In the financial world on May 3, 2024, Asian stocks experienced significant gains as tech shares took the lead ahead of key U.S. employment data. The nonfarm payrolls report was highly anticipated for insights into the health of the U.S. labor market and potential implications for interest rates.
Apple Inc.'s earnings report exceeded expectations, leading to a surge in premarket trading and a subsequent boost to its Asian suppliers such as Taiwan Semiconductor Manufacturing Company (TSMC), Hon Hai Precision Industry (Foxconn), AAC Technologies Holdings Inc., Samsung Electronics Co Ltd, SK Hynix Inc, and LG Innotek Co Ltd.
European shares also saw gains with Germany's DAX rising 0.3%, CAC 40 in Paris increasing by 0.5%, and FTSE 100 adding 0.3%. Oil prices and US futures were also on the rise.
The Japanese yen strengthened against the US dollar amid suspected government interventions, while markets remained cautious due to regional holidays and anticipation of key U.S. data.
Apple's earnings report revealed better-than-feared earnings and a forecast for revenue growth in the current quarter, leading to a significant increase in share prices. This positive news spilled over into the Asian tech sector, with suppliers experiencing gains as well.
The nonfarm payrolls data was expected to provide further insights into the U.S. economy and potential implications for interest rates. The Federal Reserve had previously warned of continued rate hikes due to labor market strength, but recent stickiness in inflation has caused uncertainty.
Asian markets were largely muted, with trading volumes remaining limited amid regional holidays and caution over U.S. interest rates.
European and Asian shares advanced ahead of the key US jobs report, with Germany's DAX gaining 0.3%, CAC 40 in Paris rising 0.5%, and FTSE 100 adding 0.3%. Oil prices and US futures were also on the rise.
Apple reported higher-than-expected earnings and announced a record stock buyback program of $110 billion, leading to a surge in premarket trading for the tech giant. This news positively impacted its Asian suppliers such as TSMC, Hon Hai Precision Industry (Foxconn), AAC Technologies Holdings Inc., Samsung Electronics Co Ltd, SK Hynix Inc, and LG Innotek Co Ltd.
European and Asian shares were mostly higher ahead of the report on U.S. employment that is expected to show the economy remains strong despite a prolonged bout of high interest rates.
Oil prices and US futures were also on the rise, with WTI crude oil trading above $80 per barrel.
Germany's DAX gained 0.3% to 17,958.12 and the CAC 40 in Paris rose 0.5% to 7,950.67.
In London, the FTSE 100 added 0.3% to reach a new record high of 8,213 points.
The future for the S&P 500 was up by around 4 points or approximately 0.1%, while that for the Dow Jones Industrial Average was up by around the same amount.
Asian markets were largely muted, with trading volumes remaining limited amid regional holidays and caution over U.S. interest rates.
The nonfarm payrolls report is expected to provide further insights into the health of the U.S. labor market and potential implications for interest rates.
Apple's earnings report exceeded expectations, leading to a surge in premarket trading for the tech giant and a subsequent boost to its Asian suppliers such as TSMC, Hon Hai Precision Industry (Foxconn), AAC Technologies Holdings Inc., Samsung Electronics Co Ltd, SK Hynix Inc, and LG Innotek Co Ltd.
European and Asian shares were mostly higher ahead of the report on U.S. employment that is expected to show the economy remains strong despite a prolonged bout of high interest rates.
Oil prices and US futures were also on the rise, with WTI crude oil trading above $80 per barrel.
Germany's DAX gained 0.3% to 17,958.12 and the CAC 40 in Paris rose 0.5% to reach a new record high of 7,962 points.
In London, the FTSE 100 added
