Asian marts down on US, Europe jobs data

04-May-2012 Intellasia | Business Times | Reuters | AFP | Bloomberg | AP | 7:47 AM Print This Post

Asian markets slipped yesterday following more weak jobs data from the US and Europe as well as figures showing eurozone manufacturing falling for a ninth straight month.

The downbeat outlook saw traders shift to safer assets, which weighed on the euro and Australian dollar.

Sydney fell 0.16 percent, or 6.9 points, to 4,429.0, Seoul fell 0.20 percent, or 3.94 points, to 1,995.13 and Shanghai was 0.17 percent off.

Tokyo was closed for a public holiday.

US payrolls firm ADP reported on Wednesday that just 119,000 private sector jobs were created in April, well off the forecast 170,000, signalling the recent surge in employment could be tailing off.

ADP also revised down March’s figure of 209,000 to 201,000.

The results added to the grim reading from Europe earlier in the day, where research group Eurostat said unemployment hit a record 10.9 percent in March – which includes a 24.1 percent rate in Spain alone.

On Wall Street the Dow ended flat, the Standard & Poor’s 500 fell 0.25 percent and the Nasdaq picked up 0.31 pe rcent.

Eyes are now on a European Central Bank policy meeting later yesterday for clues to its next course of action to boost the sagging economy, while crucial non-farm jobs figures will be released in the US today.

HONG KONG: Shares fell 0.28 percent yesterday amid concerns over the global economy following another weak batch of weak US and eurozone jobs data.
The Hang Seng Index dipped 59.55 points to 21,249.53 on turnover of HK$73.38 billion.
China Construction Bank slid 3.1 percent to HK$5.97 and Bank of China lost 3.1 percent to HK$3.16.

SINGAPORE: Shares closed lower yesterday, tracking lacklustre performances for most regional markets following some disappointing data from the US and Europe.
The Straits Times Index closed 0.2 percent at 3,000.94, after failing to find the inspiration to build on its Wednesday gain.
Losers outnumbered gainers 230 to 165 and volumes were lower at 3.00 billion shares compared with 3.29 billion before.

KUALA LUMPUR: Share prices on Bursa Malaysia closed mixed yesterday due to the lack of direction, which kept the market quiet throughout thul>

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