Asia Pacific stock markets registered good growth, along with the rise in oil prices

The stock markets in the Asia-Pacific witnessed a rise on Monday which followed “a big miss” in the April U.S. jobs report by the Fed, whereas oil futures recorded high levels as well

Asia Pacific stock markets registered good growth, along with the rise in oil prices

The stock markets in the Asia-Pacific witnessed a rise on Monday which followed “a big miss” in the April U.S. jobs report by the Fed, whereas oil futures recorded high levels as well. The Japanese Nikkei 225 and Topix soared over 1%. While the South Korea’s Kospi rose by 1% as well. However, the Chinese markets gave mixed reactons. The Shanghai composite took a marginal dip of 0.1%, whereas the stocks in Shenzen rose over 0.4% and Hong Kong’s Hang Seng Index soared by 0.6%.

In Australia, retail sales recorded an increase of 1.3% for March, however it still missed the 1.42% predicted by the analysts. However, the low infection rates across the country have built business confidence in the country which has helped record a high in April. In addition to this, the U.S. jobs report for the month of April recorded weaker than expected results. The report indicated that the U.S. companies added 266,000 net payrolls previous month and the unemployment rate increased to 6.12%. However, the Wall Street provided a mild reaction to the news. The Dow Jones Industrial Average stood at 2.7% last week, whereas the S&P 500 added 1.2%.

An eluded non-farm payrolls cane another case for ‘bad news is good news’ for the U.S. equities. In normal times, the 266k addition could be extremely impressive however it shocked the market for expecting four times of that number.

The U.S. dollar also witnessed a flattening rate with the Japanese yen changing hands at 108.86 per dollar, whereas the Australian dollar stood strong against the U.S. dollar to USD 0.7848. In oil markets, the U.S. crude futures grew 1.11% to USD 65.62 per barrel as one of the largest pipelines in the U.S. witnessed a shutdown after a cybersecurity attack.