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Oct. 4, 2019, 12:00 a.m. EDT

Asian markets quiet ahead of U.S. jobs report

Nikkei, Hang Seng muted following Wall Street’s late rally

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By Marketwatch and Associated Press


Getty Images/iStockphoto
The Nikkei was as quiet as this Tokyo pond on Friday.

Asian markets were little changed in early trading Friday, as investors took a wait-and-see approach after Wall Street rallied late to snap a two-day losing streak.

The major U.S. indexes were down around 1% at one point early Thursday, but pulled out of their respective dives to end the day in positive territory. The Nasdaq Composite closed up 1.1% for its biggest intra-day turnaround since April 2018.

As recent economic data has raised fears of recession, investors apparently were betting on another interest-rate cut by the Fed later this month. The will be closely watching Friday’s Labor Department jobs report for September. Economists polled by MarketWatch predict the U.S. added 147,000 new jobs last month.

“Increased hopes for further interest rate cuts by the Fed look to help stabilize markets into the end of the week,” Jingyi Pan of IG said in a report.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.72%   was about flat and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.99%  slipped 0.5%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.80%   was about flat, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.88%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.62%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.14%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.42%   rose 0.2%. Markets in mainland China remained closed for a holiday.

Among individual stocks, Central Japan Railway /zigman2/quotes/205638698/delayed JP:9022 -0.67%   and SoftBank /zigman2/quotes/207303954/delayed JP:9984 +2.63%   gained in Tokyo trading, while Kobe Steel /zigman2/quotes/207391157/delayed JP:5406 -1.37%   and Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +0.38%   declined. In Hong Kong, property developer Country Garden /zigman2/quotes/201681083/delayed HK:2007 +3.80%   rose while Sands China /zigman2/quotes/207609245/delayed HK:1928 +3.43%   and China Mobile /zigman2/quotes/200868736/delayed HK:941 +0.28%   fell. Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 +1.32%   and chip maker SK Hynix /zigman2/quotes/206420319/delayed KR:000660 +1.18%   advanced in South Korea. In Australia, Virgin Australia /zigman2/quotes/207744791/delayed AU:VAH +6.17%   and Qantas Airways /zigman2/quotes/205534063/delayed AU:QAN -2.30%   rose.

On Wall Street, the S&P500 index /zigman2/quotes/210599714/realtime SPX +0.45%   rose 0.8% to 2,910.63. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.36%   gained 0.5% to 26,201.04. The Nasdaq /zigman2/quotes/210598365/realtime COMP +0.52%  , which is heavily weighted with technology stocks, climbed 1.1% to 7,872.26.

Investors are wrestling with uncertainty about the economy and the impact of a U.S.-Chinese tariff war.

President Donald Trump urged China on Thursday to investigate Joe Biden and his son, Hunter, spurring concerns by critics that he may take a possible Chinese response into consideration when negotiating an end to the trade war.

Others placed hope that a trade deal would come out of self-preservation.

“The market continues to hope for the best while preparing for the worst that, at minimum, the economic carnage inflicted by the U.S.-China trade war will be enough to bring to fruition a partial trade deal,” Stephen Innes, Asia-Pacific market strategist at AxiTrader, wrote in a note. “Hope springs eternal.”

Adding to investors’ unease, the Institute for Supply Management, an association of purchasing managers, said its non-manufacturing index sank to 52.6 from 56.4 in August. Readings above 50 signal growth, but September’s figures are the lowest since August 2016.

Services account for more than two-thirds of the U.S. economy and have been resilient in the face of the tariff war that is squeezing manufacturers.

The Fed has lowered rates by a quarter-percentage point twice this year in a bid to shield the economy from slowing growth abroad and the effects of the trade war. Investors put the odds the Fed will cut rates again at the end of this month at above 88%, according to the CME Group.

Benchmark U.S. crude   gained 21 cents to $52.66 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 19 cents on Thursday to close at $52.45. Brent crude  , used to price international oils, advanced 22 cents to $57.93 per barrel in London. It gained 2 cents the previous session to $57.71.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0074%   declined to 106.77 yen from Thursday’s 106.91 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,306.48
+160.52 +0.72%
Volume: 0.00
July 3, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,373.12
+248.93 +0.99%
Volume: 2.32M
July 3, 2020 4:08p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,152.41
+17.04 +0.80%
Volume: 770,054
July 3, 2020 3:33p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
11,909.16
+104.02 +0.88%
Volume: 0.00
July 3, 2020 1:33p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,652.94
+16.25 +0.62%
Volume: 0.00
July 3, 2020 5:20p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
4,973.79
+7.01 +0.14%
Volume: 0.00
July 3, 2020 3:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,057.90
+25.20 +0.42%
Volume: 645,935
July 3, 2020 5:08p
loading...
/zigman2/quotes/205638698/delayed
JP : Japan: Tokyo
¥ 16,320.00
-110.00 -0.67%
Volume: 234,700
July 3, 2020 3:00p
P/E Ratio
8.05
Dividend Yield
0.92%
Market Cap
¥3226.11 billion
Rev. per Employee
¥64.27M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,778.00
+148.00 +2.63%
Volume: 23.89M
July 3, 2020 3:00p
P/E Ratio
38.77
Dividend Yield
0.76%
Market Cap
¥11642.82 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 361.00
-5.00 -1.37%
Volume: 3.60M
July 3, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥132.75 billion
Rev. per Employee
¥52.09M
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 61,540.00
+230.00 +0.38%
Volume: 416,800
July 3, 2020 3:00p
P/E Ratio
42.22
Dividend Yield
0.78%
Market Cap
¥6258.66 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/201681083/delayed
HK : Hong Kong
HK$ 10.38
+0.38 +3.80%
Volume: 46.87M
July 3, 2020 4:08p
P/E Ratio
5.13
Dividend Yield
6.03%
Market Cap
HK$215.80 billion
Rev. per Employee
HK$3.60M
loading...
/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 31.70
+1.05 +3.43%
Volume: 14.97M
July 3, 2020 4:08p
P/E Ratio
16.10
Dividend Yield
3.12%
Market Cap
HK$247.93 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 54.65
+0.15 +0.28%
Volume: 24.30M
July 3, 2020 4:08p
P/E Ratio
9.29
Dividend Yield
5.95%
Market Cap
HK$1115.91 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
53,600.00
+700.00 +1.32%
Volume: 11.89M
July 3, 2020 3:30p
P/E Ratio
17.10
Dividend Yield
2.64%
Market Cap
₩354189.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
85,400.00
+1,000 +1.18%
Volume: 2.20M
July 3, 2020 3:30p
P/E Ratio
37.48
Dividend Yield
1.17%
Market Cap
₩57729.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207744791/delayed
AU : Australia: Sydney
$ 0.09
+0.0050 +6.17%
Volume: 0.00
April 9, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$726.00 million
Rev. per Employee
$561,344
loading...
/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 3.82
-0.09 -2.30%
Volume: 14.25M
July 3, 2020 4:10p
P/E Ratio
7.16
Dividend Yield
3.40%
Market Cap
$7.19 billion
Rev. per Employee
$568,765
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,130.01
+14.15 +0.45%
Volume: 2.33B
July 2, 2020 5:19p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,827.36
+92.39 +0.36%
Volume: 350.29M
July 2, 2020 5:19p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,207.63
+53.00 +0.52%
Volume: 3.69M
July 2, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.5030
+0.0080 +0.0074%
Volume: 0.0000
July 3, 2020 10:42a
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