Asian shares subdued as jobs data raises odds of Fed rate hike
Asian shares inched higher, while the dollar started the week on the front foot after the U.S. jobs data underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.14% higher, while Japan’s Nikkei (.N225) gained 0.5%. Australian, Hong Kong and European markets are closed for Easter. E-mini futures for the S&P 500 were flat.
China shares eased on Monday, with the bluechip CSI300 Index (.CSI300) 0.2% lower, while the Shanghai Composite Index (.SSEC) down nearly 0.3%.
Labor Department data on Friday showed that nonfarm payrolls increased by 236,000 jobs last month, just shy of the 239,000 expected by economists in a Reuters poll.
The closely watched report also showed that annual wage gains slowed but remained too high to be consistent with the U.S. central bank’s 2% inflation target.
This report’s information was first seen on REUTERS; to read more, click this link.