Asian shares are trading higher, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings.
“But given that it is still a distance away from the RBA’s 2% to 3% target, the central bank may continue to maintain its hawkish-pause stance for some policy flexibility, although we are likely seeing the end of its tightening process,” said Yeap Jun Rong, market analyst at IG.
The latest gains came as investors reviewed reports on consumer confidence and the labor market. The Conference Board, a business research group, reported that A strong job market has been credited as a bulwark against a recession, but it has made the Fed’s mission to tame inflation more difficult. The latest data will likely be welcomed by the central bank, because fewer job openings and less quitting reduces pressure on employers to raise pay to find and keep workers.
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