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Asia markets mixed as China reopens and on US jobs | Asia markets mixed as China reopens and on US jobs |
(35 minutes later) | |
Asian markets were mixed on Monday as China reopened and despite stocks in the US, which headed lower after US jobs figures were released. | Asian markets were mixed on Monday as China reopened and despite stocks in the US, which headed lower after US jobs figures were released. |
Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008. | Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008. |
The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates. | The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates. |
Japan's benchmark Nikkei opened lower on Monday, down 0.65% at 17,676.90. | Japan's benchmark Nikkei opened lower on Monday, down 0.65% at 17,676.90. |
By mid-morning trade, however, it was flat at 0.05% and 17,782.90 points. | |
Economist Angus Nicholson from IG Markets said in a note that trading in Asia on Monday would be driven by two main factors. | Economist Angus Nicholson from IG Markets said in a note that trading in Asia on Monday would be driven by two main factors. |
"The delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break," he said. | "The delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break," he said. |
"Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern." | "Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern." |
In early trade, the benchmark Shanghai composite index opened flat but was up 1.49% at 3,207.97 points moments afterwards. | In early trade, the benchmark Shanghai composite index opened flat but was up 1.49% at 3,207.97 points moments afterwards. |
It continued to trade erratically and was up just 0.7% about an hour after opening at 3,162.49. | |
Hong Kong's Hang Seng index was also up 0.44% in early trade, but had slipped into negative territory later, down 0.37% at 20,755.82. | |
The market volatility in China came in line with the country's National Bureau of Statistics revising its annual economic growth rate in 2014 to 7.3% down from 7.4%. | |
In Australia the S&P/ASX 200 was down 0.76% at 5,002.40 points, while South Korea's Kospi benchmark index was down 0.03% at 1,885.30 points, after closing down 1.5% on Friday. |