Stock market today: Asian shares climb after blockbuster US jobs report

FILE - A person walks in front of the Tokyo Stock Exchange building Wednesday, Oct. 2, 2024, in Tokyo. FILE - A person stands near an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. FILE - A person walks in front of the Tokyo Stock Exchange building Wednesday, Oct. 2, 2024, in Tokyo. FILE - Signs mark the intersection of Broadway and Wall Street in the Financial District on Oct. 2, 2024, in New York.

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.Stock market today: Oil prices jump again on worries about the Middle East as Wall Street fadesElsewhere 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.

“More fiscal stimulus to stabilize the property market and restructure local government debts, and structural reforms to address the over-capacity and deflation issues are needed to turn around the economy,” B of A Securities said in a research note, pointing to continued declines in home sales, housing prices and credit growth.

Treasury yields soared Friday after the U.S. government said employers added 254,000 more jobs to their payrolls last month than they cut. That was an acceleration from August’s hiring pace of 159,000 and blew past economists’ forecasts.and Friday’s jobs report was so strong traders are now forecasting it will not deliver another half-point interest rate cut before the end of the year after doing so in September.

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