Asian Stocks Set to Rise on Strong US Jobs Data

-- Asian stocks are set to follow Wall Street higher after Friday’s jobs print indicated a strong US economy. China reopens after a two-day holiday.Mark Zuckerberg’s Wealth Exceeds Elon Musk’s for the First Time Since 2020

In Asia, traders will be keeping a closer eye than usual on China’s daily yuan reference rate as markets reopen from a holiday. Investors will be looking for signs of official pushback after the currency weakened toward a no-go area last week. The fixing may signal whether Beijing will support the currency more vigorously or allow a moderate depreciation.

Elsewhere, New Zealand’s central bank, the first to hike in the post-Covid tightening cycle, is expected to push back against easing bets when it delivers it decision this week. Meanwhile, the European Central Bank is likely to keep its key rate unchanged as traders eye rate cuts within months. Minutes of the last meeting suggested a June easing is likely, while Governing Council member Yannis Stournaras last month said four cuts are possible this year.

The bank said it became aware of "allegations" against Ahn and launched an investigation that found she violated the bank's code of conduct by having an "undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases." Both employees had their employment terminated as a result, the bank said in a statement.

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