Asian shares rise after 'relief rally' on Wall Street - The Associated Press

shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes.

On Monday, Wall Street soared to its best day in months in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates.

That may seem discouraging for the economy, but could mean the Federal Reserve won’t have to be so aggressive about raising interest rates in order to beat down the high inflation damaging households’ finances.

By raising rates, the Fed is making it more expensive to buy a house, a car or most anything else purchased on credit.

Stocks of high-growth companies and particularly risky or expensive investments have been the most affected by changes in rates.

Monday’s rally came despite an 8.6% drop for Tesla, one of the most influential stocks on Wall Street because of its massive market value.

jobs market comes on Friday.

Along with reports on inflation, the jobs report is one of the most highly anticipated pieces of data on Wall Street each month.

It will be the last jobs report before the Fed makes its next decision on interest rates, scheduled for Nov.

A suite of challenges from higher interest rates to the surging value of the U.S.