Most Asian, European markets lifted by recovery optimism

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Hong Kong

Most markets in Asia and Europe rose Thursday as investors welcomed a strong jobs report from the United States that reinforced optimism that the world’s top economy is well on the recovery track, though inflation concerns continue to dog trading floors.

The White House’s support for a global waiver on patent protections for Covid-19 vaccines also provided some cheer as it lifted hope for a speedier recovery in poorer nations that have struggled to access the jabs.

US private firms added 742,000 jobs in April, payrolls firm ADP said Wednesday, marking a fourth straight monthly gain, with much of them in the crucial services sector, which was hardest hit by virus lockdowns and other restrictions last year.

The reading, while slightly short of forecasts, confirmed that the battle against unemployment is being won, and analysts said the improvement was expected to continue as the reopening continues.
It also bodes well for Friday’s closely watched government data.—AFP

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