Asian stock markets mixed ahead of Jobs Data

India Infoline News Service | Mumbai | January 06, 2017 08:49 IST

Japan shares dropped Friday on yen strengthening as traders awaited US jobs data for clues on Federal Reserve rate actions.

Asian stock markets were trading mixed on Friday. Japan shares dropped Friday on Yen strengthening as traders awaited US jobs data for clues on Federal Reserve rate actions. Japan's Nikkei Stock Average declined 0.4% after a decline in the dollar sent the yen stronger. A strong yen makes Japanese exports expensive.

The yen's gain against the dollar comes as investors grow cautious about the U.S. economic outlook, and as traders second-guessed their once unshakeable belief in a continuous greenback rally driven by Fed rate rises.

Wednesday's release of the minutes of the Fed's meetings showed members were cautious about the US economic outlook, and expressed "uncertainty" about the policies of US President-elect Donald Trump.

Shanghai Composite is trading in red.

Meanwhile, South Korea’s Kospi index ​is ​at 2,051 points (up 0.45%) and Indonesia’s Jakarta Composite ​is ​at 5,331 points (up 0.09%).

Taiwan’s Taiex at 9,369 points (up 0.12%), Singapore’s Straits Times at 2,963.46 points (up 0.31%), Hong Kong’s Hang Seng at 22,564 points (up 0.48%) and Singapore Nifty at 8,314 points (up 0.3%).

Wall Street closed slightly lower on Thursday. US crude inventories fell much more than anticipated keeping prices elevated. Nasdaq notched gains to close at a record high while Dow and S&P slid for the day.

The Dow Jones Industrial Average slipped 42.87 points, or 0.21% to close at 19,899.29 on Thursday and the Nasdaq Composite added 10.93 points, or 0.2% to 5,487.94. The S&P 500 dropped 1.75 points, or 0.08%, to end at 2,269, with financials leading six sectors lower and real estate the biggest riser.

On macroeconomic front, ADP reported that US private employers created 153,000 jobs during December, much lower than the print of 215,000 during November. Markets look forward to the official US non-farm payroll numbers for December, wherein expectations are calling for an addition of 178,000 jobs. Crude oil futures were underpinned by reports of Saudi Arabia trimming output in January.


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