Asian shares surged on Monday following a robust U.S. jobs report that boosted optimism about the economy, leading to a rally on Wall Street. Despite this positive trend, U.S. futures dipped, and oil prices also saw a decline.
Japan’s Nikkei 225 index recorded a 1.8% increase, reaching 39,332.74 as the yen weakened against the U.S. dollar. This movement was fueled by speculation surrounding interest rate plans under new Prime Minister Shigeru Ishiba’s leadership.
Nintendo stocks rose by 5% after reports of increased investment from a Saudi wealth fund. Ishiba outlined his economic agenda in a recent policy speech, emphasizing salary increases, investment promotion, and support for low-income households.
Meanwhile, Hong Kong’s Hang Seng index and Seoul’s Kospi both saw gains. Mainland Chinese markets are set to reopen after a weeklong holiday, with expectations for the government to unveil economic stimulus plans.
Despite concerns about Middle East tensions impacting oil prices, U.S. benchmark crude oil slightly fell. The robust jobs report has raised hopes for a strong job market, influencing the Federal Reserve’s decisions on interest rates.
Overall, the positive economic indicators and market performance signal a potentially bright future for global economies.
© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.