(Bloomberg) — The Asian stock market saw a rise following the release of better-than-expected US payroll data, indicating a strong economy and boosting investor confidence.
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Equity indices in various regions showed gains, while US 10-year yields approached the crucial 4% mark, with investors scaling back expectations of significant interest rate cuts by the Federal Reserve. Asian currencies depreciated against the dollar, particularly Indonesia’s rupiah which fell for six consecutive days. Bank Indonesia assured its readiness to intervene to stabilize the exchange rate.
The current market trends reflect the resilience of the US economy, with September seeing the highest job additions in half a year. Anticipation of sustained growth and rekindled inflation is likely to strengthen the dollar and reduce demand for safe-haven assets. Chinese stocks in Hong Kong surged to their highest point in over two years ahead of mainland China’s market reopening on Tuesday…
2024-10-06 22:49:16
Originally published on finance.yahoo.com