A relief rally swept across Asian share markets on Monday after the latest US jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 per cent. Japan's Nikkei jumped 2 per cent, while South Korea rose 0.8 per cent.
Australia's main index climbed 0.9 per cent and E-Mini futures for the S&P 500 added another 0.23 per cent. Inflationary worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January. The pullback in wages tempered speculation the Federal Reserve would project four rate hikes - or dot plots - at its policy meeting next week, instead of the current three. "The release threaded the stock needle perfectly, exhibiting strong overall net job adds alongside an increase in the participation rate and tepid wages suggesting labour demand is being met by new entrants into the workforce," said analysts at JPMorgan in a note
Australia's main index climbed 0.9 per cent and E-Mini futures for the S&P 500 added another 0.23 per cent. Inflationary worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January. The pullback in wages tempered speculation the Federal Reserve would project four rate hikes - or dot plots - at its policy meeting next week, instead of the current three. "The release threaded the stock needle perfectly, exhibiting strong overall net job adds alongside an increase in the participation rate and tepid wages suggesting labour demand is being met by new entrants into the workforce," said analysts at JPMorgan in a note
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