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Asian Markets Mixed Ahead of US Holiday and Jobs Report
2024-09-02 05:50:08
Markets
Economy

Asian Markets Mixed Ahead of US Holiday and Jobs Report

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Asian markets are cautiously mixed as Japan's economy shows signs of recovery while China's manufacturing weakens. Positive US data hints at a potential Fed rate cut, with the S&P 500 inching towards a record high.

Amid declining oil prices, traders anticipate the impact of the upcoming US holiday and jobs report. China's economic struggles, Hong Kong developer losses, and fiscal easing prospects in China contribute to the cautious market sentiment.

Investors focus on key indicators such as the Caixin PMI, US job data, and central bank meetings for insights on Fed cuts and the US economy's trajectory. The dollar strengthens against the euro as traders await US payroll data, adjusting expectations for Fed easing based on Treasury yields and rate cut speculations.

Related news on that topic:

US Stocks Rise as Fed-Favored PCE Inflation Print Boosts Rate-Cut ... Rate-Cut Hopes

US stocks climbed, ending a wobbly week on a high note as the latest reading of the Federal Reserve's preferred inflation gauge bolstered rate-cut hopes. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all gained. Investors moved on from the Nvidia earnings watch, while Intel is considering splitting off its foundry and Dell lifted its annual profit and revenue forecasts. Stocks are taking an upbeat tone into the month's end with recession fears and the early-August rout in the rear-view mirror, and a long-awaited start to Fed easing just ahead, with bets on a 0.5% cut or a 0.25% move lower in play, as Chair Jerome Powell made it clear a pivot can be expected in September.

European Stocks Reach New Highs Amid Global Market Activity

European stocks surged to record levels driven by easing inflation and potential ECB rate cuts, while Wall Street remained mixed on strong US GDP growth. Financial and Industrial sectors led gains, contrasting with Nvidia's 6.38% drop due to earnings disappointment. Meanwhile, Asian markets continued upward momentum, notably with Hang Seng rising 8% in August. The DAX slightly retreated post-record high, influenced by positive sentiment from Wall Street. In other news, UK house prices soared, and market focus shifted to developments like Thyssenkrupp-Stahl crisis and Lufthansa subsidiary Discover strike. Amidst varied stock performances, Nvidia's Blackwell launch garnered optimism, and Dollar General faced a significant plunge pre-earnings.

Read 7 more recent news on this topic

The press radar on this topic:

Yahoo Finance
1. September 2024 um 21:47

Morning Bid: China clouds global 'Goldilocks' outlook

Finance
Economy
Politics
Investors optimistic about U.S. 'soft landing', dovish Fed outlook boosting risk appetite; decent Q2 earnings season; China's 'official' PMI data shows factory activity flagging, deflationary pressures intensifying, need for stimulus growing; China's 'unofficial' manufacturing PMI expected to rise to 'no growth'; U.S. Treasury yield fell, S&P 500, MSCI World, MSCI Asia ex-Japan index rose; financial conditions the loosest in over a year; danger of complacency, Aug. 5 volatility shock lurking.
Yahoo Finance
2. September 2024 um 23:02

Asia Eyes Cautious Open After China Factory Data: Markets Wrap

Finance
Economy
Politics
Asia stocks open cautiously as China's economic support ineffective. S&P 500 up 1% on MSCI, Fed cut bets. China's property slump, Hong Kong developer loss. Fiscal easing expected in China. Traders eye Caixin PMI, US jobs, VIX, central bank meetings. Prospects for Fed cuts, US economy's soft landing in focus. Trader spent $9 million to hedge against VIX surge.
Yahoo Finance
2. September 2024 um 00:57

Dollar edges to two-week high vs euro as US payroll data looms

Finance
Economy
Politics
Dollar hits two-week high vs euro as traders reconsider Fed easing; U.S. jobs data eyed. Dollar strengthens on higher Treasury yields, reduced Fed rate cut expectations. Dollar index rises to 101.79, euro slips to $1.0430. Analysts predict 165,000 jobs added in August, expecting unemployment rate at 4.2%. Treasury bonds not trading on U.S. holiday; 10-year yield at 3.9110%.
Business - South China Morning Post
2. September 2024 um 02:21

Hong Kong stocks drop to halt monthly gain on weak China manufacturing, corporate results | South China Morning Post

Finance
Economy
Politics
Hong Kong stocks fell, halting monthly gain, as China manufacturing contracted and companies reported weak results. New World Development forecasted loss, ICBC and CCB posted profit declines. Hang Seng Index, Hang Seng Tech Index, and Shanghai Composite Index all declined. Rebound in August may face challenges due to weak results, despite expectations of Fed interest rate cut. Other major Asian markets were mixed, with Nikkei 225 climbing, Kospi rising, and S&P/ASX 200 losing. PMI remained below..
CW

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