Asian stock markets are mixed after soft U.S. jobs data fueled optimism the Federal Reserve might feel less pressure to wind down stimulus
Wall Street's referanseindeks S&P 500 index added 0.1% på onsdag, pushed up by gains for tech and communications stocks.
The spread of the coronavirus’s delta variant and anti-disease measures have depressed hiring and consumer confidence. But that has reassured some investors the Fed and other central banks might postpone plans to wind down easy credit and other stimulus that has supported stock prices.
Ahead of U.S. employment data due out Friday, a survey by payroll processor ADP found companies added jobs more slowly than expected in August. A separate survey by the Institute for Supply Management, a trade group of purchasing managers, showed manufacturing employment declined.
“This seems to reduce the chances of significant outperformance” by Friday’s Labor Department report “and supports the stance that Fed tapering may not come until at least November,” said Yeap Jun Rong of IG in a report.
Shanghai Composite Index steg 0.5% til 3,585.81 and the Nikkei 225 in Tokyo gained 0.2% til 28,507.94. The Hang Seng in Hong Kong shed less than 0.1% til 26,007.74.
The Kospi in Seoul sank 0.9% til 3,177.91 og Sydneys S&P-ASX 200 lost 0.7% til 7,477.70.
India’s Sensex opened up 0.4% på 57,557.34. New Zealand and Bangkok gained while Singapore and Jakarta declined.
On Wall Street on Wednesday, S&P 500 rose 1.41 points to 4,524.09. The Dow Jones Industrial Average fell 0.1% til 35,312.53. The Nasdaq climbed 0.3% til en plate 15,309.38.
Economists expect that U.S. employers created 750,000 jobs in August, according to FactSet, pushing the unemployment rate down to 5.2%.
The Labor Department data could help to give investors a clearer picture of whether the Fed will decide at its September meeting on a timeline for winding down its $120 billion a month in bond purchases that inject money into the financial system.
Investors took comments by Fed Chairman Jerome Powell last week as reassurance interest rates will stay low for the foreseeable future, even when the Fed starts to reduce bond purchases.
In energy markets, benchmark U.S. crude fell 18 cent til $68.41 in electronic trading on the New York Mercantile Exchange. Kontrakten steg 9 cents on Wednesday to $68.59. Brent råolje, the price basis for international oils, fell 12 cent til $71.47 a barrel. It fell 4 cents the previous session to $71.59 a barrel.
The dollar advanced to 109.99 from Wednesday’s 109.94. Euroen nektet å $1.1844 fra $1.1846.