Monday, 7 December 2015

Asian markets trade higher, economic data eyed

Asian stocks opened higher on Monday, after a strong US jobs report sent US equities soaring on Friday. Nonfarm payrolls data showed the US economy created 211,000 jobs for November, beating market expectations. 

 It is likely to have been the final sign for the Federal Reserve that conditions were right for a hike in interest rates in December. Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note that despite the solid jobs number for November, the imminent Fed rate hike is expected to be modest. "The hike when it comes will be a sign of how the U.S. has recovered since the GFC [global financial crisis]; and that subsequent rate hikes will likely be gradual and tied to progress in lifting inflation back towards the Fed's target."

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