Asian stocks slide after US jobs data

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(RTTNews) – Asian stocks closed largely lower on Monday, as better-than-expected US jobs data forced investors to reset rate hike expectations.

Chinese stocks ended somewhat higher after October export data beat expectations despite disruptions to the global supply chain.

Exports rose 27.1% in dollars last month from a year earlier, according to official data released on Sunday. Thar marked the 13th consecutive month of double-digit growth and exceeded economists’ expectations of a gain of 22.8%. Imports rose 20.6%, leaving a trade surplus of $ 84.54 billion.

The benchmark Shanghai Composite index rose 7.06 points, or 0.20%, to 3,498.63 while the Hong Kong Hang Seng index ended down 106.74 points, or 0.43 %, at 24,763.77.

Japanese stocks ended in the red despite the new government unveiling a spending plan to revive the economy from the coronavirus pandemic.

The Nikkei average slipped 104.52 points, or 0.35%, to end at 29,507.05 as investors eagerly awaited a series of quarterly results expected this week. The broader Topix Index finished down 0.30% at 2,035.22.

SoftBank Group finished down 0.8% ahead of the release of its results later in the day. Nissan Motor improved slightly from its expected results on Tuesday while Tokyo Electron, which unveils its results on Friday, rose 1.3%.

Internet company Mixi fell 18.2% and robot maker Daifuku fell 7.7% on disappointing results. Precision machine maker Olympus climbed 6% on solid earnings.

Australian markets ended slightly lower, dragged down by healthcare and tech stocks. Healthcare stocks succumbed to profit taking after rising sharply last week.

Resmed lost 2.3% and Polynovo fell to 9.7%. In the tech sector, Xero fell 4.9%.

Mining giant BHP rose 0.8% after signing an agreement to sell its stake in the metallurgical coal unit to Stanmore Resources. Sydney Airport shares jumped 2.8%.

Energy stocks such as Woodside Petroleum and Santos climbed around 3% each as oil rose above $ 82 a barrel following positive signs for global growth.

Seoul stocks fell for a second straight session, with financial, bio and tech stocks leading the losses. Kospi’s average slipped 9.07 points, or 0.31%, to 2,960.20 amid foreign and institutional liquidation.

New Zealand stocks ended somewhat lower, with the benchmark NZX-50 closing 33.31 points, or 0.25%, at 13,041.30, after Friday’s 1% gain.

Heavyweights Mainfreight, A2 Milk and Fisher & Paykel Healthcare lost 2-3% while Auckland International Airport rose 1.4% after Sydney Airport accepted a takeover offer.

US stocks hit record highs again on Friday as the latest jobs data surprised on the upside.

Non-farm payroll employment in the United States increased by 531,000 jobs in October while the unemployment rate fell to 4.6% from 4.8% in September, reaching its lowest level since March 2020, according to the data.

The Dow Jones gained 0.6%, the tech-rich Nasdaq Composite edged up 0.2% and the S&P 500 added 0.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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