Asian shares on three-month highs after surprise U.S. jobs recovery

08.06.2020 - Petr Mazaylo
Asian shares on three-month highs after surprise U.S. jobs recovery

Asian stocks rose on Monday after an unexpected increase in U.S. employment lifted hopes of a faster global recovery from the COVID-19 pandemic.

The Asian-Pacific’s MSCI outside of Japan gained 0.23%, continuing to see highs for eight consecutive days. The index soared by 34% after suffering from 4-year lows in March since the early days of the pandemic.

U.S. nonfarm payrolls surged by 2.509 million jobs in May, compared to a consensus estimate of a drop of 8 million jobs. The estimates were based on a record 20.687 million unemployment claims on April.

The U.S. Labor Department also reported an unexpected decline in unemployment rate from 14.7% in April to 13.3% in May, its lowest rate since the Second World War.

The figures boosted optimism of a quicker recovery of the global economy as governments ease lockdown measures.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue
×

Help with deposit?