Stock market today: Asian shares climb after blockbuster US jobs report
Asian shares have advanced after a surprisingly strong U.S. jobs report raised optimism about the economy, sparking a rally on Wall Street
Asian shares advanced Monday after a surprisingly strong U.S. jobs report raised optimism about the economy, sparking a rally on Wall Street.
U.S. futures slipped and oil prices also fell.
Japan's Nikkei 225 index gained 1.9% to 39,354.63 after the yen sank against the U.S. dollar. The Japanese currency has bounced on speculation over the central bank's plans for interest rates since Prime Minister Shigeru Ishiba took office last week.
In a policy speech on Friday, Ishiba said he wants to see salary increases that outpace inflation and that he will promote investment to create “a virtuous cycle of growth and distribution.” He promised economic support for low-income households and measures for regional revitalization and disaster resilience.
But he offered no major new initiatives, and his initial public support ratings are around 50% or lower, relatively low for a new leader, according to Japanese media. He plans to dissolve parliament on Wednesday for an election on Oct. 27.
After surging against the dollar the yen fell back late last week. Early Monday, the dollar was trading at 148.57 yen, down from 148.72 late Friday. Lower interest rates tend to boost prices of shares and other assets.
Elsewhere in Asia, Hong Kong's Hang Seng index rose 1.4% to 23,056.53 and the Kospi in Seoul surged 1.1% to 2,597.34.
Taiwan's Taiex gained 1.3%.
Mainland Chinese markets reopen from a weeklong holiday on Tuesday, and the government said it plans to explain details of plans for economic stimulus at a morning news conference in Beijing. Before the Oct. 1 National Day holiday began,
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