Asian markets end lower on Friday

08 Jul 2016 Evaluate

Asian markets ended lower in a cautious trade on Friday, as investors awaited the all-important US jobs report due tonight for clues on the trajectory of US interest rates. A slump in oil prices overnight on concerns of a gasoline oversupply, worries about the level of non-performing loans at Chinese banks, another terror attack in Bangladesh and a horrifying snipper attack in Dallas, Texas, also weighed on investor sentiment. After the dismal May jobs report in which only 38,000 jobs were added, today's report is expected to show an increase of about 180,000 jobs in June. A stronger-than-expected report on the labor market following two straight months of disappointing job growth would restore investor confidence in the health of the world's largest economy. At the same time, a surprisingly weak reading in light of continued uncertainties surrounding Brexit might force the Federal Reserve to cut rates rather than increase them. Chinese shares fell, as a weak yuan spurred fears of more capital outflows and the focus returned to emerging risks from non-performing loans at China's banks. Investors shrugged off central bank data showing a surprise increase in June foreign exchange reserves. Japanese shares fell sharply, as investors contended with a stronger yen and disappointing readings on labor cash earnings as well as nominal wage growth. Also, Japan's current account surplus shrank for the first time in 22 months in May as a firming yen curbed gains from investment overseas. The Taiwanese market was closed due to Typhoon Nepartak, while the Indonesian market remained closed for Eid-ul-Fitr.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,988.09	-28.75	-0.95
Hang Seng	20,564.17	-142.75	-0.69
Jakarta Composite	-	-	-
KLSE Composite	1,644.54	-6.17	-0.37
Nikkei 225	15,106.98	-169.26	-1.11
Straits Times	2,847.04	-15.13	-0.53
KOSPI Composite	1,963.10	-10.98	-0.56
Taiwan Weighted	-	-	-

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