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Asian markets up on strong US jobs data

6:05 AM, Jun 10, 2013   |    comments
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BEIJING (AP) - Asian markets rose today after U.S. jobs data helped allay concern the Fed might wind down its stimulus and Japan's prime minister promised new tax cuts.

Traders were encouraged after a closely watched U.S. Labor Department measure of employment showed the world's largest economy added 175,000 jobs in May, better than the expected 165,000 increase.

The Fed is trying to encourage corporate investment and consumer spending by purchasing $85 billion a month in government bonds to push down market interest rates.

Markets have been uneasy over the past two weeks as traders scrutinized comments by Fed officials for hints about when that will end. That would nudge interest rates higher.

The dollar gained against the euro and the yen. Benchmark crude oil rose to remain above $96 per barrel.

 

 

 

 

 

Associated Press

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