Asian stocks set to follow US jobs rally, China in focus
NEW YORK – Asian stocks were likely to track a firmer Wall Street session on Friday after strong US jobs data although growing Sino-US tensions and a worrying surge in coronavirus cases is likely to cap gains.
“While June data reflected a big improvement in the US labor market, the recent sharp acceleration in new virus cases plus the prospect of an end to unemployment benefits by the end of July are two big layers of uncertainty,” said NAB Markets analyst Rodrigo Catril, adding that the uptick in US cases could mean extended headwinds for the labor market.
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