Asian stocks sink as investors watch for US jobs data
By JOE McDONALD
AP Business Writer
Posted:
Updated:
Ahn Young-joon
A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 5, 2021. Asian stocks were mixed Thursday as traders awaited more guidance on the U.S. economic recovery.
Ahn Young-joon
A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 5, 2021. Asian stocks were mixed Thursday as traders awaited more guidance on the U.S. economic recovery.
Ahn Young-joon
A currency trader stretches at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 5, 2021. Asian stocks were mixed Thursday as traders awaited more guidance on the U.S. economic recovery.
Richard Drew
Weber Inc. CEO Chris Scherzinger poses beside a giant grill outside the New York Stock Exchange prior to his company's IPO, Thursday, Aug. 5, 2021.
Richard Drew
Weber Inc. grills are displayed outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021.
Richard Drew
A woman stops to photograph a display of Weber Inc. grills outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021.
Richard Drew
A giant Weber Inc. grill is displayed outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021.
Richard Drew
Weber Inc. CEO Chris Scherzinger poses beside a display of grills outside the New York Stock Exchange prior to his company's IPO, Thursday, Aug. 5, 2021.
Richard Drew
Trader Fred DeMarco works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Specialist Peter Giacchi works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Trader Ashley Lara works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Trader Edward Curran, left, works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Trader Ben Tuchman, left, works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Traders Timothy Nick, left, and Joel Luchese work on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Traders Jonathan Mueller, left, and Michael Capolino work on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Richard Drew
Trader Steven Gohl works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports.
Ahn Young-joon
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 6, 2021. Asian stock markets sank Friday after Wall Street rose to a high as investors waited for U.S. jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
Ahn Young-joon
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 6, 2021. Asian stock markets sank Friday after Wall Street rose to a high as investors waited for U.S. jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
Ahn Young-joon
A currency trader reads documents at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 6, 2021. Asian stock markets sank Friday after Wall Street rose to a high as investors waited for U.S. jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
BEIJING (AP) — Asian stock markets sank Friday after Wall Street rose to a high as investors waited for U.S. jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
Shanghai, Hong Kong and South Korea retreated. Tokyo was up less than 0.1%.
Wall Street’s benchmark S&P 500 index gained after investors were encouraged Thursday by a decline in U.S. unemployment claims. They were watching for Friday’s monthly employment report for an indication of how new disease flareups and renewed anti-disease curbs might be affecting hiring and wages.
“The jobs report will be the key highlight to end the week” amid conflicting market indicators that “put more uncertainty” on whether hiring expectations can be met, said Yeap Jun Rong of IG in a report.
The Shanghai Composite Index lost 0.6% to 3,444.19 while the Hang Seng in Hong Kong shed 0.4% to 26,093.53. Chinese stocks have been hurt by a spate of anti-monopoly and data security campaigns launched by Beijing against tech companies.
The Nikkei 225 in Tokyo added less than 0.1% to 27,744.24 after Japanese labor cash earnings edged lower in June for the first time in four months.
The Kospi in Seoul lost 0.3% to 3,265.92 and the ASX-S&P 200 in Sydney was little-changed at 7,510.90. New Zealand declined while Singapore and Indonesia advanced.
On Wall Street, the S&P 500 rose 0.6% to 4,429.10. The Dow Jones Industrial Average gained 0.8% to 35,064.25. The Nasdaq climbed 0.8% to 14,895.12.
Tech, retailing and consumer stocks rose. Banks gained as bond yields rose, giving them room to charge more for loans. Health care and materials stocks fell.
On Thursday, the Labor Department reported last week’s unemployment claims fell by 14,000, adding to hopes for recovery in the labor market. That followed a weak report from payroll processor ADP on Wednesday showing the private sector added jobs at a slower pace than expected in July.
In energy markets, benchmark U.S. crude rose 8 cents to $69.17 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 94 cents on Thursday to $69.09. Brent crude, the price basis for international oils, gained 8 cents to $71.37 per barrel in London. It advanced 91 cents the previous session to $71.29.
The dollar rose to 109.86 yen from Thursday’s 109.76 yen. The euro fell to $1.1824 from $1.1836.
