Asian markets mixed as NFP looms

Asian equities mixed ahead of US data tomorrow

Asian markets are having a mixed day, with a bias to the downside, as regional investors digest the latest Chinese government clampdown of the day and look to reduce exposure into tomorrow’s US Non-Farm Payroll release. Overnight, there was also a sense of positioning for safety as US technology outperformed in what was otherwise a slightly negative session after the US ADP and ISM PMI data.


The S&P 500 finished just 0.03% higher, while the Nasdaq rose by 0.33%, with the Dow Jones edging 0.13% lower. Futures on all three are slightly negative in directionless Asian trading.


In Asia, the Nikkei 225 has risen 0.30% after BoJ Board member Kataoka said the Japan recovery was not fast enough and the BoJ could ease further. In South Korea, the Kospi has fallen by 1.05% after higher than expected inflation data raised the spectre of further central bank tightening.


China’s summoning of 11 ride-hailing firms for a meeting has not impacted the main Shanghai Composite index, which is 0.50% higher, but has seen the CSI 300 fall by 0.33% with Hong Kong treading water, up by just 0.15% today. Singapore’s Straits Times has edged 0.17% lower, with Taipei down 0.55%, Kuala Lumpur easing by 0.14%, and Bangkok unchanged.


Australian markets have taken fright at warnings by the Australian medical establishment that they are not ready for a deluge of Covid-19 cases once the economy reopens. Fears that today Q2 Balance of Trade will be a high-water market for the economy, much of it in lockdown in Q3, also seem to be weighing heavily. The ASX 200 has fallen by 0.80%, with the All Ordinaries lower by 0.60%.


Equity markets appear to be reacting to a combination of local headlines and pre-US-data positioning adjustments on a slow news day. Assuming the same pattern of behaviours, I expect European markets to open on the heavier side, especially as inflation-fighting rhetoric is getting louder from the ivory towers of central bank intelligentsia.

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Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes.

He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays.

A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others.

He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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