Global Courant
In Wan Chai, Hong Kong, red lanterns hang on the streets. (Photo by Zhang Wei/China News Service via Getty Images)
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Asia-Pacific markets marked a second day of declines after Wall Street sold off on stronger-than-expected US jobs data, leaving room for further rate hikes from the Federal Reserve.
Companies created far more jobs than expected, payroll processing firm ADP reported Thursday. Private sector jobs rose by 497,000 this month, far beating the 220,000 Dow Jones consensus estimate. The increase resulted in the largest monthly increase since July 2022.
The data also followed the minutes of the June Federal Reserve meeting, released Wednesday, which showed most officials would support further rate hikes.
US Treasury Secretary Janet Yellen is in Beijing for a four-day trip to meet with Chinese officials, marking a deeper thaw in US-China ties.
Hong Kong’s Hang Seng Index fell 1.06% while the Hang Seng Tech Index fell nearly 2%. In mainland China, the Shanghai Composite was down 0.25% and the Shenzhen Component was down 0.55%.
In Australia, the S&P/ASX 200 fell 1.8%, leading losses in the region.
from Japan Nikkei225 fell 1.13% and the Topix lost 1.1%. In South Korea, the Kospi fell 1.14% as Samsung Electronics estimated a 96% likely dip in its Q2 operating profit.
In the US, the Dow Jones Industrial Average fell overnight by 366.38 points, or 1.07%. The S&P 500 lost 0.79% and the Nasdaq Composite fell 0.82%. Thursday’s session marked the worst daily performance for the Dow and S&P 500 since May.
The three major indices are on track to finish the week lower with just Friday’s session left in the shortened trading week. The Dow is poised for a 1.4% fall over the course of the week. The S&P 500 and Nasdaq, meanwhile, are on course for weekly losses of 0.9% and 0.8%, respectively.
– CNBC’s Alex Harring, Samantha Subin contributed to this report
(TagsToTranslate)SHENZHEN COMPONENT INDEX
