West Texas Intermediate (WTI) crude put on 1.6% to $40.18 a barrel. In Japan, revised gross domestic product data for the first quarter showed the economy contracted less than initially thought, though the outlook suggested the nation was facing its worst postwar slump due to the pandemic.īrent crude climbed 2% to $43.16 per barrel, while U.S. The fear of missing out is very much real,” said OCBC’s Menon. “There are many clients who are cash-rich and are prepared to put money to work. The data raised hopes of a quick economic recovery as governments worldwide ease social curbs aimed at stemming the virus. The Labor Department’s closely watched employment report also showed a surprise fall in the jobless rate to 13.3% last month from 14.7% in April, a post-World War Two high. nonfarm payrolls, which unexpectedly rose by 2.509 million jobs last month - versus consensus estimates of a fall of 8 million jobs after a record plunge of 20.687 million in April. The new wave of optimism was triggered by U.S. The index has surged 34% from 4-year lows struck in mid-March when the world was grappling with the pandemic. MSCI’s broadest gauge of Asia-Pacific shares outside Japan rose 0.23%, extending gains to an eighth straight day.
“As we get more and more data that perhaps confirms that the economy is really on the mend and the second wave of infections may not be very severe, then that will boost confidence even further,” said Vasu Menon, senior investment strategist at OCBC Bank Wealth Management.
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