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Asian markets in wait n watch mode

Asian markets in wait n watch mode

Asian markets in wait n watch mode
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4 Sept 2024 12:44 PM IST

Tokyo: Asian shares traded mixed on Tuesday as investors looked ahead to a key report on US employment set for release later in the week. Japan’s benchmark Nikkei 225 rose 0.2 per cent in morning trading to 38,787.80, while Australia’s S&P/ASX 200 fell less than 0.1 per cent to 8,102.70.

The closely watched US jobs data is expected to influence the Federal Reserve’s read on the American economy and when it will start lowering interest rates. The move will have repercussions through global markets, including Asia. “It is shaping up to be a significant litmus test. A stronger-than-expected payroll number, paired with a lower unemployment rate, could inject some much-needed confidence into the market, signalling that growth risks might be easing, at least for now,” said Stephen Innes, analyst at SPI Asset Management. “If the report disappoints, especially if it pushes the unemployment rate higher, we could quickly see growth concerns flare up again.”

A wait-and-see mood was earlier prevalent, as Monday was Labour Day, a national holiday in the US. South Korea’s Kospi added 0.2 per cent to 2,687.14 after a report showed consumer inflation slowed in August to the weakest in more than three years, supporting expectations of an easing of monetary policy.

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