Asia Starts The Week In A Cautious Mood

Asia Starts The Week In A Cautious Mood

Friday’s US data dampened inflation fears and lifted US stock markets. NFP rose by 559,000 jobs, a slight miss to consensus, but much less bad than April’s number.

The rose 0.88%, the leapt 1.47% higher, and the climbed 0.52% in a very business-as-usual session. US index futures have retreated slightly in Asia, falling around 0.10% in muted trading.

Asia has refused to blithely follow Wall Street higher, presenting a much more mixed picture. The Yellen interest rate comments adding a note of caution. The is 0.35% higher, while the has added 0.15%. Mainland China markets have fallen, though, after underperformed. The is 0.20% lower while the has fallen by 0.45%, with 0.80% lower.

Singapore has risen by 0.75%, with Kuala Lumpur down 0.75% and Taipei edging 0.40% lower. Jakarta is flat while Bangkok has risen 0.80%, with Manila falling 0.45%. Australian markets have shrugged off an impressive rise in and an upgrade in outlook by S&P. The is down 0.30%, with the edging 0.15% lower.

The next major risk point is next week’s FOMC . The Fed may well insist that with over 7 million fewer Americans in jobs than before the pandemic, no change, or even talk of change, in monetary policy is required. The US on Friday showed unfilled positions in small businesses has climbed to record highs of 48%. The survey suggests that employers will have to pay up to get people back to work through or wait for the summer season and those unemployment benefits to run their course. All of which is likely to be inflationary but the market has no way of knowing if it is transitory or structural.

Without an overriding theme to drive direction today, local markets have been left to their own devices as Asia seems content to await developments in Northern Hemisphere markets as the week gets started.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: