Asian Stocks Extend Gains As US Jobs Trump Virus Worries

Asian investors welcomed a forecast-busting US jobs report to send regional equities higher on Friday, though an acceleration in virus infections across the world's top economy tempered big gains

Hong Kong, (UrduPoint / Pakistan Point News - 3rd Jul, 2020 ):Asian investors welcomed a forecast-busting US jobs report to send regional equities higher on Friday, though an acceleration in virus infections across the world's top economy tempered big gains.

While the US registered more than 50,000 new cases for a second straight day and authorities across the country reimposed containment measures, traders backed up with a wall of government and central bank cash chose to look to the positives.

And a near-five million jump in employment in June, combined with promising vaccine tests, provided the platform for another market rally that saw the Nasdaq clock up yet another record.

The jobs report showed people returning to jobs in hard-hit and crucial sectors such as leisure and hospitality, which accounted for just under half of the increase.

The US advances, and a strong performance in Europe -- where countries are pressing ahead with lockdown easing -- gave Asia a strong lead, which investors picked up on.

Hong Kong rose 1.2 percent after climbing almost three percent Thursday, while Tokyo finished 0.7 percent higher and Shanghai jumped two percent.

Sydney climbed 0.4 percent and Seoul put on 0.8 percent, while there were healthy advances in Taipei, Seoul, Wellington, Singapore and Mumbai. Manila reversed early losses.

London, Paris and Frankfurt all rose at the open.