SINGAPORE (AP) – Asian stock indexes rose Monday as investors rallied around a U.S. jobs report, despite fresh signs of a burgeoning trade war as weekend China-U.S. trade talks ended in an apparent impasse.
KEEPING SCORE: Japan’s benchmark Nikkei 225 index rose 1.4 percent to 22,481.64 and South Korea’s Kospi gained 0.3 percent to 2,446.77. Hong Kong’s Hang Seng rallied 1.3 percent to 30,889.91 and the Shanghai Composite index rose 0.2 percent to 3,081.77. Australia’s S&P/ASX 200 gained 0.6 percent to 6,025.00. Taiwan’s benchmark rose and Southeast Asian indexes were mostly higher.
WALL STREET: Major U.S. benchmarks finished higher on Friday. The S&P 500 rose 1.1 percent to 2,734.62, and the Dow Jones industrial average gained 0.9 percent to 24,635.21. The Nasdaq composite jumped 1.5 percent to 7,554.33.
A man looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Monday, June 4, 2018. Asian stock indexes were higher Monday as investors rallied around a U.S. jobs report, despite fresh signs of a burgeoning trade war emerging closer to home. (AP Photo/Eugene Hoshiko)
MORE U.S. JOBS: U.S. employers added a robust 233,000 jobs in May, up from 159,000 in April, helping to drive the nation’s unemployment rate to an 18-year low of 3.8 percent. “The May jobs report revealed impressive strength and breadth in U.S. job creation that blew away most economists’ expectations,” said Scott Anderson, chief economist at Bank of the West.
CHINA’S WARNING: Raising the likelihood of a trade war, China said Sunday that it won’t step up purchases of American products if President Donald Trump taxes billions of dollars’ worth