Asian markets await US Jobs data amid labor market slowdown concerns

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By MG News | April 07, 2023 at 09:49 AM GMT+05:00

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April 07, 2023 (MLN): Asian markets made modest gains on Friday with limited trading due to the holiday while waiting for the release of US employment data later in the day.

The report is highly anticipated, as earlier releases this week indicated a softening labor market, suggesting that the Federal Reserve's rate hikes over the past year are taking effect.

Analysts are concerned that a strong reading could further pressure the central bank to increase borrowing costs, potentially dealing a blow to the markets.

Conversely, a lower-than-expected figure could ease concerns and allow officials to take a less aggressive approach, but it could also raise concerns that the world's largest economy is heading for a recession.

Seoul led gains, with Samsung rallying after announcing that it would cut chip production due to weak demand, which lifted hopes for a spike in chip prices. Tokyo, Shanghai, and Taipei also saw increases, while oil markets were closed.

On Thursday, fresh US government unemployment data showed that there were 228,000 new applications for unemployment aid last week, surpassing analyst expectations. Wednesday's news showed that services sector activity grew less than anticipated last month, and a separate report indicated that private employers slowed their hiring pace in March.

OANDA's Edward Moya said, "All the employment data leading up to the nonfarm payroll report has confirmed a clear trend that a labor market slowdown has begun."

Expectations for Fed rates have declined over the past month due to banking sector turmoil, which was largely blamed on the sharp rate hikes and caused concerns about another financial crisis. Although the upheaval has subsided for now, traders remain cautious and alert for any additional signs of stress.

Copyright Mettis Link News 

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