Closing Bell 6th May: Real Estate and Technology help push XJO Higher

Asia-Pacific markets followed Wall Street’s lead on Monday, buoyed by optimism stemming from a weaker-than-anticipated U.S. jobs report, which fueled speculation of potential rate cuts by the Federal Reserve. Market attention was directed towards the Reserve Bank of Australia’s upcoming rate decision and China’s April trade data. Analysts noted Australia’s inflationary trends, indicating a potential acceleration in price growth, though they expect the RBA to maintain its current rate of 4.35% due to a softening labor market and slower economic growth compared to the U.S. Hong Kong’s Hang Seng index remained steady, while mainland China’s CSI 300 surged 1.30% post-Labor Day holiday. In the U.S., stocks rallied on Friday following the release of the April jobs report, which showed fewer job additions than anticipated, coupled with stagnant wage growth, easing concerns over inflation. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all recorded significant gains.