The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Asian equities are expected to rise on Thursday, buoyed by a weaker yen and stimulus measures from Beijing, providing support for the region’s two largest stock markets. Equity futures in Japan, Hong Kong, and Australia all advanced, indicating a positive outlook for Asian markets after a brief pause in the rally earlier this week.
The Hong Kong futures gains come despite a dip in a benchmark of US-listed Chinese companies, suggesting some fatigue in the stimulus-driven rally that has boosted Chinese equities this week. Asian stocks had been trading near their highest levels since early 2022, following a four-session rally.
In the US, equity futures edged higher in early Asian trading, with Micron Technology Inc surging over 10% after delivering a strong revenue forecast post-market. Meanwhile, Treasury yields advanced, supporting the dollar, which climbed 0.7%. The yen held steady after a 1% drop against the dollar in the previous session.
Investors in the US are watching for signs of recovery in the housing market, with new home sales down last month but mortgage rates dropping for eight consecutive weeks, spurring home-buying demand. Zillow’s chief economist, Skylar Olsen, noted that mortgage rates have likely reached their expected low for the near future.
China Stimulus Measures Boost Optimism
China’s central bank has recently surprised markets with a broad package of monetary stimulus, and more fiscal measures are expected in the coming days as President Xi Jinping’s Politburo prepares to meet ahead of a weeklong holiday. In a rare move, authorities announced direct cash handouts to people in extreme poverty, signaling a strong commitment to stimulating the economy.
Elsewhere in Asia, investors are awaiting key economic data, including industrial production in Singapore, machine tool orders in Japan, and Hong Kong trade data, which are set for release later in the day.
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