{"id":65947,"date":"2024-05-06T16:32:15","date_gmt":"2024-05-06T06:32:15","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=65947"},"modified":"2025-11-10T17:44:19","modified_gmt":"2025-11-10T06:44:19","slug":"monday-6th-may-2024-asian-markets-rise-on-wall-street-optimism","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/monday-6th-may-2024-asian-markets-rise-on-wall-street-optimism\/","title":{"rendered":"Monday 6th May 2024: Asian Markets Rise on Wall Street Optimism"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><br \/>Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.10%, Shanghai Composite up 1.09%, Hang Seng up 0.44% ASX up 0.70%<\/li>\n\n\n\n<li>Commodities : Gold at $2322.5 (0.65%), Silver at $27.23 (2.26%), Brent Oil at $83.45 (0.68%), WTI Oil at $78.66 (0.65%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.49, UK 10-year yield at 4.26, Germany 10-year yield at 2.49<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(USD) Non-Farm Employment Change&nbsp; 175K vs 238K expected<\/li>\n\n\n\n<li>(USD) Unemployment Rate 3.9% vs 3.8% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>In the Asia-Pacific region, markets followed Wall Street&#8217;s upward trend on Monday, buoyed by a softer-than-expected U.S. jobs report that raised hopes for potential rate cuts by the Federal Reserve. Investors are eagerly awaiting the Reserve Bank of Australia&#8217;s rate decision and China&#8217;s April trade data later in the week.<\/p>\n\n\n\n<p>ING analysts noted that the RBA meeting is of particular interest, given recent inflation data showing a rise in price growth. Despite this, they predict no change to Australia&#8217;s current rate, citing a softer economy compared to the U.S., especially with significant labor market softening.<\/p>\n\n\n\n<p>Monday saw the release of key PMI readings for Hong Kong by S&amp;P Global, alongside service PMI data for mainland China and India. Japan and South Korea&#8217;s markets were closed for a public holiday.<\/p>\n\n\n\n<p>In the U.S., Friday&#8217;s stock market surge was fueled by a jobs report indicating slower-than-expected job growth in April. Despite the addition of 175,000 jobs, below the anticipated 240,000, the unemployment rate rose to 3.9%, while wage figures came in lower than expected\u2014a factor seen as positive for inflation. The S&amp;P 500 surged by 1.26%, the Nasdaq Composite rallied by 1.99%, and the Dow Jones Industrial Average gained 1.18%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>8:00 AM GMT &#8211; EUR Final Services PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: In the Asia-Pacific region, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":74214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-65947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/65947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=65947"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/65947\/revisions"}],"predecessor-version":[{"id":65948,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/65947\/revisions\/65948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/74214"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=65947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=65947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=65947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}