· Wall Street surged on Friday after moderate jobs growth in September offered relief from a spate of dismal economic data this week that has rankled markets and fueled concerns that the world’s largest economy may be sliding into a recession.
The Dow Jones Industrial Average .DJI jumped 1.42% to close at 26,573.72 points, while the S&P 500 .SPX also surged 1.42%, finishing at 2,952.01.
The Nasdaq Composite .IXIC added 1.4% to end at 7,982.47.
Volume on U.S. exchanges was light at 5.9 billion shares, compared with the 7.3 billion average for the full session over the last 20 trading days.
For the week, the S&P 500 fell 0.3%, the Dow lost 0.9% and the Nasdaq added 0.5%.
· Traders see a 77.5% chance that the central bank will lower borrowing costs at its policy meeting later this month, up from 40% on Monday. The Fed cut rates in September for the second time this year and said future reductions would be “data-dependent.”
Asia markets traded mixed Monday morning as investors awaited a fresh round of U.S.-China trade negotiations set to begin later this week.
Japan’s Nikkei 225 fell by 0.3% after starting the trading day higher. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, slipped 0.54%. The Topix index also gave up gains and fell 0.18%.
South Korea’s Kospi also slipped fractionally, with shares of LG Chem dropping 1.52%. In Australia, the S&P/ASX 200 advanced 0.35% as the sectors mostly traded higher. Trading in Australia is expected to be subdued as parts of the country is closed for the Labour Day holiday.
Overall, the MSCI Asia ex-Japan index rose 0.12%. Markets in Hong Kong and China are closed Monday for holidays.
· Ahead of this week’s trade talks between the world’s two largest economies, there were reports that Chinese officials are growing hesitant to pursue a broad trade deal with the U.S.
Reference: CNBC, Reuters
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