Asian Shares Fall Ahead of U.S. Jobs Report
May 05 2016 - 11:40PM
Dow Jones News
Shares in Asia edged lower on Friday, amid caution before a key
U.S. jobs report and shaky oil prices.
Japan's Nikkei Stock Average fell 0.9% after it reopened from a
three-day public holiday. Australia's S&P/ASX 200 was down 0.6%
and Korea's Kospi was closed in observance of a holiday.
In China, the Shanghai Composite Index slipped 0.1%, while Hong
Kong's Hang Seng Index lost 1%.
Trading was largely muted as investors waited for U.S. jobs data
due late Friday in Asia. The report offers a glimpse of the health
of the U.S. economy and is a key factor in swaying expectations for
future interest-rate increases by the U.S. FederalReserve.
Economists estimate roughly 205,000 jobs were added in April.
Stocks in Asia look set to end in the red this week. That would
mark the ninth-straight week of losses for the MSCI AC Asia
Pacific Index, a broad gauge for the region. The slide comes after
a multiweek rally earlier in the year that, at different times,
had pushed Australia and Hong Kong close to breaking even for
2016.
In Japan, stocks pulled back on weakness in mining, banking and
insurance shares. The losses came even after the Japanese yen
weakened from an 18-month high against the U.S. dollar. A weaker
local currency benefits exporters, as they can sell their goods at
more competitive prices overseas.
Japan's Suntory Beverage & Food rose 7.2% after the
nonalcoholic beverage maker posted strong sales and profit growth
in the first quarter. Sharp tumbled 6.4% on expectations that the
company will book a loss for the fiscal year ended March 31.
Meanwhile, volatile oil prices pressured energy shares in the
region.
Rio Tinto fell 0.7% in Australia, and Oil Search lost 1%.
PetroChina fell 0.9% in Hong Kong.
Brent crude rallied overnight, breaching $46 a barrel, but
retreated in early Asia trading hours and last traded at $44.98 a
barrel.
Kosaku Narioka contributed to this article.
Write to Dominique Fong at Dominique.Fong@wsj.com
(END) Dow Jones Newswires
May 05, 2016 23:25 ET (03:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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