Asian Shares Mixed As Investors Await US Payrolls Report

2024-09-26 1322
(fxcue news) - Asian stocks ended mixed on Friday as Middle East tensions persisted, and investors looked ahead to the all-important U.S. jobs report later in the day that could decide the path of U.S. interest rates. The dollar hovered near a six-week high in Asian trading and gold traded near record levels while oil prices steadied, after having surged 5 percent the previous day as U.S. President Joe Biden said the U.S. was discussing possible strikes by Israel on Iran's oil industry. Trading was closed in Shanghai for a week-long holiday. Hong Kong's Hang Seng index jumped 2.82 percent to 22,736.87, with sentiment buoyed by Chinese stimulus measures announced recently. Japanese markets edged up slightly as Prime Minister Shigeru Ishiba, during a speech today, discussed his economic and fiscal policies. The Nikkei average inched up 0.22 percent to 38,635.62 as higher oil prices boosted energy-related shares. The broader Topix index settled 0.39 percent higher at 2,694.07. Seven & I Holdings rallied 3.1 percent on reports that the retail giant has approached potential buyers for its Ito-Yokado stores and supermarkets. Seoul stocks ended a tad higher to snap a three-session losing streak. The Kospi average rose 0.31 percent to 2,569.71. Automaker Hyundai Motor gained more than 1 percent while tech heavyweight Samsung Electronics fell 1.1 percent. Korea Zinc soared 8.8 percent after the company announced a share buyback plan amid the firm's ongoing management feud. Australian markets ended notably lower, though energy stocks and gold miners surged in response to the worsening situation in the Middle East. The benchmark S&P/ASX 200 fell 0.67 percent to 8,150 while the broader All Ordinaries index closed 0.68 percent lower at 8,416.60. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index gained 0.38 percent to end at 12,619.94. U.S. stocks finished slightly lower overnight as the payrolls report loomed and concerns mounted over a widening regional conflict in the Middle East. In economic news, weekly jobless claims saw a modest increase last week while U.S. service sector activity accelerated to a 1-1/2-year high in September amid strong growth in new orders, separate set of data revealed. The tech-heavy Nasdaq Composite finished marginally lower, the S&P 500 eased 0.2 percent and the Dow dipped 0.4 percent.
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