Asian stocks tumble after US jobs data hurt hopes of rate cut

Monday, 8 July 2019

Asian shares tumbled Monday after relatively strong US employment data tempered hopes the Federal Reserve might cut interest rates.

Benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all declined, reports AP.

The Shanghai Composite Index fell 2.3 per cent to 2,940.75 and Tokyo's Nikkei 225 lost 0.9 per cent to 21,548.36.

Hong Kong's Hang Seng retreated 1.7 per cent and Seoul's Kospi declined 2.0 per cent to 2,068.24.

Sydney's S&P-ASX 200 gave up 1.0 per cent to 6,679.70 while Taiwan and Southeast Asian markets also declined. New Zealand advanced.

The benchmark S&P 500 index lost 0.2 per cent to 2,990.41. The Dow Jones Industrial Average dropped 0.2 per cent to 26,922.12. The Nasdaq composite slid 0.1 per cent to 8,161.79.

Benchmark US crude lost 8 cents to $57.59 per barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 17 cents on Friday to close at $57.51.

Brent crude, used to price international oils, shed 1 cent to $64.22. It rose 93 cents the previous session to $64.23.

The dollar declined to 108.40 yen from Friday's 108.47 yen. The euro was unchanged at $1.1225.