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font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="Sentiment was high across the region after upbeat US jobs news and the likelihood of more China stimulus" /> <meta name="twitter:title" content="Nikkei Rallies on US Jobs, Weak Yen; Hang Seng Hits 2-Year High" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/08/e2.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n<p class="p1">Asia\u2019s major stock indexes began the week on the front foot with investor mood buoyed by positive US job news and the likelihood of a soft landing for the world\u2019s No1 economy.<\/p>\r\n<p class="p1">US Treasury yields touched two-month highs, extending their rise, after the closely watched non-farm payrolls report on Friday showed the economy unexpectedly added the most jobs in six months in September.<\/p>\r\n<p class="p1">The upbeat US labour market data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.<\/p>\r\n \r\n\r\n<strong>Also on AF: <a href="https:\/\/www.asiafinancial.com\/eu-backs-large-tariffs-on-chinese-evs-but-talks-will-continue" target="_blank" rel="noopener">EU Backs Large Tariffs on Chinese EVs But Talks Will Continue<\/a><\/strong>\r\n\r\n \r\n<p class="p1">Japan\u2019s Nikkei share average jumped, supported by a weaker yen and Wall Street\u2019s Friday gains.<\/p>\r\n<p class="p1"><strong><a href="https:\/\/indexes.nikkei.co.jp\/en\/nkave\/index\/profile?idx=nk225" target="_blank" rel="noopener">The Nikkei share average<\/a><\/strong> was up 1.80%, or 697.12 points, to close at 39,332.74, after rising 2.39% earlier in the session, while the broader Topix was ahead 1.68%, or 45.32 points, to 2,739.39.<\/p>\r\n<p class="p1">The US dollar rallied following the jobs data, sending the yen down to its lowest levels since mid-August. The softer yen boosted shares of exporters, including automaker Toyota Motor which climbed 2.3%.<\/p>\r\n<p class="p1">Investor sentiment was also lifted after the Dow posted a record closing high on Friday and the Nasdaq ended with a more than 1% gain.<\/p>\r\n<p class="p1">Financial shares rallied, supported by a rise in Japanese government bond yields, with Resona Holdings surging 8.7% to become the top percentage gainer on the Nikkei.<\/p>\r\n<p class="p1">Semiconductor and other major technology stocks also performed solidly, including chip-testing equipment maker Advantest, adding 3.1%, and AI-focused startup investor SoftBank Group, up 2.2%.<\/p>\r\n<p class="p1">Hong Kong shares hit their highest in more than two years, with stocks in tech and tourism surging before steadying as markets awaited Tuesday\u2019s return of China's investors from a week-long holiday.<\/p>\r\n<p class="p1">Markets had gone to last week's break amidst an historic run thanks to the most\u00a0aggressive stimulus\u00a0measures since the pandemic. Authorities\u00a0cut rates\u00a0and\u00a0hinted at fiscal\u00a0support to shore up an economy that, by Chinese standards, is ailing.<\/p>\r\n<p class="p1"><strong><a href="https:\/\/www.hsi.com.hk\/eng" target="_blank" rel="noopener">The Hang Seng Index<\/a><\/strong> gained 1.60%, or 362.91 points, to 23,099.78. The rally has taken the Hang Seng from an also-ran to the top-performing major market so far this year, with a 33% gain running ahead of a 21% rise for the S&P 500.<\/p>\r\n<p class="p1">Shares in chipmaker SMIC\u00a0shot more than 20% higher on bets that more government backing will be directed at the sector. The stock is up nearly 60% in two sessions.<\/p>\r\n \r\n<h3>US Rate Cut Bets Pared<\/h3>\r\n<p class="p1">Elsewhere across the region, in earlier trade, there were also gains in Sydney, Seoul, Singapore, Taipei, Jakarta, Bangkok and Manila. Wellington and Mumbai edged down. MSCI's broadest index of Asia-Pacific shares climbed more than 1%.<\/p>\r\n<p class="p1">US Dow futures eased slightly, after the cash index closed at an all-time peak on Friday following the payrolls data.<\/p>\r\n<p class="p1">Bets for a super-sized 50-basis-point rate cut at the Federal Reserve's next policy announcement on November 7 \u2013 which had been above 50% a week ago \u2013 were completely erased after the payrolls report.