Asian Stocks Follow Wall Street’s Lead, Boosted by Weaker Jobs Report

Asian shares saw a boost on Monday following Wall Street’s impressive performance last week, with the stock market experiencing its best day in over two months. This rally was supported by the cooler-than-expected U.S. employment data, which led to U.S. futures edging higher and oil prices rising.

The Japanese yen weakened slightly after suspected government intervention, with Finance Minister Shunichi Suzuki expressing concerns about rapid fluctuations impacting households and businesses. Meanwhile, the euro saw a slight increase against the dollar.

In Hong Kong, the Hang Seng index dipped slightly, while the Shanghai Composite index rose as markets reopened after a weeklong holiday. A private sector survey revealed that China’s services sector grew at a slower pace in April due to rising costs, despite an increase in new orders and improved business sentiment.

Australia’s S&P/ASX 200 and Taiwan’s Taiex also experienced gains, while markets in Japan and South Korea were closed for holidays.

The positive momentum from Wall Street’s rally on Friday carried over to the S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite, with technology stocks leading the gains. The modest increase in hiring last month in the U.S. suggests that the Federal Reserve’s aggressive rate hikes may be impacting the economy, potentially leading to a reassessment of interest rates.

Overall, the market rally was widespread, with companies like Apple, Microsoft, and Amgen seeing significant gains after reporting strong quarterly results. In energy trading, benchmark U.S. crude and Brent crude both saw increases in prices.