Asian stock markets mixed after Wall St hits new record | national news

BEIJING (AP) – Asian stock markets rose on Friday as investors waited for US hiring data, some appear to be hoping it will be weak enough to persuade the Federal Reserve to postpone the end of the economic stimulus .

Tokyo moved forward after Wall Street hit a record high. Shanghai and Hong Kong fell.

The US government was due to announce hires in August, raising hopes that a weak labor market could delay the end of stimulus measures that are supporting stock prices. An earlier survey by payroll processor ADP found companies were adding fewer jobs than expected, while an industry group said manufacturing employment fell.

Investors are making “perverse bets” that the low number of jobs in the United States “will cause the Fed to postpone the cut for longer, thus supporting the markets,” Mizuho Bank’s Venkateswaran Lavanya said in a report.

Investor optimism had been boosted by strong U.S. corporate earnings and the spread of coronavirus vaccinations. But the more contagious delta variant and the measures to stop it are weighing on business and consumer activity.

The Shanghai Composite Index fell 0.2% to 3,591.26 while the Nikkei 225 in Tokyo rose 0.9% to 28,787.35. The Hang Seng in Hong Kong was down 0.4% to 25,988.23.

Seoul’s Kospi rose 0.7% to 3,199.16 and Sydney’s S & P-ASX 200 rose 0.5% to 7,520.30. New Zealand increased while Southeast Asian markets declined.

On Wall Street Thursday, the benchmark S&P 500 rose 0.3% to 4,536.95. The Dow Jones Industrial Average gained 0.4% to 35,443.82. The Nasdaq rose 0.1% to a record high of 15,331.18.

The number of Americans seeking unemployment benefits fell to 340,000 last week, its lowest level since the start of the pandemic and a sign that the labor market is rebounding.

Forecasters expect Department of Labor figures to show US employers created 750,000 jobs last month, pushing the unemployment rate to 5.2%. This would be less than the monthly average of 940,000 in June and July.

The Fed has indicated that it may start cutting its bond purchases by $ 120 billion per month that inject money into the financial system, but that it will likely keep interest rates low until then. that a recovery be confirmed.

In energy markets, benchmark US crude fell 3 cents to $ 69.96 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose from $ 1.40 Thursday to $ 69.99. Brent crude, the basis of international oil prices, rose 13 cents to $ 73.16 a barrel in London. It rose $ 1.44 the previous session to $ 73.03 a barrel.

The dollar climbed to 109.99 yen from 109.97 yen on Thursday. The euro rose to $ 1.1879 from $ 1.1875.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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