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## Market Update: Asia-Pacific Markets Track Wall Street Gains

A Chinese flag in Pudong’s Lujiazui Financial District in Shanghai, China, on Sept. 18, 2023.

Raul Ariano | Bloomberg | Getty Images

Asia-Pacific markets tracked Wall Street gains on Monday as a softer-than-expected U.S. jobs report fueled hopes that the Federal Reserve could start cutting rates soon. This positive momentum was further boosted by ongoing developments in Australia and China.

Investors are eagerly awaiting the Reserve Bank of Australia’s rate decision on Tuesday and China’s April trade data on Thursday. These are crucial indicators that could provide insights into the economic health of these respective regions.

ING analysts pointed out that the RBA meeting is “worth watching closely,” especially considering recent inflation data from Australia, which showed signs of price growth acceleration. However, despite this positive data, Australia’s economy has experienced a slowdown, with the labor market showing signs of softening. As a result, ING analysts predict no change to the RBA’s current rate of 4.35%.

Moreover, composite purchasing managers’ index readings for Hong Kong are being released by S&P Global, while service PMI readings for mainland China and India will also be available on Monday. Unfortunately, Japan and South Korea’s markets are closed for a public holiday, limiting trading activity in the region.

Overall, Australia’s S&P/ASX 200 index rose 0.7% to close at 7,682.4, extending its winning streak for the third consecutive day. Similarly, Hong Kong’s Hang Seng index climbed by 0.47%, and mainland China’s CSI 300 surged by 1.48%, signifying a positive start to the week.

In the U.S., last Friday saw a significant market rally following the release of a weaker-than-expected April jobs report. The nonfarm payrolls data revealed that only 175,000 jobs were added, falling short of the anticipated 240,000 jobs. Additionally, the unemployment rate inched up to 3.9%, while wage figures came in lower than expected, easing concerns about inflation.

The S&P 500 soared by 1.26%, marking its best performance since February, while the Nasdaq Composite rallied by 1.99%. The Dow Jones Industrial Average also posted gains of 1.18%, demonstrating a broad-based market rally.

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