Asian markets gain on robust US Jobs data

Chinese stocks rose, with the Shanghai Composite jumping 1.3% and the Shenzhen Component adding 0.41%.

Jul 03, 2020 10:07 IST India Infoline News Service

Asian markets were trading higher following a positive close on Wall Street overnight as June labor report paints an optimistic picture of a V-shaped recovery.

China’s services sector showed it growing at its fastest pace in over a decade in June, with the Caixin/Markit services Purchasing Manager’s Index stood at 58.4 in June.

According to the US Labor Department, Nonfarm payrolls surged by 4.8 million in June.

In Japan, the Nikkei 225 and the Topix index added 0.24%, Hang Seng index up over 0.84%, South Korea’s Kospi also advanced 0.58% and the S&P/ASX 200 gained 0.57%. Chinese stocks rose, with the Shanghai Composite jumping 1.3% and the Shenzhen Component adding 0.41%.

Overnight on Wall Street, the Dow Jones Industrial Average closed 92.39 points higher, or 0.4%, at 25,827.36. The Nasdaq Composite hit a record high, rising 0.5% to end its trading day at 10,207.63. The S&P 500 also gained 0.5% to close at 3,130.01.

Meanwhile, US markets will be closed today for the July Fourth holiday.

Related Story