Asian Markets gain after the NFP Shocker

The equity indices in the Asian and Pacific Rim were mostly higher today. Trader sentiment in the Asian region was boosted by better than expected American jobs data that was released on Friday.

The better than expected non-farm payroll report for May shocked the markets and boosted trader hopes that the economy is on the rebound from the Covid-19 lockdown.

The Australian financial markets were closed for a public holiday.

In Japan, the Asian benchmark, the Nikkei 225 tacked on three quarters of a percent by late morning. Shares of robotics company Fanuc jumped 2.28 percent. In Tokyo, the broader Topix index added over half a percent.

In Seoul South Korea, the Kospi composite index was in the red as it traded just below the breakeven line.

In Hong Kong, the Hang Seng index added 0.48 percent and the bourses on the mainland, in China, were in the green. The Shanghai composite added 0.6 percent and the Shenzhen composite, by late morning, rose 1.21 percent.

Asian Traders watch Chinese Export and Import Data

China released, for May, better than expected import and export data. The numbers contracted but not as bad as was feared. The numbers are still being kept in check by the coronavirus lockdowns and supply chain disruptions.

China posted a record surplus as imports fell off.

The world is starting to ease global lockdown restrictions as various economies are starting to slowly reopening. This should boost demand for goods from China going forward.

Better than expected Labor Data Improves boosts Sentiment

The world’s largest economy, in the month of May, shockingly added jobs after record setting losses seen in April.

The U.S. unemployment rate also fell to 13.3 percent after hitting a post-Second World War high of 14.7 percent in April. This, if correct, the United States economy is starting to stabilize after the Covid-19 lockdown induced massive job cuts.