Global shares are trading mostly lower after U.S. employment data closed out a losing week for Wall Street
ByYURI KAGEYAMA AP Business Writer
People stand in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Aug. 7, 2023, in Tokyo. Asian shares were trading mostly lower on Monday after U.S. employment data had Wall Street close out a losing week. (AP Photo/Eugene Hoshiko)
The Associated Press
TOKYO — Global shares were trading mostly lower on Monday after U.S. employment data closed out a losing week for Wall Street.
France’s CAC 40 slid 0.2% in early trading to 7,298.28, while Germany’s DAX lost 0.3% to 15,909.75. Britain’s FTSE 100 was down 0.5% at 7,526.42. U.S. shares were set to drift higher with Dow futures up 0.2% at 35,217.00. S&P 500 futures rose nearly 0.3% to 4,509.25.
Investors were also closely watching earnings reports due later this week, including from Disney in the U.S., Alibaba Group in China and Sony and SoftBank in Japan.
Japan’s benchmark Nikkei 225 recouped losses earlier in the day and gained 0.2% to finish at 32,254.56. Australia’s S&P/ASX 200 shed 0.2% to 7,309.20. South Korea’s Kospi fell 0.9% to 2,580.71. Hong Kong’s Hang Seng changed little at 19,537.92, while the Shanghai Composite dropped 0.6% to 3,268.83.
“Local stocks appear to be latching onto the U.S. downswing from Friday as investors are still absorbing a down week for most markets,” Stephen Innes at SPI Asset Management said of Asian trading.
A highly anticipated U.S. jobs report said hiring was a touch weaker last month than economists expected, though wages for workers rose more than forecast.
Although a strong job market is generally a positive sign for the economy, the U.S. Federal Reserve could see particularly strong wage growth as putting greater pressure on inflation.
If the job market keeps moderating, it could allow inflation to continue to cool from a peak reached last summer.
Big Tech stocks have led Wall Street’s charge this year. Like Amazon and Apple, which reported earnings last week, most companies in the S&P 500 have reported stronger profits for the spring than analysts expected.
In energy trading, benchmark U.S. crude lost 54 cents to $82.28 a barrel. Brent crude, the international standard, slipped 50 cents to $85.74 a barrel.
In currency trading, the U.S. dollar edged up to 142.28 Japanese yen from 141.71 yen. The euro cost $1.0979, down from $1.1012.
