Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Asia Follows Wall Street Higher

By MarketPulse (Jeffrey Halley)Stock MarketsMay 07, 2021 05:01AM ET
Asia Follows Wall Street Higher
By MarketPulse (Jeffrey Halley)   |  May 07, 2021 05:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Asia-Pacific equities markets are posting solid if unremarkable gains across the region today. Sino geopolitical tensions are being shoved aside as Asia concentrates on the global recovery play, which continues from Wall Street yesterdy.

Yesterday, Wall Street finished higher, with the Dow Jones making yet another record close. The S&P 500 rose 0.82%, with the NASDAQ edging 0.37% higher and the Dow Jones leaping 0.92%. In Asia, index futures on all three have moved slightly higher, led by NASDAQ futures, up 0.25%.

Improving US jobless claims, various Fed speakers steadying the dovish ship, anticipated robust US labour market data and impressive China numbers this morning, give Asia every reason to be positive today. The Nikkei 225 is 0.10% higher, tempered by Covid-19 concerns. The KOSPIi is 0.75% higher, China’s Shanghai Composite is 0.40% higher, and the CSI 300 is 0.15% higher. Hong Kong has climbed 0.55%.

Singapore has rallied 0.75%, with the tech-heavy Taiex rallying by 1.0%. Kuala Lumpur is 0.35% higher, with Jakarta up 0.10%. Australian markets have also drifted higher as the commodity rally continues. The ASX 200 and All Ordinaries are rising by 0.30%.

Bullish exuberance is being tempered by the Nonfarm Payroll event risk today. Still, there is no reason why equities, either in Asia or Europe, should retreat before the main event with expectations so high.

What should we expect from tonight’s Nonfarm Payrolls? Depending on who you speak to, NFP will come in at between 1.0 million and 1.30 million jobs added. That is notably higher than the 900,000 market consensus from Monday morning. My concern is that it is starting to look like a very crowded trade, which always makes me nervous. Especially that despite the noise this week, most markets have just range traded.

The risks shift, I suspect, to a print of 900,000 or less, which will surprise markets. I caveat this by saying that that is not my base case; I am in the 1.0 million club myself.

Original Post

Asia Follows Wall Street Higher

Related Articles

Asia Follows Wall Street Higher

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email