Almost all Asian market rose tremendously on Monday and fresh records were set on Wall Street due to the US jobs data that surpassed the forecast and investors are now eyeing the latest policy meeting by Federal Reserve later this week.
The jobs data of US that came out on Friday showed about 228,000 jobs that were created last month and a 17 year low for unemployment in the country. This shows that the number one economy in the world was in a healthy state.
Due to this data along with Brexit talk’s breakthrough, strong indicators from the Chinese and the great progress in the tax reforms of the US, the US equities like S&P 500 and Dow Jones Industrial Average closed at an all-time high.
All this was also because of an agreement by all US lawmakers to keep the funding going for the government to ensure that there is no shutdown.
This instant advance has allowed to stop a sell-off that has recently hit the global markets as traders are cashing in due to the end of the year. Tech firms also took a hit from their profit taking.
Tokyo ended a little higher than its previous value and both Shanghai and Hong Kong added 0.2%. Even Singapore increased by 0.4% and Taipei also jumped by at least 0.8%.
Sydney was constant but Seoul fell 0.1%.
All the thoughts are now on the Fed’s last meeting of 2017 which is going down on Wednesday this week. Most analysts are expecting the central bank to increase the interest rates again but they are more interested in what Fed Chair Janet Yellen would say about the future increase timetable.
All in all, the prosperity of US is clearly benefiting all the neighboring and non-neighboring countries as the global economy steadies for the first time in many years.