<\/p>\r\n<p class="p1">Instead, traders now lay 96% odds on a quarter-point cut, with a small chance that the policy rate stays unchanged, according to the <strong><a href="https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME Group's FedWatch Tool<\/a><\/strong>.<\/p>\r\n<p class="p1">The 10-year US Treasury yield touched 3.992% on Monday for the first time since August 7. The two-year yield rose as high as 3.965%, a level last seen on August 22.<\/p>\r\n<p class="p1">That pulled regional bond yields higher, with 10-year Japanese government bond yields reaching the highest since August 6 at 0.915%.<\/p>\r\n<p class="p1">Gold dropped 0.35% to $2,643 an ounce amid the dollar's resurgence, although it remained not far from last month's record peak of $2,685.42.<\/p>\r\n<p class="p1">Crude prices slipped following their biggest weekly gains in more than a year amid the mounting threat of a region-wide war in the Middle East.<\/p>\r\n \r\n<p class="p1"><strong>Key figures<\/strong><\/p>\r\n<p class="p1"><strong>Tokyo \u2013 Nikkei 225 > UP 1.80% at 39,332.74 (close)<\/strong><\/p>\r\n<p class="p1"><strong>Hong Kong \u2013 Hang Seng Index > UP 1.60% at 23,099.78 (close)<\/strong><\/p>\r\n<p class="p1"><strong>Shanghai \u2013 Composite <> CLOSED<\/strong><\/p>\r\n<p class="p1"><strong>London \u2013 FTSE 100 < DOWN 0.05% at 8,276.59 (0933 BST)<\/strong><\/p>\r\n<p class="p1"><strong>New York \u2013 Dow > UP 0.81% at 42,352.75 (Friday close)<\/strong><\/p>\r\n \r\n<ul>\r\n \t<li class="p1">Reuters with additional editing by Sean O\u2019Meara<\/li>\r\n<\/ul>\r\n \r\n\r\n<strong>Read more:<\/strong>\r\n\r\n<strong><a href="https:\/\/www.asiafinancial.com\/hang-sengs-hot-streak-continues-middle-east-drags-on-nikkei" target="_blank" rel="noopener">Hang Seng\u2019s Hot Streak Continues, Middle-East Drags on Nikkei<\/a><\/strong>\r\n\r\n<strong><a href="https:\/\/www.asiafinancial.com\/chinese-firms-plan-to-raise-15bn-in-overseas-bond-issues" target="_blank" rel="noopener">Chinese Firms Plan to Raise $15bn in Overseas Bond Issues<\/a><\/strong>\r\n\r\n<strong><a href="https:\/\/www.asiafinancial.com\/hedge-funds-china-inflows-soar-to-record-high-on-stimulus-bets" target="_blank" rel="noopener">Hedge Funds\u2019 China Inflows Soar to Record High on Stimulus Bets<\/a><\/strong>\r\n\r\n<strong><a href="https:\/\/www.asiafinancial.com\/hang-seng-dips-after-bazooka-rally-nikkei-lifted-by-soft-yen" target="_blank" rel="noopener">Hang Seng Dips After \u2018Bazooka\u2019 Rally, Nikkei Lifted by Soft Yen<\/a><\/strong>\r\n\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/nikkei-rallies-on-us-jobs-weak-yen-hang-seng-hits-2-year-high" }, "headline": "Nikkei Rallies on US Jobs, Weak Yen; Hang Seng Hits 2-Year High", "description": "Sentiment was high across the region after upbeat US jobs news and the likelihood of more China stimulus", "datePublished": "2024-10-07T09:42:22+00:00", "dateModified": "2024-10-07T09:42:22+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/08\/e2.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-CNH68EHNDT'); </script> <style> .tt-header .main-nav>ul>li>a { padding: 12px 20px !important; } .tt-header-margins { padding-top: 192px; 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Hang Seng Hits 2-Year High</h1> </div> <div class="tt-post type-3"> <div class="tt-post-label" style="font-size:14px;">  <span class="tt-post-date" style="margin-left:5px;">October 7, 2024</span></div> <div class="col post-excerpt" style="margin-top:10px;"> <h4> <p>Sentiment was high across the region after upbeat US jobs news and the likelihood of more China stimulus</p> </h4> </div> <br> <div class="sharethisbx"> <ul class="custom-share"> <li class="facebook"> <a target="_blank" rel="nofollow" href="https://www.facebook.com/sharer/sharer.php?u=https://www.asiafinancial.com/nikkei-rallies-on-us-jobs-weak-yen-hang-seng-hits-2-year-high"> <i class="fb"><img alt="facebook" src="https://www.asiafinancial.com/wp-content/themes/atf/images/facebook.svg"></i> </a> </li> <li class="twit"> <a