- Asian Stocks Back at Decade High After U.S. Jobs
Asian equities returned to the highest in almost 10 years after strong U.S. hiring data bolstered optimism about economic growth in the world’s largest economy.
Japan’s Topix index is on course for a two-year high, boosted by earnings at Toyota Motor Corp. and as the yen clung to losses. Benchmarks in Australia, South Korea and Hong Kong also gained, following fresh highs on the Dow Jones Industrial Average when the greenback climbed on better-than-forecast hiring data and a pick up in wage growth in July. Iron ore futures in Singapore surged as steel prices also advanced. Oil held above $49 a barrel ahead of OPEC talks on complying with cuts to reduce global supply.
Broad-based hiring in July along with stronger household incomes and buoyant consumer confidence may give the Federal Reserve reason to raise interest rates later this year as it seeks to normalize monetary policy. Non-farm payrolls rose 209,000, against expectations for 180,000. The dollar’s bounce propelled it higher from the lowest since 2015 as investors sought faster growth in economies outside the U.S.
China expressed confidence that new United Nations sanctions would help bring North Korea to the negotiating table to end its push for nuclear weapons and ballistic missiles. Vice President Mike Pence disputed a report Saturday suggesting that he may be among Republicans preparing for run for president in 2020 if Donald Trump doesn’t seek a second term, calling it “laughable and absurd.”
