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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 are higher in Asia after Wall Street was boosted by a report that signaled the U.S. jobs market, while still healthy, is showing some signs of cooling.

People walk in the rain in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 4, 2023, in Tokyo. 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. The report also showed the unemployment rate rose to 3.8% from 3.5%. That's the highest level since February 2022, though still low by historical standards.expected at some point in 2023

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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