Stock market today: World shares surge after Wall St gains on signs the US jobs market is cooling
Stocks are higher in Europe and Asia after Wall Street was boosted by a report that signaled the U.S. jobs market, while still healthy, is showing some signs of cooling
Stocks were higher in Europe and Asia on Monday following a report that signaled the US jobs market, while still healthy, shows some signs of cooling, raising hopes for an easing of interest rate hikes.
Germany's DAX advanced 0.7% to 15,949.69 and the CAC 40 in Paris picked up 0.8% to 7,354.96. In London, the FTSE 100 was up 0.8% at 7,522.38.
The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.2%. U.S. markets will be closed for the Labor Day holiday.
“It appears that global markets are primed to be smitten with the idea of a ‘Nirvana’ Fed tightening outcome, entailing the ‘immaculate dis-inflation’ that does not cause employment pain,” Tan Boon Heng of Mizuho Bank said in a commentary.
Apart from the favorable jobs data, fresh stimulus from China’s financial regulators for the beleaguered property sector also supported buying. They have cut down-payment requirements for first and second-time home buyers and lowered rates on existing mortgages, noted Yeap Jun Rong of IG.
Hong Kong's Hang Seng index jumped 2.5% to 18,844.16, while the Shanghai Composite index added 1.4% to 3,177.06. Tokyo's Nikkei 225 was up 0.7% at 32,939.18.
In Seoul, the Kospi jumped 0.8% to 2,584.55. Sydney's S&P/ASX 200 added 0.6% to 7,318.80.
Shares also rose in Taiwan and Southeast Asia.
Friday on Wall Street, the S&P 500 finished 0.2% to 4,515.77. The Dow Jones Industrial Average rose 0.3% to 34,837.71. The Nasdaq composite closed less than 0.1% lower, at 14,031.81, breaking a five-day winning streak.
The Labor Department reported Friday that employers
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