Asian shares trade mixed amid caution ahead of key US employment report
Asian shares are trading mixed ahead of a highly anticipated U.S. jobs report that’s expected to influence how the U.S. Federal Reserve will move on interest rates
TOKYO — Asian shares traded mixed Friday ahead of a highly anticipated U.S. jobs report that’s expected to influence how the U.S. Federal Reserve will move on interest rates.
Trading was cautious in Asia amid lingering worries about a possible recession in the U.S. The job market report, set for release later in the day, is key, possibly dictating how big of a cut to interest rates the Federal Reserve will deliver at its next meeting later this month.
After keeping its main interest rate at a two-decade high to stifle inflation, the Fed has hinted it’s about to begin cutting rates to keep the economy from sliding into a recession.
Japan’s benchmark Nikkei 225 was little changed in morning trading, gaining less than 0.1% to 36,657.79. Australia’s S&P/ASX 200 rose 0.6% to 7,998.00, while South Korea’s Kospi slipped 1.8% to 2,529.31. The Shanghai Composite gained 0.3% to 2,797.15. Trading was halted in Hong Kong because of an approaching typhoon.
On Wall Street, most stocks fell Thursday following a mixed round of data on the economy. The S&P 500 slipped 0.3% for a third straight drop, and the Dow Jones Industrial Average lost 219 points, or 0.5%.
The Nasdaq composite held up better than the rest of the market, adding 0.3% thanks to gains for Tesla and a handful of other Big Tech stocks.
Treasury yields also slipped a bit in the bond market following the mixed economic reports. One report suggested U.S. companies slowed their hiring last month, falling short of forecasts, while another found fewer U.S. workers filed for unemployment benefits last week than
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