Asia-Pacific markets experienced a mostly downward trend on Friday as investors prepared for a significant jobs report from the U.S. and analyzed household spending data from Japan. Japan’s household spending data for July showed a marginal increase of 0.1% in real terms compared to the previous year, deviating from the expected 1.2% rise projected by economists surveyed by Reuters. This data marked a turnaround from the 1.4% decline observed in June.
Japan’s Nikkei fell slightly by 0.24% to 36,568.05 points, while Shanghai Composite rose 0.21% to 2,794.09 points. Australia’s ASX 200 recorded a gain of 0.52% to 8,024.30 points and Korea’s Kospi dropped 0.86% to 2,553.31 points.
Hong Kong’s HangSeng Index was closed due to Super Typhoon Yagi.
On Thursday, the benchmark S&P 500 index and the Dow closed lower amidst volatile trading, losing momentum gained briefly from a series of economic reports as attention shifted to the imminent release of key jobs data on Friday. However, the Nasdaq managed to end the day with slight gains.
The Dow Jones Industrial Average retreated by 219.22 points or 0.54%, to 40,755.75, while the S&P 500 saw a decline of 16.66 points or 0.30%, ending at 5,503.41. In contrast, the Nasdaq Composite edged up by 43.37 points or 0.25%, reaching 17,127.66.
In the oil market, prices ticked upward in early trading on Friday as investors deliberated a substantial drawdown in U.S. crude inventories and a postponement in production increases by OPEC+ members amid a backdrop of mixed U.S. employment data.
The international benchmark Brent crude futures increased by 19 cents, or 0.26%, to $72.88 at 0010 GMT, while U.S. West Texas Intermediate crude futures rose by 22 cents, or 0.32%, to $69.37.
Gold prices climbed to nearly one-week peaks on Thursday, propelled by a weakening U.S. dollar and lower yields following indications of a slowdown in the labor market, which fueled expectations of an aggressive rate cut by the Federal Reserve later this month.
Spot gold surged by 0.9% to $2,515.40 per ounce, reaching as high as 1.1% earlier in the session before seeing a slight pullback post the release of U.S. services sector data. U.S. gold futures settled 0.7% higher at $2,543.10.
