Thursday August 11th, 2022 1:10AM

Asian stock markets rise ahead of US jobs data

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Asian stock markets rose Friday ahead of an update on the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation.

Shanghai, Tokyo, Hong Kong and Sydney advanced. U.S. futures and oil prices edged higher.

Investors were looking ahead to monthly U.S. employment numbers for possible signs of weakness that might prompt the Fed to decide it needs to ease off on rate hikes to cool inflation. Other data suggest the economy is slowing, which should reduce pressure for prices to rise.

“There is likely to be particular focus on the resilience of jobs growth” after an uptick in unemployment claims, said Anderson Alves of ActivTrades in a report.

The Shanghai Composite Index advanced 0.3% to 3,198.11 while the Hang Seng in Hong Kong rose less than 0.1% to 20,192.36.

The Nikkei 225 in Tokyo gained 0.8% to 28,143.55 after June labor cash earnings rose 2.2% over a year ago, though forecasters warned that strength was unlikely to last. Half-yearly bonuses are paid in June.

The Kospi in Seoul added 0.9% to 2,494.65 and Sydney's S&P ASX 200 advanced 0.4% to 7,003.00.

India's Sensex rose 0.5% to 58,568.12. The Reserve Bank of India raised its benchmark interest rate by a half percentage point to 5.4% on Friday.

RBI Gov. Shaktikanta Das projected that inflation would reach 6.7% in the fiscal year ending next March, and that the economy would grow at a 7.2% annual pace.

New Zealand declined while Southeast Asian markets rose.

Jakarta advanced 0.2% after Indonesia's economy grew by a stronger-than-expected 5.4% over a year earlier in the latest quarter.

Investors worry rate hikes by the Fed and other central banks in Europe and Asia to tame inflation that is running at multi-decade highs might derail economic growth.

The Fed has raised its benchmark rate twice by 0.75 percentage points this year, three times its usual margin and the biggest hikes since the early 1990s.

Fed officials have tried to calm fears the United States might tip into a recession by pointing to a strong job market as evidence the economy can tolerate higher borrowing costs.

The number of Americans who applied for jobless benefits last week rose by a modest 6,000 from the previous week to 260,000, the Labor Department reported Thursday. First-time applications generally reflect layoffs, but forecasters still see the job market one of the strongest parts of the economy.

Data earlier this week indicated the number of new U.S. job openings being advertised slipped but was still near record highs.

On Wall Street, the benchmark S&P 500 index closed 0.1% lower on Thursday while investors digested corporate earnings reports and waited for the jobs data.

The S&P 500 declined to 4,151.94 and the Dow Jones Industrial Average fell 0.3% to 32,726.82. The Nasdaq composite rose 0.4% to 12,720.58.

In energy markets, benchmark U.S. crude gained 42 cents to $88.96 per barrel in electronic trading on the New York Mercantile Exchange. The contract tumbled $2.12 the previous session to $88.54. Brent crude, the price basis for international trading, advanced 27 cents to $94.39 per barrel. It fell $2.66 the previous session to $94.12.

