Asian markets mixed after Wall St gains on jobs data - Albuquerque Journal

Asian markets mixed after Wall St gains on jobs data

BEIJING — Asian stock markets were mixed Friday after Wall Street rose as investors analyzed conflicting economic signals ahead of a Federal Reserve conference next week.

Shanghai and Seoul declined while Tokyo and Hong Kong advanced. Oil prices edged lower but stayed above $90 per barrel.

Wall Street rose, rebounding from Wednesday’s tumble, after corporate results and fewer unemployment claims than expected suggested the U.S. economy has pockets of resiliency despite repeated interest rate hikes.

Investors worry the Fed and central banks in Europe and Asia might derail global economic growth as they hike rates to cool inflation that is running at multi-decade highs.

The latest U.S. data “might keep the door open for aggressive Fed tightening,” said Edward Moya of Oanda in a report.

The Shanghai Composite Index lost 0.2% to 3,270.86 while the Nikkei 225 in Tokyo gained 0.1% to 28,967.94. The Hang Seng in Hong Kong added 0.4% to 19,842.99.

The Kospi in Seoul shed 0.1% to 2,504.86 while Sydney’s S&P-ASX 200 advanced less than 0.1% to 7,116.00.

New Zealand and Singapore retreated while Jakarta gained.

Investors looked ahead to the Fed’s annual Jackson Hole conference in Wyoming next week for indications of when and how much the U.S. central bank might raise rates.

Minutes on the Fed’s July meeting released this week said inflation still is too high and made clear the central bank will keep raising interest rates.

The Fed has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters expect a hike at the board’s September meeting, but say pressure for a similarly large increase has declined as economic growth cooled.

On Wall Street, the S&P 500 rose 0.2% to 4,283.74 after the Labor Department reported fewer Americans filed for unemployment benefits last week.

“Initial jobless claims dipped, easing concerns a little bit that the labor market was starting to head in the wrong direction,” said Moya.

That followed data Wednesday that showed July retail sales held steady with the previous month despite concern inflation might depress consumers’ willingness to spend.

The Dow Jones Industrial Average gained 0.1% gain to 33,999.04. The Nasdaq added 0.2% to 12,965.34.

Technology companies gained. Cisco Systems rose 5.8% after reporting solid results.

Energy stocks also climbed as U.S. crude oil prices rose. Devon Energy rose 5.9%.

Department store Kohl’s fell 7.7% after issuing a disappointing financial forecast.

In energy markets, benchmark U.S. crude lost 24 cents to $90.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $2.39 to $90.50 on Thursday. Brent crude, the price basis for international trading, shed 30 cents to $96.29 per barrel in London. It jumped $2.94 the previous day to $96.59.

The dollar rose to 136.14 yen from Thursday’s 135.91 yen. The euro fell to $1.0081 from $1.0091.

Home » Business » Most Recent Biz News » Asian markets mixed after Wall St gains on jobs data


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
Happy landing as 'baby bee' is reunited with parents
ABQnews Seeker
'The bee is safe,' police chief ... 'The bee is safe,' police chief declares, attributing the quick recovery to ‘old-fashioned detective work’
2
Biden pardons thousands for 'simple possession' of marijuana
ABQnews Seeker
President Joe Biden is pardoning thousands ... President Joe Biden is pardoning thousands of Americans convicted of 'simple possession' of marijuana under federal law, as his administration takes a dramatic step ...
3
NM 'in a good place' with COVID
ABQnews Seeker
State's top health official says physicians ... State's top health official says physicians have plenty of tools to treat coronavirus
4
Governor to tap federal funds for early childhood worker ...
ABQnews Seeker
Initial $77M for up to 16,000 ... Initial $77M for up to 16,000 staffers to come from the American Rescue Plan Act
5
Shots fired in police standoff with suspects
ABQnews Seeker
SWAT called out near Constitution and ... SWAT called out near Constitution and Eubank NE following carjacking
6
APD: Less speeding on Gibson since cameras used
ABQnews Seeker
Devices recorded a 70% drop in ... Devices recorded a 70% drop in drivers going 20 mph over limit
7
Bernalillo County birds test positive for avian flu
ABQnews Seeker
This is the first confirmed positive ... This is the first confirmed positive test for the disease this year
8
Special Shape Rodeo features 120 hot air balloons
ABQnews Seeker
An event where dinosaurs mingle with ... An event where dinosaurs mingle with Star Wars heroes
9
Delivering hope and friendship
ABQnews Seeker
'Pandemic Pizza Man' looks to inspire ... 'Pandemic Pizza Man' looks to inspire others
10
Pence visits NM to campaign with Ronchetti
2022 election
GOP heavyweights weighing in on the ... GOP heavyweights weighing in on the race