Asia-Pacific markets open higher after U.S. jobs report missed expectations


A pedestrian seems to be at an digital citation board exhibiting numbers of the Nikkei 225 index in Tokyo on September 11, 2020.

Kazuhiro Nogi | AFP | Getty Images

SINGAPORE — Stock markets in Asia-Pacific opened higher on Monday following “a giant miss” within the U.S. jobs report launched Friday.

Japan’s Nikkei 225 rose round 0.85%, whereas the Topix was 0.89% higher.

In South Korea, the Kospi rose 0.51% whereas Australia’s ASX 200 inched up 0.67% in early commerce.

The extensively watched U.S. jobs report for April got here in weaker than anticipated. The report confirmed U.S. employers added 266,000 internet payrolls final month and the unemployment price rose to six.1%.

But Wall Street had solely a gentle response to the dangerous information. Overall, the Dow Jones Industrial Average rallied 2.7% final week, whereas the S&P 500 gained 1.2%. Despite a 0.9% rally within the week’s closing session, the Nasdaq Composite shed 1.5% over the identical interval.

“A giant miss for non-farm payrolls was one other case of ‘dangerous information is sweet information’ for US equities on Friday. The 266okay addition would in regular instances be extraordinarily spectacular however it shocked the market that was anticipating practically 4 instances that quantity,” analysts from Australian financial institution ANZ wrote in a morning word.

Investors might be awaiting numerous knowledge releases from Australia on Monday, together with retail gross sales for March and the primary quarter, in addition to the NAB enterprise confidence survey.

Currencies and oil

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