TOKYO, July 5 — Most Asian stocks gained today, extending the rally that took global equities to a record high after a US jobs report signalled the economic recovery remained intact but didn’t yet warrant any immediate withdrawal of Federal Reserve stimulus.
Trading is set to be thinner than usual with US markets closed for the extended 4th of July weekend, meaning “some of those upside moves might be capped and price action might be choppy,” according to Kyle Rodda, a market analyst at IG in Melbourne. US nonfarm payrolls increased by a bigger-than-expected 850,000 jobs last month. But the unemployment rate unexpectedly ticked up to 5.9 per cent from 5.8 per cent, while the closely watched average hourly earnings, a gauge of wage inflation, rose 0.3 per cent last month, lower than the consensus forecast for a 0.4 per cent increase.
Eyes will be trained on the minutes of the Federal Open Markets Committee meeting from last month, when policymakers surprised markets by signalling two rate hikes by the end of 2023.
Muhammad Qasim emphasizes on the fact that we should avoid Shirk and its forms because this is the only way we can achieve success in this world and the hereafter. This message is clear for the Muslim ummah.