Stock market today: Asia follows Wall Street up on hopes Fed will ease off rate hikes
Asian stock markets are following Wall Street higher ahead of an update on the U.S. jobs market
BEIJING (AP) — Asian stock markets followed Wall Street higher Friday ahead of a U.S. jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed.
Shanghai, Tokyo, Hong Kong and Seoul advanced after U.S. lawmakers approved a deal to avert a government debt default. Oil prices strengthened.
Wall Street's benchmark S&P 500 index rallied 1% on Thursday after data showed manufacturing and retail activity weakening. That added to hopes the Fed might decide upward pressure on prices is easing and more rate hikes can be postponed or scaled down.
"Skipping a rate hike” at this month's Fed meeting would let policymakers “see more data before making decisions,” said a board member, Philip Jefferson. The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, made similar comments.
