Stocks Gain, U.S. Debts Under Pressure on Bumper Jobs Data


Global stock prices rose to a 1 12month high on Monday after data showing a surge in U.S. employment while U.S. bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated.

U.S. SP500 futures traded 0.5 higher, maintaining their gains made during a truncated session on Friday though techheavy Nasdaq futures lagged behind, trading almost flat.

In Asia, Japans Nikkei rose 0.8 while MSCIs broadest index of AsiaPacific shares outside Japan was almost flat, with China closed for TombSweeping day and Australia on Easter Monday.

MSCIs allcountry world index was almost flat but stood near its highest level since late February and within sight of a record high set that month.

The U.S. labour department said on Friday that nonfarm payrolls surged by 916,000 jobs last month, the biggest gain since last August.

That was well above economists median forecast of 647,000 and was closer to markets whisper number of one million. Data for February was also revised higher to show 468,000 jobs created instead of the previously reported 379,000.

There will be further improvements in April, as restaurants have started to reopen. People have expected economic normalisation to take place sooner or later but its pace seems to be accelerating, said Koichi Fujishiro, senior economist at Daiichi Life Research.

While employment remains 8.4 million jobs below its peak in February 2020, an accelerating recovery raised hopes that all the jobs…

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