Asian stocks fluctuate in early trading as American jobs report looms
On Friday, Asian stocks tumbled, as market participants waited for results of the latest American jobs report, the strenght of which could determine the timing of the upcoming interest rate lift.
The S&P/ASX 200 sank 0.6% with the Nikkei Stock Average losing 0.1% as well as Singapore’s Straits Times index dropping 0.1%.
In South Korea, the Kospi stood still, holding steady after the South Korean authorities revised its second-quarter economic growth figure to about 3.3% on year, compared with 3.2% earlier.
The news also helped to briefly bolster the Korean won against the greenback during early trade, although the US dollar has since recovered its losses.
In spite of the fact surveys point to a strong American jobs report, due later Friday, traders are currently waiting to see if the numbers are upbeat enough for the Fed to act sooner.
Furthermore, there’s wide consensus among experts that the US major bank will raise rates by a quarter of a percentage point in December, although opinion is divided over a rate lift in September.