March 11, 2019: Asian markets were mixed Monday as bargain-buying from last week's sharp losses was offset by a weak US jobs report and ongoing concerns about the global economy.
Investors ran for the hills Friday after the European Central Bank slashed its growth and inflation forecasts, and China announced a plunge in exports and imports.
Later that day the Labor Department said the US economy created just 20,000 jobs last month, a fraction of what was expected.
The readings from across the world knocked equity markets, which have enjoyed a stellar start to the year on hopes that China and the United States will resolve their trade war.
In early trade Hong Kong rose 0.4 percent and Shanghai rallied 0.9 percent while Tokyo went into the break 0.2 percent higher. Jakarta and Taipei were also slightly higher.
But Sydney, Seoul, Singapore and Wellington suffered fresh losses.
“The almost forgotten US-China trade talks have been subsumed in a cacophony of data noise but remain the only game in town and will set the macroeconomic tone for the rest of (the first half of) 2019,” said OANDA senior market analyst Jeffrey Halley.
“Until then, traders and investors will have itchy trigger fingers across most asset classes.”
