Asian markets trade lower as traders eye US jobs data
City Index January 6, 2012 9:30 AM
<p>Asian stocks were mostly lower going into the afternoon session as traders await the outcome of US jobs numbers overnight. The MSCI Asia Pacific index […]</p>
Asian stocks were mostly lower going into the afternoon session as traders await the outcome of US jobs numbers overnight. The MSCI Asia Pacific index was 0.7% lower after an hour of trade in Tokyo.
The Australian S&P/ASX200 index shed 0.6% in late afternoon trade after trading flat early in the morning session.
The Australian dollar fell below 1.03 against the US dollar mid way through the trading session but remains in an upward trend, sitting comfortably above parity.
Gold is also consolidating its levers above US$1600/oz, last trading at around US$1623/oz.
The market is anticipating an additional 150,000 jobs were added in the US economy last month. Any number below that estimate will no doubt put pressure on equities which have probably held up in anticipation of strong numbers. Applications for jobless benefits have continued to decline from elevated levels in the US, down around 15,000 last month again.
In Asian corporate news, Samsung Electronics – the region’s largest consumer electronics company – reported a strong record quarterly profit on the back of higher sales of mobile phones and data storage products.
Samsung report quarterly profit of around 5.2 trillion won compared with 3 trillion during the same period last year. The reported number was above market consensus estimates which had forecast around 4.6 trillion won.
Meanwhile, US reporting season officially kicks off next week with Alcoa first off the blocks on Monday.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.