gave up most of the gains made earlier in the day.





“As we get more and more data that perhaps confirms that the economy is really on the mend and the second wave of infections may not be very severe, then that will boost confidence even further,” said Vasu Menon, senior investment strategist at OCBC Bank Wealth Management.

The new wave of optimism was triggered by U.S. nonfarm payrolls, which unexpectedly rose by 2.509 million jobs last month – versus consensus estimates of a fall of 8 million jobs after a record plunge of 20.687 million in April.

The Labor Department’s closely watched employment report also showed a surprise fall in the jobless rate to 13.3% last month from 14.7% in April, a post-World War Two high.

The data raised hopes of a quick economic recovery as governments worldwide ease social curbs aimed at stemming the virus.



 


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Category World | 2020/06/08 latest update at 4:14 PM
Source : Reuters | Photocredit : Reuters
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