Wall Street stocks pushed higher on Wednesday after better-than-expected jobs data soothed concerns about the US economy.

However Asia’s main markets fell sharply, as did Wall Street’s tech-heavy Nasdaq Composite index on Tuesday, on fears of an AI bubble following a rally that has propelled valuations to record highs.

US private sector employment jumped 42,000 in October, ADP said, rebounding from a loss of 29,000 jobs in September, nearly double the amount forecasted by economists surveyed by Dow Jones Newswires and The Wall Street Journal.

The ADP figures are likely to attract renewed attention as it is one of the few economic indicators released in recent weeks and will feed into investors’ perceptions of whether the US Federal Reserve will cut interest rates again in December.

Wal

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