Stocks went up on Thursday after new U.S. jobs data showed private companies actually cut 32,000 jobs last month instead of adding more. Weirdly, that’s good news for investors, because it means the economy is slowing and the U.S. Federal Reserve is more likely to cut interest rates again.
Wall Street loved it, and Asian markets followed. Tech stocks were the stars, thanks to a big deal between OpenAI and South Korea’s chip giants Samsung and SK hynix. Their stocks shot up, with SK hynix jumping as much as 12% and Samsung 5%, pushing Seoul’s stock market to a record high. Taiwan’s TSMC also rose, helping Taipei’s market surge too.
Even Chinese tech giants like Alibaba, Tencent, and JD.com gained ground. Investors are still pouring money into anything related to artificial intelligence.
In Europe, London, Paris, and Frankfurt opened higher, while oil prices ticked up slightly.
– Key figures at around 0715 GMT –
Tokyo – Nikkei 225: UP 0.9 per cent at 44,936.73 (close)
Hong Kong – Hang Seng Index: UP 1.9 per cent at 27,363.39
Shanghai – Composite: Closed for a holiday
London – FTSE 100: UP 0.2 per cent at 9,465.92
Euro/dollar: UP at $1.1737 from $1.1728 on Wednesday
Pound/dollar: UP at $1.3480 from $1.3476
Dollar/yen: UP at 147.22 yen from 147.14 yen
Euro/pound: UP at 87.07 pence from 87.04 pence
West Texas Intermediate: UP 0.2 per cent at $61.89 per barrel
Brent North Sea Crude: UP 0.2 per cent at $65.45 per barrel
New York – Dow: UP 0.1 per cent at 46,441.10 (close)
