“It is shaping up to be a significant litmus test. A stronger-than-expected payroll number, paired with a lower unemployment rate, could inject some much-needed confidence into the market, signaling that growth risks might be easing, at least for now,” said Stephen Innes, analyst at SPI Asset Management.
“If the report disappoints, especially if it pushes the unemployment rate higher, we could quickly see growth concerns flare up again.”
A wait-and-see mood was earlier prevalent, as Monday was Labor Day, a national holiday in the U.S.
South Korea’s Kospi initially rose after a report showed consumer inflation slowed in August to the weakest in more than three years, supporting expectations of an easing of monetary policy. The Kospi later declined 0.6% to 2,664.63.
South Korea’s consumer price index, or CPI, rose 0.4% from the previous month and 2.0% from a year earlier, after gaining 0.3 from a month earlier and 2.6% on-year in July.
Hong Kong’s Hang Seng dipped 0.4% to 17,624.35, while the Shanghai Composite edged down 0.3% to 2,803.99.
Worries were also growing about the resilience of China’s economy, as recently disclosed data showed a mixed picture. Recent weak earnings reports from Chinese companies, including New World Development Co., a property developer and investor, added to the pessimism.
In energy trading, benchmark U.S. crude rose 53 cents to $74.08 a barrel. Brent crude, the international standard, lost 15 cents to $77.37 a barrel.
In currency trading, the U.S. dollar slipped to 146.00 Japanese yen from 146.89 yen. The euro cost $1.1061, down from $1.1074.
___
Yuri Kageyama is on X: https://x.com/yurikageyama
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP
Credit: AP