Asian markets boosted by poor US jobs data

Asian shares were boosted this morning by poor jobs data released by the US.

 

US non-farm pay rolls rose by 142,000 in September, which was a long way off hitting the 203,000 figure markets had expected. 

 

 

Asian markets benefited from the resulting negative outlook for a rate hike by the US central bank, which is now considered less likely by analysts. 

 

"Risk aversion weakened today as the weak US employment data supported expectations that the Fed would put off the timing of rate hikes," Kim Young-jun, a stock analyst at SK Securities in Seoul, told Reuters. 

 

In China, markets remained closed on Monday as part of the Golden Week National holiday, but elsewhere in the continent stock exchanges were lifted.

 

Hong Kong's Hang Seng index closed 1.39 per cent higher at 21,805 points, while Japan's Nikkei rose 1.58 per cent to 18,005 points.

 

The Federal Reserve will meet later this week to discuss raising interest rates from the near-zero levels they have been at since 2006. 

 

Angus Campbell, senior analyst at FXPro, said the "worse than expected nonfarm payroll figure has almost totally justified Janet Yellen’s recent caution by not raising rates at last month’s Fed meeting and puts the chances of a 2015 rate hike from the Federal Reserve into serious doubt".