Asian Markets Rise on Positive Economic Data and U.S. Stock Market Highs
On Friday, December 8th, U.S. stock markets closed on a high note, with the S&P 500 and Nasdaq reaching their highest closing levels since early 2022. This surge was fueled by an encouraging U.S. jobs report, which sparked optimism among investors about the economic outlook.
In November 2023, U.S. non-farm payrolls grew by 199,000, surpassing October’s figures and exceeding expectations. The unemployment rate also fell to 3.7%, down from October’s 3.9%. Key job gains were seen in health care, government, and manufacturing, while retail trade employment declined.
The positive sentiment in the U.S. stock market translated into gains in the Asian markets today. Japan’s Nikkei 225 closed Monday’s session higher by 1.56%, led by gains in the Transport, Banking, and Paper & Pulp sectors. In Australia, the S&P/ASX 200 was up 0.06%, with gains in the Energy, Consumer Discretionary, and Healthcare sectors. China’s Shanghai Composite gained 0.74%, and the Shenzhen CSI 300 climbed 0.59%. However, Hong Kong’s Hang Seng Index was down 0.84%.
In the Eurozone, the STOXX 600 index was down 0.19%, with Germany’s DAX declining 0.11% and France’s CAC rising 0.06%. The U.K.’s FTSE 100 traded lower by 0.69%.
Looking at commodities, Crude Oil WTI was trading lower by 1.11% at $70.47 per barrel, while Brent was down 0.98% at $75.10 per barrel. Natural Gas fell 7.25% to $2.394. Gold and Silver both experienced declines, with Gold trading lower by 0.26% at $2,009.40 and Silver declining 0.31% to $22.205. Copper also slid 0.94% to $3.7945.
As for U.S. futures, Dow futures were down 0.04%, S&P 500 futures slid 0.10%, and Nasdaq 100 Futures fell 0.19%.
In the forex market, the U.S. Dollar Index was down 0.02% to 104.00. USD/JPY gained 0.87% to 146.19, and AUD/USD rose 0.14% to 1.5244.
Overall, the positive economic data and the high closing levels of the U.S. stock market on Friday have contributed to the rise in Asian markets today. Investors are optimistic about the economic outlook and are closely monitoring the performance of key sectors and commodities.
