Friday 6th September 2024: Asia-Pacific Markets Decline Amid U.S. Jobs Report Anticipation

Global Markets:
- Asian Stock Markets : Nikkei down 0.63%, Shanghai Composite down 0.55%, Hang Seng down 0.08% ASX up 0.4%
- Commodities : Gold at $2550.35 (0.39%), Silver at $29.2 (0.31%), Brent Oil at $72.90 (0.39%), WTI Oil at $69.3 (0.38%)
- Rates : US 10-year yield at 3.704, UK 10-year yield at 3.916, Germany 10-year yield at 2.2183

News & Data:
(CAD) Labor Productivity q/q -0.2% vs -0.1% expected
(USD) ADP Non-Farm Employment Change 99K vs 144K expected
(USD) Unemployment Claims 227K vs 231K expected

Markets Update:
Asia-Pacific markets largely declined on Friday as investors anticipated a key U.S. jobs report and absorbed Japan’s household spending data. Japan’s household spending for July grew by only 0.1% year-on-year, significantly below the 1.2% increase expected by economists. This was a turnaround from June’s 1.4% decline. According to Japan’s statistics bureau, average household spending for July 2024 was 290,931 yen ($2,031.35), a 3.3% rise in nominal terms. Meanwhile, household income surged to 694,483 yen, up 8.9% nominally and 5.5% in real terms.

The weaker spending data could limit the Bank of Japan’s ability to raise interest rates, though strong wage growth figures from Thursday might provide some balance. Japan’s Nikkei 225 fell by 0.6%, while the Topix dropped by 0.97%. Seven & i Holdings, the parent company of 7-Eleven, lost 1.73% after rejecting a takeover offer from Alimentation Couche-Tard.

South Korea’s Kospi was down 0.87%, and the Kosdaq dropped 2.31%. Conversely, Australia’s S&P/ASX 200 rose by 0.4%.

In Hong Kong, markets remained closed due to Super Typhoon Yagi. The Hong Kong Observatory expected to lower the storm signal by 12:40 p.m., though trading would stay halted for the day if downgraded after noon.

Mainland China’s CSI 300 slipped 0.27%. In the U.S., all major indexes dropped, with the S&P 500 losing 0.3% and the Dow Jones falling 0.54%. However, the Nasdaq Composite gained 0.25%.

Upcoming Events:
12:30 PM GMT – CAD Employment Change
12:30 PM GMT – CAD Unemployment Rate
12:30 PM GMT – USD Average Hourly Earnings m/m
12:30 PM GMT – USD Non-Farm Employment Change
12:30 PM GMT – USD Unemployment Rate

Learn More

Disclaimer:

Raw Trading Ltd is regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer’s license number SD018.Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure.Restricted Countries: Raw Trading Ltd does not provide services for residents of certain countries such as the United States of America, Canada, Israel, New Zealand, Iran and North Korea (Democratic People’s Republic of Korea) or a country where such distribution or use would be contrary to local law or regulation.You must be 18 years old, or of legal age as determined in your country. Upon registering an account with Raw Trading Ltd, you acknowledge that you are registering at your own free will, without solicitation on behalf of Raw Trading Ltd.Raw Trading Ltd does not direct its website and services to any individual in any country in which the use of its website and services are prohibited by local laws or regulations. When accessing this website from a country in which its use may or may not be prohibited, it is the user’s responsibility to ensure that any use of the website or services adheres to local laws or regulations. Raw Trading Ltd does not affirm that the information on its website is suitable for all jurisdictions.

Publication date:

06 September 2024 - 18:56 (GMT)