China stocks edge down 3% on worries about looming bond defaults
On Friday, stocks in Asia mostly went down amid caution before a major US jobs report, though China shares dropped more abruptly because of surging defaults as well as regulatory worries.
The Shanghai Composite Index tumbled 2.8% and the Shenzhen Composite Index dropped 3.65%.
In other Asian regions, Japanese Nikkei Stock Average edged up lower by 0.25%, the Hang Seng Index fell 1.7%, while Australian S&P/ASX 200 managed to gain 0.2%. Korean Kospi was unviable because of a public holiday.
Obviously, trading was mostly muted as market participants waited for American jobs data due late Friday in Asia. The given report will give a detailed glimpse of American economy’s health. Apart from that, it appears to be the major factor in swaying expectations for future rate hikes. Financial analysts think that in April up to 205,000 new jobs were added.
Finally, stocks in Asia closed on a tepid note. It was probably caused by Chinese week manufacturing data, temporarily closed Japanese market and volatile crude prices.