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Asian stocks rose on Monday after an unexpected increase in U.S. employment lifted hopes of a faster global recovery from the COVID-19 pandemic.
The Asian-Pacific’s MSCI outside of Japan gained 0.23%, continuing to see highs for eight consecutive days. The index soared by 34% after suffering from 4-year lows in March since the early days of the pandemic.
U.S. nonfarm payrolls surged by 2.509 million jobs in May, compared to a consensus estimate of a drop of 8 million jobs. The estimates were based on a record 20.687 million unemployment claims on April.
The U.S. Labor Department also reported an unexpected decline in unemployment rate from 14.7% in April to 13.3% in May, its lowest rate since the Second World War.
The figures boosted optimism of a quicker recovery of the global economy as governments ease lockdown measures.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
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