Asian Shares Mostly Lower Ahead Of US Jobs Data

(RTTNews) - Asian shares ended mostly lower on Friday as investors awaited key U.S. jobs data later in the day that could influence the pace and magnitude of rate cuts by the Federal Reserve in the remining months of 2024.

The dollar hovered near a one-month low versus the yen and a one-week low against the dollar after data showed U.S. private sector jobs growth slumped to a 3-1/2-year low in August.

Gold edged up slightly on dollar weakness while oil prices were set for deep weekly losses on persistent concerns about soft demand and signs of amply supply.

China's Shanghai Composite index fell 0.81 percent to 2,765.81 after Zou Lan, head of China central bank's monetary policy department, said there is room to lower reserve requirement rations but interest rate cuts are limited by constraints.

Trade on Hong Kong's stock market was cancelled due to a typhoon alert.

Japanese markets fell notably as a stronger yen weighed on the outlook for exports.

The Nikkei average fell 0.72 percent to 36,391.47 to extend losses for a fourth consecutive session and close at a fresh three-week low as data showed Japanese household spending rose less than expected in July.

The broader Topix index dipped 0.89 percent to 2,597.42, with machinery, iron and steel, and electric appliance issues pacing the declines.

Seoul stocks tumbled, with the Kospi average falling 1.21 percent to 2,544.28 as tech stocks such as SK Hynix took a hit on concerns about the U.S. economic outlook.

Australian markets eked out modest gains, with financials, consumer discretionary and consumer staple stocks leading the surge. Energy stocks underperformed as crude oil prices hovered near a 14-month low.

The benchmark S&P/ASX 200 rose 0.39 percent to 8,013.40 while the broader All Ordinaries index closed 0.33 percent higher at 8,214.80.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped half a percent to 12,615.51.