TOKYO: Asian equities surged on Thursday, led by technology shares, while gold held near record highs and the dollar weakened after soft U.S. labour data strengthened expectations for Federal Reserve rate cuts.
The ADP employment report showed U.S. jobs unexpectedly declined in September, with August revised lower. Traders now see quarter-point Fed cuts at both remaining meetings this year. A U.S. government shutdown is likely to delay Friday’s payrolls report, adding uncertainty.
Japan’s Nikkei gained over 1%, Taiwan rose 1.8%, South Korea’s KOSPI jumped 2.8% after Samsung and Hynix secured OpenAI data centre deals, and Hong Kong’s Hang Seng added 1.6%. Euro STOXX 50 futures were up 0.5%.
Gold touched a record $3,895 before easing to $3,866, while U.S. Treasury yields slid. The dollar index hovered near one-week lows. Brent crude rose 0.7% to $65.78 a barrel, while WTI climbed to $62.20 on tighter Russia sanctions prospects. – Reuters
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