A moderation in US pay growth lifted Wall Street 2 per cent higher, setting the stage for a strong start on the ASX on Monday.
P/ASX 200 Index is poised to jump 1 per cent on Monday after a US jobs report showed a moderation in wage growth in December, easing worries about the Federal Reserve’s ability to bring down inflation without sparking mass layoffs.but average hourly earnings grew by a smaller-than-expected 0.3 per cent, the tiniest increase since August 2021, data from the US Labor Department showed.
Pfizer shares gained 2.5 per cent after reports of talks with China to secure a license that will allow domestic drugmakers to manufacture and distribute there a generic COVID-19 antiviral drug.Looking ahead, some of the biggest US banks, including JPMorgan and Bank of America, will kick off the fourth-quarter earnings season on Friday and may give clues on whether the scale of cuts made in earnings estimates for the calendar year was enough.
Another area of interest will be “services ex-rent inflation”, which, he said, has surprised to the downside in the last two months, partly in response to weaker medical costs. “Given labour compensation is the largest input cost, we would need a significant fall in wages growth to be confident that services ex-rent inflation is at levels consistent with 2 per cent inflation,” he said.The Fed last year raised its policy rate by 4.25 percentage points from near zero to a 4.25 per cent to 4.
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