-- Asian equity markets are eyeing a strong open as China returns from a three-day holiday and Friday’s softer-than-expected US jobs report revive bets the Federal Reserve will cut rates this year.Worsening Weather Is Igniting a $25 Billion Market
A litany of weaker-than-estimated data points last week — from jobs to services and manufacturing — sent the US version of Citigroup’s Economic Surprise Index to the lowest since February 2023. The gauge measures the difference between actual releases and analyst expectations. Nonfarm payrolls advanced 175,000 in April, the smallest gain in six months. Unemployment ticked up to 3.9% and wage gains slowed.
Traders will also be mindful of a swath of central bank meetings this week, led by a likely hawkish Reserve Bank of Australia on Tuesday following stronger-than-expected inflation data last month. Chinese activity data as well as inflation readings in key emerging markets are also due.The offshore yuan was little changed at 7.
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