Asian stocks close mixed, eyeing payroll and US monetary policy

Asian stock markets closed without a single direction this Friday (7), while investors await new data from the US labor market, which has a strong influence on the direction of American monetary policy, and follow the difficult situation of the Chinese real estate sector.

In mainland China, the Shanghai Composite retreated 0.18% to 3,579.54 points, and the less comprehensive Shenzhen Composite dropped 1.15% to 2,452.82 points.

In Hong Kong, the Hang Seng rose 1.82%, to 23,493.38 points, driven by stocks in the real estate and technology sectors.

Shimao Group’s stock, however, took a 5.43% decline after reports that the Chinese developer defaulted on a loan payment, in the latest sign of financial difficulties facing China’s real estate industry.

Elsewhere in Asia, Japan’s Nikkei edged down 0.03% in Tokyo today at 28,478.56 points, while South Korean Kospi advanced 1.18% in Seoul at 2,954.89 points, breaking streak of two negative trading sessions, and the Taiex fell 1.08% in Taiwan, to 18,169.76 points.

In global markets, there is expectation today for the US employment report, the so-called payroll, which will be released in the morning and is crucial in determining the direction of the Federal Reserve’s monetary policy.

In a minutes published on Wednesday (5), the Fed suggested it could raise interest rates sooner and at a stronger pace than previously thought, given advances in the American job market and persistent inflationary pressures.

In Oceania, the Australian stock market partially recovered from yesterday’s losses. The S&P/ASX 200 ensured a 1.29% rise in Sydney, to 7,453.30 points, erasing part of the 2.74% fall of the previous session.