Central News Agency (CNA Hong Kong, July 3, 2023, Reuters) US employment data came in far below expectations, easing market concerns about interest rate hikes by the US Federal Reserve (Fed). Tech stocks saw a much-needed rebound after a recent sell-off, and Asian stock markets were mostly higher today. According to AFP, Asian markets have been under pressure recently, with investors questioning whether the stock market rally driven by artificial intelligence (AI) had overheated, due to expectations of rising borrowing costs and valuation concerns sparked by resurgent inflation. Chip companies such as South Korean memory chip giant SK Hynix and Japanese memory chip manufacturer Kioxia had fallen sharply from their historical highs, and the major indices in Seoul and Tokyo also plunged. However, this sell-off temporarily cooled today, as US nonfarm payrolls in June increased by less than half of expectations, while data for the previous two months were revised downward, much to the delight of investors. The above data indicates that the US labor market is not as strong as previously thought, giving the Fed some breathing room to pause its anticipated pace of interest rate hikes. The KOSPI in Seoul rose 5.8%, after being driven by gains in SK Hynix and Samsung. The index had fallen about 20% from its new high set on June 19. Tokyo, Hong Kong, Manila, Bangkok, and Jakarta rose more than 1%, while Shanghai, Wellington, and Taipei also closed higher. (Compiled by Chen Cheng-jen) 1150703 Stand with facts, your every contribution is a force to protect press freedom. Download the CNA "First News" APP for real-time updates. No part of this website's text, images, or videos may be reproduced, broadcast, transmitted, or utilized without authorization.