Asian markets down as traders wait for US job data

Following the trend set by the Asian markets on Friday, the investors in Europe were also closely monitored news about China’s Zero-Covid policy and the US non-farm payrolls data.

The pan-European Stoxx 600 fell 0.5 percent and all sectors were in the red. Oil and gas led losses, down 1% shortly after the open. It closed down 0.1 percent in the previous session.

It comes after the Asian stock markets traded lower on Friday, after bullish trend was witnessed the previous day.

Mixed cues from global markets overnight with traders refraining from making significant moves ahead of the release of US monthly jobs data later in the day, which could affect the outlook for interest rates, were the reasons.

S&P/ASX 200 – the Australian stock market bench mark – ended the day at 7,301.5 level, with losses in energy and financial stocks partially offset by gains in gold miners.

Similarly, the Japanese stock market gave up all of the gains in the previous session, with the benchmark Nikkei 225 falling to the level of 27,761.07, representing a loss of 1.65 percent.

Elsewhere in Asia, Hang Sen was down by 0.06 percent and trading at 18,725 followed by Korea’s Kospi 1.64 per cent to 2,438.89 and Shanghai Composite 0.16 per cent to 3,160.36.

Meanwhile, Nifty futures on the Singapore Exchange dipped by 146.6 points or 0.77 per cent. The latest position of other markets is: Shanghai 3,160.38 points by 0.16 percent.

Earlier, the European Union tentatively agreed to a $60 barrel price cap on Russian seaborne oil. The price cap, an idea proposed by the Group of Seven, still requires approval from all 27 EU governments in a written procedure on Friday. Data releases in Europe include German import and export data and producer prices for the euro zone.

Markets in Asia-Pacific were lower on Friday after China signaled a slight easing of its stringent Covid restrictions. Stocks in Japan led losses, with the Nikkei 225 last seen 1.6 percent lower and the Topix falling 1.6 percent.

Stateside, S&P 500 futures were slightly lower as market participants looked ahead to the November jobs report.

The US Economic data including the Labor Department’s report on non-farm payrolls, the unemployment rate and hourly wages are due at 8:30 a.m. ET on Friday. Economists expect the economy to have added 200,000 jobs in November, according to Dow Jones. That would be a decrease from the 261,000 it added in October.

The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.

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