SINGAPORE — Asia-Pacific stocks looked set for a mixed start on Monday following U.S. jobs data released Friday that came in far short of expectations.
Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 29,757 while its counterpart in Osaka was at 29,580. That compared against the Nikkei 225’s last close at 29,128.11.
Australian stocks, meanwhile, looked poised to slip. The SPI futures contract sat at 7,483.0, against the S&P/ASX 200’s last close at 7,522.90.
Investors will watch stocks in Thailand on Monday after the country’s prime minister and several other cabinet ministers survived a vote of no confidence in parliament over the weekend, Reuters reported.
U.S. jobs data released Friday came in far short of expectations, with the economy adding just 235,000 positions in August. Economists surveyed by Dow Jones had been looking for 720,000 new hires.
Meanwhile, the unemployment rate declined to 5.2% from 5.4%, in line with estimates.
“In our view, the setback in the recovery in the labour market and the jump in serious covid infections will encourage the FOMC to wait before it announces it will taper its monthly asset purchases. We now expect the FOMC to announce an $US10bn taper of its monthly asset purchases at its 3 November meeting,” analysts at Commonwealth Bank of Australia wrote in a Monday note.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.105 after a recent slide from above 92.4.
The Japanese yen traded at 109.74 per dollar, stronger than levels above 110.1 seen against the greenback last week. The Australian dollar changed hands at $0.745, having climbed from below $0.732 last week.