Overseas Trading: Global Stocks Gain as Rate-Hike Anxiety Fades

Traders in Asia and Europe now expect the U.S. Fed to extend its dovish policy approach in the wake of Friday's soft payrolls report

by Elizabeth Harrow

Published on Oct 5, 2015 at 8:21 AM
Updated on Oct 5, 2015 at 8:22 AM

Asian markets ended higher today, as traders priced in expectations for continued accommodation by the Federal Reserve following Friday's less-than-stellar U.S. jobs report. Energy and resource stocks were among the top gainers, thanks to strength in commodity prices, while casinos extended their run higher. By the close, Japan's Nikkei and Hong Kong's Hang Seng rose 1.6% each, while South Korea's Kospi edged up 0.4%. Markets in China remain closed for holiday.

European stocks are also in rally mode, with traders shrugging off lukewarm business activity and retail data, as well as the World Bank's downwardly revised East Asian growth forecast. Glencore is pacing a rally in resource stocks, boosted by unconfirmed reports the miner may be in talks with Saudi Arabian investors to pare its debt load. At last check, the French CAC 40 is up 3.3%, the German DAX has gained 2.4%, and London's FTSE 100 is 2.2% higher.

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