Stock market today: Asian benchmarks mostly rise in subdued trading on US jobs worries
Asian shares are mostly higher in cautious trading after Wall Street drifted to a quiet close on worries about a too-hot U.S. job market
TOKYO — Asian shares mostly rose in cautious trading Friday after Wall Street drifted to a quiet close on worries about a too-hot U.S. job market.
Japan's benchmark Nikkei 225 fell 0.3% to finish at 30,994.67. Australia's S&P/ASX 200 rose 0.4% to 6,954.20. South Korea's Kospi edged up 0.2% to 2,408.73. Hong Kong's Hang Seng jumped 1.4% to 17,449.42.
Markets in China were closed Friday for a holiday and will reopen on Monday.
Shares in Hong Kong jumped on strong buying of property and technology stocks that have seen sharp losses in recent trading sessions. However, troubled property developer China Evergrande's shares were down 6.3%.
A comprehensive report on the overall U.S. job market is due Friday, and economists expect it to show hiring slowed to a pace of 163,000 jobs added in September from 187,000 in August.
Investors worry that too strong a U.S. job market could add to upward pressure on inflation. That’s why the Fed has raised its main interest rate to the highest level since 2001, to intentionally slow the job market.
“The sentiment of unease prevails as the market awaits the release of the U.S. employment report later today,” said Anderson Alves at ActivTrades.
Market attention also remains on oil prices, which have fluctuated recently and will have major effects on how central banks act on interest rates. Chinese markets were closed for a holiday.
The S&P 500 slipped 0.1% to 4,258.19. The Dow Jones Industrial Average edged down less than 0.1% to 33,119.57. The Nasdaq composite dipped 0.1%, to 13,219.83.
Stocks have struggled since the summer under the weight of soaring
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