Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose about 0.4 per cent, while Japan’s Nikkei gained about 0.2 per cent. Chinese blue chips closed 1.3 per cent lower on the day. — Reuters picNEW YORK, May 8 — Commodity prices jumped, the dollar slid to a two-month low and major global equity indexes scaled record peaks today after weak US jobs data for April tamped down fears that a booming economy would spark inflation and higher interest rates.
A slower hiring pace doused fears a US economy poised to roar on pent-up consumer demand would spur inflation and force interest rates higher. The German DAX rose 1.3 per cent, inching closer to its lifetime high, while France’s CAC 40 ended at its highest level since November 2000 and the UK’s FTSE 100 breached the 7,100 mark for the first time since February 2020.
“In this type of environment, where growth is slightly slower than anticipated in the short term, can start to get bid over the summer when they had been left for dead,” said Thomas Hayes, chairman and managing member at hedge fund Great Hill Capital LLC.
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