Asian stocks mixed ahead of US jobs data

FILE - This Thursday, Oct. 2, 2014, file photo, shows the facade of the New York Stock Exchange. Global stock markets mostly rose on Tuesday, Aug. 30, 2016, as investors weighed the possibility and timing of another U.S. interest rate increase this year. (AP Photo/Richard Drew, File)

TOKYO — Asian stocks were mixed in listless trading Wednesday ahead of key jobs data later this week in the U.S. that could lead to higher interest rates.

KEEPING SCORE: Japan's benchmark Nikkei 225 gained 0.8 percent to 16,857.07 in morning trading. South Korea's Kospi lost 0.3 percent to 2,033.35. Hong Kong's Hang Seng was up nearly 0.1 percent to 23,033.97, while the Shanghai Composite slipped 0.1 percent to 3,071.32.

FED FACTOR: Investors continue to wait to see whether the U.S. Federal Reserve will raise interest rates later this year, after comments from Federal Reserve Chair Yellen and Vice Chair Stanley Fisher at a conference in Jackson Hole, Wyoming last week as signs the Fed is ready to raise interest rates later this year.

JOBS DATA: The next key piece of U.S. economic data is coming on Friday with the August jobs report. Economists expect employers added 182,500 jobs in August and that the unemployment rate fell slightly to 4.8 percent. A strong jobs report would give the Federal Reserve additional ammunition to raise interest rates either at its September meeting or later this year.

WALL STREET: The Dow Jones industrial average fell 48.69 points, or 0.3 percent, to 18,454.30, amid extremely light trading. The Standard & Poor's 500 index fell 4.26 points, or 0.2 percent, to 2,176.12 and the Nasdaq composite fell 9.34 points, or 0.2 percent, to 5,222.99.

ENERGY: In energy trading, benchmark U.S. crude oil fell 9 cents to $46.26. It fell 63 cents to $46.35 a barrel Tuesday. Brent crude, used to price oil internationally, fell 8 cents to $48.65 a barrel.

THE QUOTE: "U.S. rate hike fever continues dominating the foreign exchange landscape. The U.S. dollar is trading favorably despite the next major catalyst, Friday's jobs report. The market is stuck between the good cop, bad cop performance from Yellen and Fischer at Jackson Hole," says Stephen Innes, senior trader at Oanda.

CURRENCIES: The dollar rose to 102.95 yen from 102.33 yen late Tuesday. The euro slipped to $ 1.1159 from $1.1174.

___

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

You may also interested in

Global stocks wobble as markets await comment from Yellen

Aug 25, 2016

Global stocks fell Thursday in lackluster trading as investors awaited a speech by Federal Reserve chair Janet Yellen on Friday for hints on a possible further interest rate increase

Stock markets cautious ahead of key Fed speech

Aug 26, 2016

European shares are mostly lower following mixed trading in Asia, with investors preferring to sit on the sidelines ahead of U.S. Federal Reserve Chairwoman Janet Yellen's speech later in the day for cues on the timing of the next policy rate hike

Yellen suggests rate hike is coming but offers no timetable

Aug 26, 2016

Yellen says 'the case for an increase' in rates has strengthened but offers no timetable

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email