Asian stocks dip as traders shift focus to US jobs
Stocks dropped in Tokyo and Sydney, with futures for Hong Kong also declining. US contracts slipped, after a range-bound session for the S&P 500 Wednesday. The tech-heavy Nasdaq 100 ended little changed. Nvidia Corp. dipped in post-market trading after a report said the Biden administration plans one additional round of restrictions on the export of artificial intelligence chips.
The S&P 500 reclaimed the 5,900 psychological mark after briefly falling below it. The dollar gained against most of its major currency peers. Treasuries stabilized as a solid $22 billion sale brought a degree of relief after the recent selloff, while Australia’s 10-year yield edged higher in early trading.
Key data in Asia on Thursday will be China’s inflation reading. Headline CPI likely weakened further while factory-gate prices stayed well below year-earlier levels, according to Bloomberg Economics. That’s a sign that stronger government stimulus has yet to spur a meaningful rebound in demand, BE said.
The options market is betting the S&P 500 will move roughly 1.2% in either direction after the upcoming US employment data, according to Citigroup Inc. That would be the biggest implied move on a jobs day since September.
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