Asia stocks waver ahead of US jobs report

AP News
Posted: Oct 22, 2013 12:50 AM
Asia stocks waver ahead of US jobs report

BANGKOK (AP) — Asian stock markets wavered Tuesday as investors battened down for U.S. earnings and the September employment report that was delayed by the government shutdown.

Benchmarks in Hong Kong, China, Taiwan and South Korea fell while Japan and Australia posted modest gains. Stock markets in Southeast Asia were mixed. Oil traded below $100 a barrel.

Markets are absorbing quarterly U.S. earnings, with about 30 percent of S&P 500 companies releasing results this week, and also awaiting the September jobs report which was delayed more than two weeks.

U.S. employers are forecast to have added 180,000 jobs, up from 169,000 in August. The unemployment rate is expected to remain at 7.3 percent, which will support arguments in favor of the Federal Reserve continuing its super easy monetary policy.

Employers are adding jobs at only a modest pace, and many of the hires are in lower-paying industries. Economists think the shutdown slowed growth in the October-December quarter and likely dampened hiring.

Japan's Nikkei 225 stock average was up 0.2 percent at 14,723.44 and Australia's S&P/ASX 200 added 0.5 percent to 5,378.

Seoul's Kospi lost 0.1 percent to 2,051.65. Hong Kong's Hang Seng shed 0.5 percent to 23,324.50 and China's Shanghai Composite Index was off 0.7 percent at 2,214.51.

Benchmarks in India and Singapore rose while Indonesia and Thailand fell.

Monday's batch of U.S. earnings were mixed. McDonald's confirmed that it faces greater competition, shifting eating habits and tough economic conditions around the world. The share price of toy maker Hasbro spiked sharply after reporting better-than-expected results.

The S&P 500 closed up a fraction of a point at 1,744.66, an all-time high, its third consecutive record close. The Dow Jones industrial average edged down 7.45 points, or 0.1 percent, to 15,392.20. The Nasdaq composite rose 5.77 points, or 0.2 percent, to 3,920.05.

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Benchmark crude for November delivery was down 27 cents at $98.95 a barrel in electronic trading on the New York Mercantile Exchange. The November contract expires Tuesday.

Oil closed below $100 a barrel Monday for the first time since early July as U.S. supplies keep rising and the risks of disruption to Middle East shipments subside. The contract fell $1.59 to $99.22

In currencies, the euro fell to $1.3667 from $1.3673 late Monday. The dollar rose to 98.31 yen from 98.18 yen.