Global stocks climb as weak US jobs data eases rate hike worries
Stocks rose as investors responded to new US jobs data, easing fears of an imminent interest rate hike by the Federal Reserve. Tech companies, especially in Japan and Korea, saw strong gains, while Wall Street indices reached new highs. Oil prices continued to rise due to ongoing tensions in the Strait of Hormuz. Donald Trump and Iranian officials both made statements regarding the situation, highlighting ongoing geopolitical tensions.
TLDR
- US Bureau of Labour Statistics reported a loss of 23,000 jobs last month, prompting investors to scale back expectations of a near-term Federal Reserve rate hike.
- Tech stocks led gains in Asia and the US, with the S&P 500 and Nasdaq reaching record levels.
- Oil prices increased as Iran’s Revolutionary Guards maintained a blockade of the Strait of Hormuz, demanding the US meet specific conditions.
- Donald Trump commented on the Iran situation, stating the US is "low-keying it" and monitoring developments.
- Key stock indices in Tokyo, Hong Kong, and Shanghai closed higher, while London dipped and Paris and Frankfurt edged up.
