ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Karnataka Elections 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Asian stocks trade tepid as investors await US job data

Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Asian stocks trade tepid as investors await US job data
Investors await US job data due later in the day, which is forecast to show 185,000 net new jobs were added in April and the unemployment rate steady at 3.8%. Photo: PTI

Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.

Australia`s benchmark index was last up 0.2 percent, New Zealand shares were off 0.5 percent while South Korea`s KOSPI slipped 0.3 percent. Trading volumes were light across Asia with markets in China and Japan still closed for holidays.

Overnight on Wall Street, major indices gave up initial gains and closed in the red, weighed down by energy shares.

World stocks have rallied hard this year - the S&P 500 has climbed more than 16 percent so far in 2019 - but further gains will be hard to come by, analysts at Capital Economics said.

"We are more downbeat on the outlook for the global economy. We forecast that GDP growth in advanced economies will slow from 2.2 percent in 2018 to just 1.0 percent in 2020," they said.
 
"As such, we are of the view that investors are still too optimistic about the outlook for earnings growth. As earnings disappoint, we think that stock markets will drop around the world."

Capital Economics forecast the S&P 500 would drop to 2,300 points by Christmas from current levels of just under 2,900.

Investors await US employment figures due later in the day, which is forecast to show 185,000 net new jobs were added in April and the unemployment rate steady at 3.8 percent. 

A solid reading would bolster the notion the world`s biggest economy is on track for its longest expansion ever, further boosting the greenback and prospects for corporate earnings.

"There`ll be more than one eye on what the report says about average earnings growth that`s expected to grow a meagre 0.1 percent," said National Australia Bank economist David de Garis.

Global policymakers are grappling with tepid wage growth and lukewarm inflation despite a surge in jobs and still strong economic expansion, complicating monetary policy decision-making.

In the currency markets, the biggest movers were the Australian and New Zealand dollars, which fell as speculators wagered both countries could see interest cuts next week. 

The Aussie slipped below psychological support of $0.7000 overnight to the lowest since early January while the kiwi dollar drifted closer to a recent five-month trough of $0.6581.

The weakness in the antipodean currencies also came as the US dollar gained on remarks by U.S. Federal Reserve Chair Jerome Powell earlier this week that a recent weakness in inflation owed to "transitory" factors.

That led traders to start paring the chance of Fed rate cut. Futures now imply about a 49 percent probability of an easing at year-end, down from 61 percent late on Wednesday, according to CME Group`s FedWatch program.

The dollar index held at 97.814, inching towards a two-year peak of 98.33 touched last week.

Against the Japanese yen, the dollar was idling at 111.46 having spent the entire week in a tight 111.03-111.89 range. 

In commodities markets, oil prices fell after US crude production output set a new record, though the losses were capped by the intensifying political crisis in Venezuela and the stopping of Iranian oil sanction waivers by Washington.

US crude was flat at $61.81 a barrel while Brent slipped 21 cents to $70.54. Spot gold was marginally higher at $1,271.2 an ounce.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
NikkeiKospiHang Seng
Written By: Reuters
Updated: Fri, May 03, 2019
07:35 am
New Delhi, Reuters
RELATED NEWS
Asian stocks edge lower, dollar firm as US inflation data looms Asian stocks edge lower, dollar firm as US inflation data looms
Asian markets on course for weekly drop amid recession fears Asian markets on course for weekly drop amid recession fears
Asian stocks ease, dollar subdued as investors tread with caution Asian stocks ease, dollar subdued as investors tread with caution
Asian stock markets rise as Singapore joins the rate hike pause camp Asian stock markets rise as Singapore joins the rate hike pause camp
Asian stocks choppy as US inflation slows and dollar drops; Hong Kong shares down nearly 1% Asian stocks choppy as US inflation slows and dollar drops; Hong Kong shares down nearly 1%

LATEST NEWS

Mumbai Goa Vande Bharat Express: Timings, stoppages, route and travel time

Global airline summit to tackle travel boom, climate goals

Toyota reports highest-ever monthly sales in May at 20,410 units

Coronavirus cases in India: Active Covid cases in country dip to 3,736

More 'Made in India' iPhones soon! Foxconn to start manufacturing at Karnataka plant by April 2024

Why have Biocon shares slipped in trade today? Read this to find out

Sensex, Nifty likely to start day stronger: 10 things to know before opening bell

Amazon Web Services, India & South Asia head, Puneet Chandok, steps down: Report

Infosys dividend: Stock trades ex-date

GST collections rise 12% to Rs 1.57 lakh crore in May

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV