Asian Shares Drop as Investors Await US Jobs Data

Market sentiment impacted by upcoming US employment report and China concerns
By Newser.AI Read our AI policy
Posted Sep 3, 2024 6:40 AM CDT
Asian Shares Drop as Investors Await US Jobs Data
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Sept. 3, 2024, in Tokyo.   (AP Photo/Eugene Hoshiko)

Asian markets experienced an overall decline on Tuesday, as investors anticipated a crucial US employment report due later this week. Japan's Nikkei 225 finished down less than 0.1% at 38,686.31, while Australia's S&P/ASX 200 saw a slight dip to 8,103.20.

The upcoming US jobs data is expected to significantly influence the Federal Reserve's stance on interest rates. Analyst Stephen Innes from SPI Asset Management noted, "A stronger-than-expected payroll number, paired with a lower unemployment rate, could inject some much-needed confidence into the market, signaling that growth risks might be easing, at least for now." Conversely, disappointing figures might reignite growth concerns.

South Korea's Kospi initially rose due to lower consumer inflation in August, only to fall later by 0.6% to 2,664.63. The country's consumer price index increased by 0.4% from July and 2.0% year-on-year. Hong Kong's Hang Seng fell by 0.4%, and the Shanghai Composite dropped by 0.3%, reflecting growing uncertainties about China's economic resilience amid lackluster earnings from companies like New World Development Co.

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In energy markets, US crude gained 53 cents, settling at $74.08 per barrel, while Brent crude decreased slightly, trading at $77.37 per barrel. Meanwhile, currency fluctuations saw the US dollar slip to 146.00 Japanese yen, with the euro dipping to $1.1061. (This story was generated by Newser's AI chatbot. Source: the AP)

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