rel="nofollow" target="_blank" href="https://twitter.com/share?text=Nikkei%20Rallies%20on%20US%20Jobs%2C%20Weak%20Yen%3B%20Hang%20Seng%20Hits%202-Year%20High&url=https://www.asiafinancial.com/nikkei-rallies-on-us-jobs-weak-yen-hang-seng-hits-2-year-high"> <i class="twit"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/twitter.svg?v=1" alt="twitter"></i> </a> </li> <li class="whatsapp"> <a rel="nofollow" href="whatsapp://send?text=https://www.asiafinancial.com/nikkei-rallies-on-us-jobs-weak-yen-hang-seng-hits-2-year-high"> <i class="wapp"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/whatsapp.svg" alt="whatsapp"></i> </a> </li> </ul> </div> </div> </div> <div class="story-big-img"> <figure>  <img src="https://www.asiafinancial.com/wp-content/uploads/2024/08/e2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="A passerby walks past an electric screen displaying Japan's Nikkei share average and the Dow Jones Industrial Average outside a brokerage in Tokyo." loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/08/e2.jpg 710w, https://www.asiafinancial.com/wp-content/uploads/2024/08/e2-300x200.jpg 300w" sizes="100vw" /> <figcaption style="line-height: 17px; font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> A passerby walks past an electric screen displaying Japan's Nikkei share average and the Dow Jones Industrial Average outside a brokerage in Tokyo. Photo REUTERS </figcaption> </figure> </div> <div class="content"> <p> </p> <p class="p1">Asia’s major stock indexes began the week on the front foot with investor mood buoyed by positive US job news and the likelihood of a soft landing for the world’s No1 economy.</p> <p class="p1">US Treasury yields touched two-month highs, extending their rise, after the closely watched non-farm payrolls report on Friday showed the economy unexpectedly added the most jobs in six months in September.</p> <p class="p1">The upbeat US labour market data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.</p> <p> </p> <p><strong>Also on AF: <a href="https://www.asiafinancial.com/eu-backs-large-tariffs-on-chinese-evs-but-talks-will-continue" target="_blank" rel="noopener">EU Backs Large Tariffs on Chinese EVs But Talks Will Continue</a></strong></p> <p> </p> <p class="p1">Japan’s Nikkei share average jumped, supported by a weaker yen and Wall Street’s Friday gains.</p> <p class="p1"><strong><a href="https://indexes.nikkei.co.jp/en/nkave/index/profile?idx=nk225" target="_blank" rel="noopener">The Nikkei share average</a></strong> was up 1.80%, or 697.12 points, to close at 39,332.74, after rising 2.39% earlier in the session, while the broader Topix was ahead 1.68%, or 45.32 points, to 2,739.39.</p> <p class="p1">The US dollar rallied following the jobs data, sending the yen down to its lowest levels since mid-August. The softer yen boosted shares of exporters, including automaker Toyota Motor which climbed 2.3%.</p> <p class="p1">Investor sentiment was also lifted after the Dow posted a record closing high on Friday and the Nasdaq ended with a more than 1% gain.</p> <p class="p1">Financial shares rallied, supported by a rise in Japanese government bond yields, with Resona Holdings surging 8.7% to become the top percentage gainer on the Nikkei.</p> <p class="p1">Semiconductor and other major technology stocks also performed solidly, including chip-testing equipment maker Advantest, adding 3.1%, and AI-focused startup investor SoftBank Group, up 2.2%.</p> <p class="p1">Hong Kong shares hit their highest in more than two years, with stocks in tech and tourism surging before steadying as markets awaited Tuesday’s return of China’s investors from a week-long holiday.</p> <p class="p1">Markets had gone to last week’s break amidst an historic run thanks to the most aggressive stimulus measures since the pandemic. Authorities cut rates and hinted at fiscal support to shore up an economy that, by Chinese standards, is ailing.</p> <p class="p1"><strong><a href="https://www.hsi.com.hk/eng" target="_blank" rel="noopener">The Hang Seng Index</a></strong> gained 1.60%, or 362.91 points, to 23,099.78. The rally has taken the Hang Seng from an also-ran to the top-performing major market so far this year, with a 33% gain running ahead of a 21% rise for the S&P 500.