Asian equities edge lower ahead of US jobs data
Asian equities tracked a drop in US shares ahead of jobs data that may help shape the direction of the Federal Reserve’s policy path later this month.
Equities in Japan, Australia and futures in Hong Kong all fell, taking cues from the downbeat mood on Wall Street. The S&P 500 dropped 0.2% and the tech-heavy Nasdaq 100 slipped 0.3%, their first declines in five sessions.
Treasuries were steady in opening trade following muted moves Thursday that favored the long-bonds, with 10-year and 30-year yields slightly lower. Swap trading showed the implied odds of a quarter-point Fed interest cut in the December meeting are around 70%.
The yen weakened slightly against the dollar on Friday even as base salaries for regular workers in Japan rose by a record.
The moves signal caution ahead of Friday’s nonfarm payrolls data after bouts of political turmoil in Asia and Europe have triggered a wave of volatility across currency markets but failed to jolt stocks. US jobless claims rose to a one-month high on Thursday, while economists estimate payrolls rose by 220,000 in November, rebounding after two hurricanes and a strike lowered October numbers.
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