Asian share market advanced on Monday, 08 June 2020, as investor sentiments remained bullish on following the U.S. market's big advance last Friday after a surprise increase in U.S. employment.
The regional market opened sharply higher on broad-based buying prompted by substantial rises in all major U.S. stock indexes on Friday, fuelled by the U.S. Labor Department's announcement that nonfarm payrolls rose while the jobless rate dropped in the United States in May. The U.S. Bureau of Labor Statistics said the U.S. regained 2.5 million jobs in May and the unemployment rate fell to 13.3%.
Crude-oil futures were up in the afternoon of Asian trading after the Organization of the Petroleum Exporting Countries (OPEC), Russia and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July. International benchmark Brent crude futures jumped 1.21% to $42.81 per barrel, while U.S. crude futures advanced 0.81% to $39.87 per barrel.
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