SYDNEY : Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts.Brent oil rose 1 per cent to $76.89 a barrel, giving up some of its earlier
SYDNEY : Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts.
They rose after Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million bpd in May, the biggest reduction in years, while a broader OPEC+ deal to limit supply into 2024 also underpinned futures. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent, while Japan's Nikkei surged 1.7 per cent to stand above 32,000 for the first time since July 1990.
Data on Friday showed U.S. economy added 339,000 jobs last month, higher than most estimates, but moderating wage growth and rising jobless rate led markets to continue to bet on no change in Fed rates this month, with a 75 per cent chance priced in for that, according to CME FedWatch tool. Fitch Ratings said the United States'"AAA" credit rating would remain on negative watch, despite the debt agreement.
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