BEIJING (AP) — Asian stock markets were mixed yesterday after Wall Street rose to a record high as investors waited for United States (US) jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
Shanghai and Seoul declined while Tokyo advanced. Hong Kong and Sydney were little-changed.
Wall Street’s benchmark S&P 500 index gained after investors were encouraged on Thursday by a decline in US unemployment claims. They were watching for yesterday’s monthly employment report for an indication of how new disease flare-ups and renewed anti-disease curbs might be affecting hiring and wages.
“The jobs report will be the key highlight to end the week” amid conflicting market indicators that “put more uncertainty” on whether hiring expectations can be met, said Yeap Jun Rong of IG in a report.
The Shanghai Composite Index lost 0.5 per cent to 3,449.85 while the Hang Seng in Hong Kong was flat at 26,206.75. Chinese stocks have been hurt by a spate of anti-monopoly and data security campaigns launched by Beijing against tech companies.
The Nikkei 225 in Tokyo added 0.3 per cent to 27,819.20 after Japanese labour cash earnings edged lower in June for the first time in four months.
The Kospi in Seoul lost 0.3 per cent to 3,265.74 and the ASX-S&P 200 in Sydney was little-changed at 7,513.20.
India’s Sensex opened up 0.1 per cent at 54,540.97. New Zealand, Bangkok and Jakarta declined while Singapore advanced.
On Wall Street, the S&P 500 rose 0.6 per cent to 4,429.10. The Dow Jones Industrial Average gained 0.8 per cent to 35,064.25. The Nasdaq climbed 0.8 per cent to 14,895.12.
Tech, retailing and consumer stocks rose. Banks gained as bond yields rose, giving them room to charge more for loans. Health care and materials stocks fell.
On Thursday, the Labor Department reported last week’s unemployment claims fell by 14,000, adding to hopes for recovery in the labour market. That followed a weak report from payroll processor ADP on Wednesday showing the private sector added jobs at a slower pace than expected in July.
In energy markets, benchmark US crude rose 14 cents to USD69.23 per barrel in electronic trading on the New York Mercantile Exchange.
The contract added 94 cents on Thursday to USD69.09. Brent crude, the price basis for international oils, gained 16 cents to USD71.45 per barrel in London. It advanced 91 cents the previous session to USD71.29.
The dollar rose to JPY109.82 from Thursday’s JPY109.76. The euro fell to USD1.1826 from USD1.1836.