The dollar gained to 133.45 yen from Thursday's 132.91 yen. The euro declined to $1.0230 from $1.0249.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stock markets rise ahead of US jobs data
Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation
11:50PM ( 16 minutes ago )
Biden, Republicans spar over impact of Dems' economic plan
Democrats call it the “Inflation Reduction Act.”
11:47PM ( 19 minutes ago )
Raiders give McDaniels happy homecoming, beat Jaguars 27-11
Josh Jacobs and rookie Zamir White ran well on a rain-soaked field and the Raiders routed Jacksonville 27-11 in the Hall of Fame game Thursday night, spoiling coach Doug Pederson’s first game with the Jaguars
11:43PM ( 23 minutes ago )
Associated Press (AP)
China conducts 'precision missile strikes' in Taiwan Strait
China says it has conducted “precision missile strikes" in the Taiwan Strait as part of military exercises by its navy, air force and other departments in six zones surrounding the island
10:46PM ( 1 hour ago )
WNBA's Griner convicted at drug trial, sentenced to 9 years
A judge in Russia convicted American basketball star Brittney Griner of drug possession and smuggling
10:27PM ( 1 hour ago )
Democrats say they've reached agreement on economic package
Senate Democrats say they have reached an accord on changes to their marquee economic legislation, clearing the major hurdle to pushing one of President Joe Biden’s leading election-year priorities through the chamber in coming days
10:20PM ( 1 hour ago )
AP Business
DoorDash sees record orders in Q2 as it combines with Wolt
DoorDash has reported that it received a record number of customer orders in the second quarter, boosted by resilient demand and its acquisition of Finnish delivery service Wolt Enterprises
7:29PM ( 4 hours ago )
Dems consider changes to economic bill, weekend votes ahead
Democrats are considering reshaping their economic bill's proposed taxes on the wealthy and huge corporations, and possibly adding billions for the West’s historic drought
5:54PM ( 6 hours ago )
US stocks end mixed amid earnings, economic updates
Stocks closed mixed on Wall Street Thursday as investors continued to review the latest updates on the economy and corporate earnings
4:55PM ( 7 hours ago )
AP Business - Economy
Wall Street flat at open as layoffs continue modest rise
Stocks are opening nearly flat on Wall Street Thursday
9:43AM ( 14 hours ago )
US markets head for small gains ahead of jobs data, earnings
Wall Street is pointing toward small gains before the opening bell bell ahead of a double dose of U.S. jobs data while anxiety eased over U.S. House Speaker Nancy Pelosi’s visit to Taiwan
8:21AM ( 15 hours ago )
Bank of England raises rates by half-point to tame inflation
The Bank of England has raised interest rates by half a percentage point as it seeks to tame accelerating inflation driven by the fallout from Russia’s invasion of Ukraine
7:04AM ( 17 hours ago )
AP Business - Financial Markets
Beyond Meat announces layoffs after lower Q2 sales
Plant-based meat maker Beyond Meat says it’s laying off 4% of its workforce
7:15PM ( 4 hours ago )
Surprise Senate vote would overturn Biden environmental rule
In a surprise victory for Republicans, the Senate on Thursday voted to overturn a Biden administration rule requiring rigorous environmental review of major infrastructure projects such as highways, pipelines and oil wells — a victory enabled in part by Democratic Sen. Joe Manchin of West Virginia
7:01PM ( 5 hours ago )
Efforts intensify to reach 10 trapped coal miners in Mexico
Efforts to rescue 10 miners trapped in a collapsed and flooded coal mine in northern Mexico have intensified with hundreds of people involved in the operation
3:39PM ( 8 hours ago )
AP Business - Industries
Growing prescriptions help push CVS past Q2 expectations
CVS Health thumped second-quarter expectations and hiked its full-year forecast as growing prescription claims helped balance a drop in vaccinations
10:59AM ( 1 day ago )
Inflation in Turkey rises to nearly 80%, hitting consumers
Annual inflation in Turkey soared to nearly 80% in July
6:18AM ( 1 day ago )
Stocks slip on Wall Street after another meandering day
U.S. stocks slipped Tuesday as Wall Street’s modest August retreat continued another day
4:32PM ( 2 days ago )
AP Business - Financial Services
Biden, Republicans spar over impact of Dems' economic plan
Democrats call it the “Inflation Reduction Act.”
11:47PM ( 20 minutes ago )
Ogles wins House race; Tennessee Dem gov bid still too early
Maury County Mayor Andy Ogles has won Tennessee’s bruising nine-candidate Republican primary for an open congressional seat in Nashville
11:41PM ( 26 minutes ago )
Pelosi: China cannot stop US officials from visiting Taiwan
U.S. House Speaker Nancy Pelosi says that China will not isolate Taiwan by preventing U.S. officials from traveling there
11:41PM ( 27 minutes ago )
US, Russia, China take part in talks with SE Asian nations
U.S. Secretary of State Antony Blinken has joined the foreign ministers of Russia and China at a meeting with top diplomats from Southeast Asia, which comes at a time of increased tensions
11:38PM ( 29 minutes ago )
Alex Jones ordered to pay Sandy Hook parents more than $4M
A Texas jury has ordered conspiracy theorist Alex Jones to pay more than $4 million in compensatory damages to the parents of a 6-year-old boy who was killed in the 2012 Sandy Hook Elementary School massacre over Jones' repeated public claims that the attack was a hoax
11:31PM ( 36 minutes ago )