Asian Shares Mixed With US Data In Focus

2024-08-30 1531
(fxcue news) - Asian stocks ended mixed on Thursday as investors digested weak U.S. manufacturing data and waited for more U.S. data this week, including Friday's all-important jobs report for directional cues. The dollar struggled to find footing in Asian trading, helping gold prices recover some ground. Crude prices rose modestly after industry data showed decline in inventories in the U.S. for the week ending August 30. China's Shanghai Composite edged up 0.14 percent to 2,788.31 after reports that authorities are considering cutting interest rates on as much as $5.3 trillion of mortgages as part of efforts to shore up the battered property market and economy. Hong Kong's Hang Seng index finished marginally lower at 17,444.30 on growth worries after a private survey revealed growth in China's services sector activity slowed in August despite the summer travel peak. Japanese markets fell sharply, with sentiment weighed by a stronger yen and losses in semiconductor-related stocks. The yen held ground against the dollar as positive wage growth triggered speculation of a BoJ rate hike. The Nikkei average fell 1.05 percent to 36,657.09, marking its lowest level since Aug. 14 and its third consecutive session of losses. The broader Topix index settled 0.48 percent lower at 2,620.76. Advantest fell 2.9 percent and Tokyo Electron lost 2.5 percent, tracking a slump in AI chip firm Nvidia and other technology shares in the U.S. trading session overnight. Market heavyweight Fast Retailing tumbled 3.8 percent. Seoul stocks edged down slightly as revised data showed the country's economy shrank 0.2 percent in the second quarter on weaker domestic consumption and investment by private businesses. The Kospi average slipped 0.21 percent to 2,575.50. Australian stocks eked out modest gains, with rate-sensitive banks and real estate stocks leading the surge despite RBA Governor Michele Bullock advising against expecting near-term rate cuts. The benchmark S&P/ASX 200 rose 0.40 percent to 7,982.40 after two days of declines. The broader All Ordinaries index inched up 0.38 percent to 8,187.70. Across the Tasman, New Zealand's benchmark S&P/NX-50 index jumped 1 percent to 12,678.66. U.S. stocks ended narrowly mixed overnight as technology stocks continued to fall amid anxiety about the economic outlook. In economic releases, the latest job openings and labor turnover summary report signaled cooling hiring in July. The Fed's Beige Book showed flat or declining economic activity across most regions in recent weeks. The Dow inched up marginally, while the S&P 500 slid 0.2 percent and the tech-heavy Nasdaq Composite eased 0.3 percent.
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