الخميس , يونيو 11 2020

Shares in Asia mixed on US job numbers

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Shares in Asia were mixed on Monday following strong US jobs numbers which lifted expectations the US Federal Reserve will raise interest rates at its policy meeting in December.

The US economy added 271,000 jobs in October, far exceeding the 185,000 jobs that economists had forecast.

In Australia, the SP/ASX 200 index was down 0.78% in early trade to 5,175.20 points.

While Japan’s Nikkei index was up 1.09% at 19,474.94 on a weaker yen.

The strong job numbers gave the US dollar a boost against the yen – which is good for Japan’s big exporters as it makes their goods cheaper to buy overseas.

“With (Fed chair) Janet Yellen holding firm on a December rate hike expectation during her testimony to Congress on Thursday, and then the massive beat from the non-farm payrolls on Friday, 2015 has been realigned with the beginning of the year’s expectations of at least one rate hike,” said Evan Lucas from IG Markets.

In South Korea the Kospi index was down 0.36% at 2,033.12 points.

China’s economy

Investors will be closely watching stocks in China on Monday after official numbers showed a drop in imports for the twelfth month in a row in October.

Imports fell 18.8% from a year earlier to $130.8bn, a slight improvement on September’s 20.4% decline – but still giving further cause for concern over the Chinese economy.

Exports by the world’s second-biggest economy dropped 6.9% to $192.4bn, marking a fourth consecutive monthly fall.

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