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Stock market today: Asian shares surge after Wall St gains on signs the US jobs market is cooling

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Stocks were higher in Asia on Monday after Wall Street was boosted by a report that signaled the US jobs market, while still healthy, is showing some signs of cooling. That supported investors’ hopes that the Federal Reserve may soon ease up on its campaign to slow the U.S. economy by raising interest rates. “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,” T

Stocks were higher in Asia on Monday after Wall Street was boosted by a report that signaled the US jobs market, while still healthy, is showing some signs of cooling.

“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. Hong Kong's Hang Seng index jumped 2.4% to 18,828.91 while the Shanghai Composite index added 1% to 3,166.62. Tokyo's Nikkei 225 was up 0.6% at 32,899.99.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.

But recent economic snapshots have bolstered the view on Wall Street that the Fed may hold rates steady at its next policy meeting in September.

 

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