Markets continue to power northwards on expectations of rate cuts

SINGAPORE - All the ingredients for a year-end Santa Claus rally seem to be falling into place, judging by the data flows that have powered markets over the past couple of weeks.

The

latest US job numbers

have reinforced the belief that Federal Reserve interest rate cuts will remain on track when the US central bank meets on Dec 17 and 18. On Dec 6, the US Bureau of Labour Statistics released data showing payrolls rose by 227,000 in November, just beating estimates, though the jobless rate ticked up to 4.2 per cent as the labour participation rate slipped.