A woman looks for information on the application for unemployment support at the New Orleans Office of Workforce Development, in New Orleans, Louisiana April 13, 2020. — Reuters pic

TOKYO, June 8 — US stock futures and Asian Stock Market advanced today after a surprise recovery in US employment gave further confidence of a quick economic recovery after many weeks of lockdowns aimed at controlling the coronavirus pandemic.

US S&P500 futures rose 0.5 per cent to stand near their highest levels since late February while Japan’s Nikkei opened more than 1 per cent higher.

MSCI’s broadest index of Asia-Pacific Stock Market outside Japan rose 0.3 per cent in early trade, with South Korea’s Kospi rising 1.4 per cent The Australian share market was closed for a holiday.

US nonfarm payrolls rose by 2.509 million jobs last month — in contrast with consensus estimates of a fall in 8 million jobs after a record plunge of 20.687 million in April.

The Labour Department’s closely watched employment report also showed the jobless rate falling to 13.3 per cent last month from 14.7 per cent in April, a post-World War Two high. Economists had forecast the rate jumping to 19.8 per cent

“Although there are some risk factors such as weekend …

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Market news summary from Malay Mail Market News.
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