Asia Pacific stocks set for positive start as U.S. jobs report beats expectations
Investors will watch for reaction to the overnight U.S. jobs print, where nonfarm payrolls surged by 4.8 million in June, according to the U.S. Labor Department. The figure smashed expectations by economists surveyed by Dow Jones of a 2.9 million increase in jobs created. The unemployment rate dropped to 11.1%, lower than the 12.4% forecast by economists surveyed by Dow Jones.in the week ending June 27. Economists polled by Dow Jones expected initial U.S. jobless claims to rise by another 1.
National Australia's Bank's Rodrigo Catril wrote in a note that the nonfarm payrolls and jobless claims data "delivered contrasting images" of the state of the US labor market. "While June data reflected a big improvement in the US labour 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," Catril said. Numerous states in the U.S. have paused or reversed plans to ease restrictions as new coronavirus cases spiked countrywide.
Looking ahead, a private survey of China's services sector activity for June is expected on Friday, with the Caixin/Markit services Purchasing Manager's Index set to be released around 9:45 a.m. HK/SIN.
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.
Asia Pacific stocks set to rise amid coronavirus vaccine hopes; Australia trade data for May expectedStocks in Asia Pacific were set to rise at the open on Thursday following positive news overnight around the development of a potential coronavirus vaccine.
Read more »
COVID-19 strain in Beijing outbreak may have come from Southeast Asia: Harvard studyA strain of COVID-19 that has infected more than 300 people in Beijing since early June could have originated in South or Southeast Asia, according to a study by Harvard University researchers.
Read more »
Asia Today: Cases rise in locked Australian suburbs, IndiaA coronavirus outbreak in Australia's second-largest city continued to grow Thursday and the Northern Territory detected its first case in three months. Northern Territory Health Minister...
Read more »
Asia Pacific stocks set to rise amid coronavirus vaccine hopes; Australia trade data for May expectedStocks in Asia Pacific were set to rise at the open on Thursday following positive news overnight around the development of a potential coronavirus vaccine.
Read more »
US stocks rise as COVID-19 vaccine progress offsets disappointing jobs data | Markets InsiderUS stocks rose Wednesday as investors cheered COVID-19 vaccine progress. A potential vaccine being developed by Pfizer and BioNTech spurred immu...
Read more »
June jobs report beats expectations—Five experts on what it means for the economic recoveryStocks moved higher on a strong June jobs report, though concerns of a rising number of coronavirus cases in the U.S. lingered. Here are five experts on what the jobs report says about the road to recovery.
Read more »