Surge in coronavirus cases in the United States kept a lid on further risk-taking.
TOKYO/NEW YORK - Asian shares rallied to a four-month high on Friday on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the United States kept a lid on further risk-taking.
China’s services sector expanded at the fastest pace in over a decade in June, the Caixin/Markit services Purchasing Managers’ Index showed, as the easing of coronavirus-related lockdown measures revised consumer demand. The country’s nonfarm payrolls surged by 4.8 million jobs in June, above the average forecast of 3 million jobs in June, thanks to rises in the hard-hit hospitality sectors.Even after two months of job recovery from May, the U.S. economy has recovered only just over a third of a historic plunge of 20.787 million in April.
The momentum of recovery faces more headwind as a surge of new coronavirus infections prompts U.S. states to delay and in some cases reverse plans to let stores reopen and activities resume. “Back to pre-pandemic , in my view, will be a matter of years,” Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence in Dallas, TX. “With luck, it will be two years but that is likely optimistic given the number of permanent closures we’ve learned of.”The U.S. State Department warned top American companies including Walmart , Apple and Amazon.com Inc over risks faced from maintaining supply chains associated with human rights abuses in China’s western Xinjiang province.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian stocks rise on vaccine hopes, eyes on US payrolls - 92 News HD PlusAsian stocks tracked Wall Street higher although sentiment was cautious ahead of US employment data while copper prices jumped to more than six-month highs
Read more »
India to buy 33 Russian fighter jets amid rising tension with ChinaIndia's defence ministry Thursday signed off on the purchase of 33 Russian fighter jets and upgrades to 59 others worth $2.4 billion, amid rising tensions with
Read more »
China clashes with US over new Hong Kong security lawChina promised Thursday to take
Read more »
Indian news of Pak Army's additional LoC deployment, airbase use by China is false: ISPRWe vehemently deny presence of Chinese troops in Pakistan, said Major General Babar Iftikhar.
Read more »
China orders four US media outlets to disclose finances, staffActress Noemie Merlant has absolutely no regrets about walking out of the French Oscars after Roman Polanski won best director to cap what was perhaps the most
Read more »