Most Asian stock markets rose on the morning of May 6

Hong Kong's Hang Seng Index rose 0.2% to 18,505.51 points, and the Shanghai Composite Index rose 1.0% to 3,135.57 points.

Most Asian stock markets rose on the morning of May 6, mainly because the latest data showed that the number of new jobs in the United States last month was lower than expected, stimulating market optimism that the United States will cut interest rates this year. Chinese stocks also rose strongly on the prospect of new economic support measures from the government.

Hong Kong's Hang Seng Index rose 0.2% to 18,505.51 points, and the Shanghai Composite Index rose 1.0% to 3,135.57 points. Markets in Sydney, Singapore, Taipei and Manila also rose, but markets in Wellington and Jakarta fell slightly. Tokyo markets are closed for holidays.

The United States added 175,000 jobs in April 2024, according to a new report from the Labor Department. On a seasonally adjusted basis, the number was down from the 300,000 jobs added in March and the 240,000 economists had forecast. . The unemployment rate also rose to 3.9% in April.

Stephen Innes, an expert at SPI Asset Management, said that slow wage growth and a slight increase in unemployment may reduce concerns about the Federal Reserve cutting interest rates this summer.

The Shanghai market outperformed as mainland investors returned to the market after a long holiday to catch up with the global rebound over the past few days.

Traders are also confident that China will introduce new measures to support the struggling real estate sector and boost the economy.

Abrdn expert Nicholas Yeo pointed out that market sentiment appears to be improving, supported by improving tourism data, reform markets and strong corporate reports.

In the domestic market, as of 11:07 a.m., the VN-Index rose by 14.33 points (1.17%) to 1,235.36 points; the HNX-Index rose by 3.36 points (1.47%) to 231.58 points. 


 

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