Asian markets turn green following Wall Street gains

Markets in Asia kicked off a new week in green territory following Wall Street gains as the employment report released Friday topped analysts’ expectations.

According to the latest figures by the US Labor Department, the US economy added 223,000 jobs in May, surpassing a forecasted growth of 188,000. The report also showed the unemployment rate moving to 3.8 percent, its lowest level since April 2000.

Unemployment data, as well as inflation, play a very important role in monetary policy decisions. Members of the Federal Open Market Committee are expected to vote on a 25-basis points rate hike later this month, the second one in 2018.

The Federal Reserve has raised its benchmark rate in March. The rate currently stands in a range between 1.50 percent and 1.75 percent.

Tokyo’s Nikkei 225 ended today’s session 1.39 percent higher at 22,480.50 points, with most sectors trading to the upside. The broader Topix was up 1.46 percent.

Hong Kong's Hang Seng Index rose 1.62 percent by the time of this writing, with technology and financial names among best performers. In mainland China, the Shanghai composite added 0.52 percent, while the smaller Shenzhen increased 0.34 percent.

In South Korea, the Kospi edged up 0.36 percent, while Australia’s ASX 200 grew 0.59 percent.

On a fundamental level, the trade dispute between the United States and China continued to elevate uncertainty for market participants as no solutions were introduced so far.

Economic calendar:

Europe: The UK Construction PMI for May is up at 08:30 GMT. Later on, the British Retail Consortium will present its Sales Monitor.

United States: Factory orders for April are due for release as of 14:00 GMT.

Asia: Japan’s household spending for April is expected for publishing at 23:30 GMT.

To check the full economic calendar for this week, click here.

FortFS