Asia markets rise after US Fed comments

Any interest rate rise will be “shallow”, the institution said.

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By :  ,  Financial Analyst

Asian stocks rose today (April 7th), led by a Wall Street rally after William Dudley, president of the US Federal Reserve's New York branch, said that any rate increase by the Fed will be "shallow." 

This boosted investors' mood after the release of weak employment numbers on Friday. The non-farm payrolls report showed the United States added 126,000 jobs in March, the weakest since 2013 and below expectations of 245,000 in a Reuters poll.

The unemployment rate held steady at 5.5 per cent, while wages increased slightly more than estimated at 0.3 per cent.

The employment report affirms market views that September could be the earliest time frame for the Federal Reserve to raise interest rates, analysts quoted by CNBC said.

The Shanghai Composite Index rose two per cent today to close at 3,915.27 and Tokyo's Nikkei 225 added 1.1 per cent to 19,620.37. Sydney's S&P/ASX 200 climbed 0.4 per cent to 5,920.60 while Seoul's Kospi remained steady at 2,045.52.

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