Monday 9th September 2024: Asia-Pacific Markets Fall on Weak U.S. Jobs Report, Slower China Inflatio
Global Markets:
Asian Stock Markets : Nikkei down 0.72%, Shanghai Composite down 1.05%, Hang Seng down 2.05% ASX down 0.32%
Commodities : Gold at $2518.35 (0.29%), Silver at $28.3 (0.91%), Brent Oil at $71.90 (1.39%), WTI Oil at $68.6 (1.38%)
Rates : US 10-year yield at 3.740, UK 10-year yield at 3.967, Germany 10-year yield at 2.219
Asian Stock Markets : Nikkei down 0.72%, Shanghai Composite down 1.05%, Hang Seng down 2.05% ASX down 0.32%
Commodities : Gold at $2518.35 (0.29%), Silver at $28.3 (0.91%), Brent Oil at $71.90 (1.39%), WTI Oil at $68.6 (1.38%)
Rates : US 10-year yield at 3.740, UK 10-year yield at 3.967, Germany 10-year yield at 2.219
News & Data:
(CAD) Employment Change 22.1k vs 23.7K expected
(CAD) Unemployment Rate 6.6% vs 6.5% expected
(USD) Average Hourly Earnings m/m 0.4% vs 0.3% expected
(USD) Non-Farm Employment Change 142K vs 164K expected
(USD) Unemployment Rate 4.2% vs 4.2% expected
(CAD) Employment Change 22.1k vs 23.7K expected
(CAD) Unemployment Rate 6.6% vs 6.5% expected
(USD) Average Hourly Earnings m/m 0.4% vs 0.3% expected
(USD) Non-Farm Employment Change 142K vs 164K expected
(USD) Unemployment Rate 4.2% vs 4.2% expected
Markets Update:
Asia-Pacific markets declined on Monday, with Hong Kong’s Hang Seng Index leading the region’s losses. This followed a weaker-than-expected U.S. jobs report released on Friday.
Asia-Pacific markets declined on Monday, with Hong Kong’s Hang Seng Index leading the region’s losses. This followed a weaker-than-expected U.S. jobs report released on Friday.
China’s inflation rate grew 0.6% year-over-year, below the 0.7% predicted by economists polled by Reuters. On a month-to-month basis, China’s Consumer Price Index (CPI) rose 0.4%, also falling short of the 0.5% expectation. Hong Kong’s Hang Seng Index dropped by 2.08%, while mainland China’s CSI 300 decreased by 1.41%.
In corporate news, Chinese electrical appliance maker Midea Group announced plans to list 492.1 million shares in Hong Kong, priced between HK$52 and HK$54.80 per share. At the top of that range, the listing would be valued at HK$26.97 billion ($3.46 billion), making it the largest IPO in the city in over three years.
Japan’s second-quarter GDP grew by 2.9% on an annualized basis, below the 3.2% expected. This softer growth could limit the Bank of Japan’s ability to raise interest rates. The Nikkei 225 fell by 0.48%, and the Topix dropped 0.68%. The Japanese yen weakened 0.4% against the U.S. dollar. South Korea’s Kospi fell 0.33%, while Australia’s S&P/ASX 200 dipped 0.32%.
On Friday, U.S. nonfarm payrolls rose by 142,000, missing the estimated 161,000 gain, while the unemployment rate matched expectations at 4.2%. The S&P 500 and Nasdaq both recorded their worst weeks since March.
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