Asian Markets Mixed Ahead of US Jobs Report
Asian markets traded mixed on Tuesday as investors awaited the release of the key US employment report later in the week. The report is expected to influence the Federal Reserve's decision on when to start lowering interest rates, a move that will have repercussions for global markets, including Asia.
Japan's benchmark Nikkei 225 rose 0.2% in morning trading, while Australia's S&P/ASX 200 fell less than 0.1%. South Korea's Kospi added 0.2% after a report showed consumer inflation slowed in August to the weakest in more than three years, supporting expectations of an easing of monetary policy. Hong Kong's Hang Seng added nearly 0.1%, while the Shanghai Composite edged down 0.2%.
Analysts expect the US jobs report to be a significant litmus test for the American economy. A stronger-than-expected payroll number could inject confidence into the market, signaling that growth risks might be easing. However, a disappointing report could lead to renewed concerns about economic growth.
Worries are also growing about the resilience of China's economy, as recently disclosed data showed a mixed picture. Recent weak earnings reports from Chinese companies added to the pessimism.
In energy trading, benchmark US crude rose 53 cents to $74.08 a barrel. Brent crude, the international standard, lost 11 cents to $77.41 a barrel.
In currency trading, the US dollar edged down to 146.70 Japanese yen from 146.89 yen. The euro cost $1.1066, down from $1.1074.