Asian stocks inched down from a three-year high in range-bound trading on Thursday, with investors waiting for the U.S. nonfarm payrolls report to see if the economy is gaining momentum. Expectations for the U.S. nonfarm payrolls rose on Wednesday after payrolls processor ADP said U.S. private-sector hiring hit a 1-1/2-year high in June.
The upbeat ADP report heightened expectations that the all-important June U.S. nonfarm payrolls due at 1230 GMT would show the American economy picking up speed after a dismal start to the year.
“The market is expecting to see another print north of 200,000 and no doubt sentiment will be riding high following this ADP reading,” Stan Shamu, market strategist at IG in Melbourne, wrote in a note to clients.
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