Asian stocks extend gains, dollar dips as US data builds on rate hope
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Asian equities rose and the dollar slipped further on Thursday as investors welcomed more data pointing to a softening labour market that gives the Federal Reserve room to cut interest rates. Figures showed the private sector created fewer jobs than expected last month, while first-time and continuing claims for jobless benefits also topped forecasts. A survey showed services sector activity contracted in June at the fastest pace in four years. Markets are pricing in nearly two rate reductions this year, starting in November. The Dow ended slightly lower, but the S&P 500 and Nasdaq chalked up more record highs. Tokyo, Hong Kong, Sydney, Seoul, Taipei, Manila, and Jakarta all saw gains in their stock markets. The euro edged up against the dollar after news that more than 200 centrist and left-wing candidates had pulled out of Sunday's legislative election runoff in France in a bid to beat the far right. The pound was enjoying support ahead of Thursday's general election in the UK, which is expected to see the opposition Labour Party win a landslide against the ruling Conservatives after 14 years in government.
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https://www.legit.ng/business-economy/economy/1600454-asian-stocks-extend-gains-dollar-dips-data-builds-rate-hope/
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