</p> <p class="p1">Shares in chipmaker SMIC shot more than 20% higher on bets that more government backing will be directed at the sector. The stock is up nearly 60% in two sessions.</p> <p> </p> <h3>US Rate Cut Bets Pared</h3> <p class="p1">Elsewhere across the region, in earlier trade, there were also gains in Sydney, Seoul, Singapore, Taipei, Jakarta, Bangkok and Manila. Wellington and Mumbai edged down. MSCI’s broadest index of Asia-Pacific shares climbed more than 1%.</p> <p class="p1">US Dow futures eased slightly, after the cash index closed at an all-time peak on Friday following the payrolls data.</p> <p class="p1">Bets for a super-sized 50-basis-point rate cut at the Federal Reserve’s next policy announcement on November 7 – which had been above 50% a week ago – were completely erased after the payrolls report.</p> <p class="p1">Instead, traders now lay 96% odds on a quarter-point cut, with a small chance that the policy rate stays unchanged, according to the <strong><a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME Group’s FedWatch Tool</a></strong>.</p> <p class="p1">The 10-year US Treasury yield touched 3.992% on Monday for the first time since August 7. The two-year yield rose as high as 3.965%, a level last seen on August 22.</p> <p class="p1">That pulled regional bond yields higher, with 10-year Japanese government bond yields reaching the highest since August 6 at 0.915%.</p> <p class="p1">Gold dropped 0.35% to $2,643 an ounce amid the dollar’s resurgence, although it remained not far from last month’s record peak of $2,685.42.</p> <p class="p1">Crude prices slipped following their biggest weekly gains in more than a year amid the mounting threat of a region-wide war in the Middle East.</p> <p> </p> <p class="p1"><strong>Key figures</strong></p> <p class="p1"><strong>Tokyo – Nikkei 225 > UP 1.80% at 39,332.74 (close)</strong></p> <p class="p1"><strong>Hong Kong – Hang Seng Index > UP 1.60% at 23,099.78 (close)</strong></p> <p class="p1"><strong>Shanghai – Composite <> CLOSED</strong></p> <p class="p1"><strong>London – FTSE 100 < DOWN 0.05% at 8,276.59 (0933 BST)</strong></p> <p class="p1"><strong>New York – Dow > UP 0.81% at 42,352.75 (Friday close)</strong></p> <p> </p> <ul> <li class="p1">Reuters with additional editing by Sean O’Meara</li> </ul> <p> </p> <p><strong>Read more:</strong></p> <p><strong><a href="https://www.asiafinancial.com/hang-sengs-hot-streak-continues-middle-east-drags-on-nikkei" target="_blank" rel="noopener">Hang Seng’s Hot Streak Continues, Middle-East Drags on Nikkei</a></strong></p> <p><strong><a href="https://www.asiafinancial.com/chinese-firms-plan-to-raise-15bn-in-overseas-bond-issues" target="_blank" rel="noopener">Chinese Firms Plan to Raise $15bn in Overseas Bond Issues</a></strong></p> <p><strong><a href="https://www.asiafinancial.com/hedge-funds-china-inflows-soar-to-record-high-on-stimulus-bets" target="_blank" rel="noopener">Hedge Funds’ China Inflows Soar to Record High on Stimulus Bets</a></strong></p> <p><strong><a href="https://www.asiafinancial.com/hang-seng-dips-after-bazooka-rally-nikkei-lifted-by-soft-yen" target="_blank" rel="noopener">Hang Seng Dips After ‘Bazooka’ Rally, Nikkei Lifted by Soft Yen</a></strong></p> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/hang-seng-index" rel="tag">Hang Seng Index</a><a href="https://www.asiafinancial.com/tag/nifty-50" rel="tag">Nifty 50</a><a href="https://www.asiafinancial.com/tag/nikkei-225" rel="tag">Nikkei 225</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara-96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara-96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara-150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara-24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara-48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2022/05/Sean-OMeara.jpg 250w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/sean">Sean O'Meara </a></h3> <p style="font-size: 14px;"> Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. 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