Major Asian indices were seen trading mixed on Tuesday, clearing off previous gains and ahead of the delayed US non-farm payrolls data, which scheduled to be released later in the day.
Investors are focusing on the release of the US labor data to determine what the Federal Reserve (Fed) would plan to do with its monthly bond-buying program, however analysts are predicting a possible delay in tapering the stimulus program due to the US partial government shutdown.
Asian indices were dragged lower from its previous gains that were driven by the resolution of the US government shutdown and the upbeat Chinese data.
The Labour Department is expected to release the key non-farm payrolls, after being delayed by the government shutdown. Analysts have forecasted an additional 180,000 new jobs have been added in the September, up from 169,000 in the previous month, while the unemployment rate is likely to remain the same at 7.3%.The non-farm payrolls data have been in the spotlight as the global markets would use the report to determine the condition of the US economy.
Economists are predicting the Federal Reserve will delay tapering the monthly stimulus program until March due to the US government shutdown which slowed down the economic growth in the fourth quarter.
On Monday, Asian shares closed with higher gains, while European equities traded mixed.
Asian Indices – Japan
The Japanese benchmark Nikkei 225 rose 0.13% higher to 14,713.25, while Tokyo’s broader Topix index advanced 0.12% to 1,214.17.
Pioneer Corporation was one of the main movers edging 5.6% higher, while Yaskawa Electric Corporation dropped 3.2% lower.
The greenback slightly rose against the Japanese yen, rising 0.15% higher to ¥98.31.
Asian Indices – China
Meanwhile, trades were heading to the negative territory in China, with Hong Kong’s Hang Seng lost 0.38% to 23,349.00 while the mainland Shanghai composite dropped 0.95% to 2,208.51.
The country’s index was dragged by the world’s second largest constituent, China Mobile, shredding 3.7%. Data from the National Bureau of statistics showed that the average prices of new homes in some cities in China rose to a fresh high in September. China Resources Land declined 0.7%, while China Overseas Land & Investment dropped 0.9%.
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