Asian stock markets pumped ahead of the release of U.S. employment data, with Trump's tax reform bill becoming the focal point.

According to Gate News bot and Reuters, Asian stock markets edged higher on Thursday as investors prepared for a key U.S. jobs report that could provide justification for an upcoming rate cut by The Federal Reserve (FED), while they also awaited the passage of a massive tax and spending bill by the U.S. Congress. U.S. President Donald Trump announced that the U.S. has reached a trade agreement with Vietnam, which includes a 20% tariff on products exported to the U.S. Wall Street stocks rose overnight, closing at a record high. This has fueled hopes for more agreements to be reached, with trade agreement negotiations currently underway between the U.S. and India.

Morgan Stanley Capital International (MSCI) Asia-Pacific Index excluding Japan (.MIAPJ0000PUS) rose by 0.2%, hovering near a nearly four-year high. The Japanese Nikkei Index (.N225) remained flat. China's blue-chip stocks (.CSI300) rose slightly by 0.2%, while the Hong Kong Hang Seng Index (.HSI) fell by 0.6%. Nasdaq futures and S&P 500 futures are basically flat in the Asian market. Investors are waiting for Trump's massive tax and spending bill to receive final approval in the House. The bill is expected to increase the national debt by $3.3 trillion, cut taxes, and reduce social security programs. The main risk event facing the market will be the US non-farm payroll data to be released later today. Analysts predict that the number of unemployed will increase by 110,000 in June, with the unemployment rate rising to 4.3%. However, the private sector employment report unexpectedly showed the first decline in more than two years, indicating a severe situation. The resilience of the labor market is the main reason most Federal Reserve members stated that they are able to pause interest rate cuts before assessing the actual impact of tariffs on inflation. IG analyst Tony Sycamore stated: "These labor market indicators warn that the unemployment rate could soar to 4.4%, reaching its highest level since October 2021."