Office workers were seen crossing the street near Tokyo Station during lunchtime on Oct. 20, 2022. This snapshot underscores the mixed performance seen across Asia-Pacific markets on Friday as investors brace for a critical U.S. jobs report and digest Japan’s latest household spending data.
Japan’s July household spending rose just 0.1% in real terms year-on-year, falling short of the 1.2% increase expected by economists surveyed by Reuters, and contrasting starkly with June’s 1.4% decline. According to Japan’s statistics bureau, the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), representing a 3.3% nominal increase from the previous year. Average household monthly income saw a more robust rise to 694,483 yen, an 8.9% nominal and 5.5% real terms increase from the prior year.
The tepid spending data could limit the Bank of Japan’s ability to raise interest rates, although this constraint might be counterbalanced by solid wage growth reported the day before. Japan’s Nikkei 225 opened slightly below the flatline, and the broader Topix index fell 0.42% following the data release. South Korea’s Kospi dropped 0.8%, and the Kosdaq lost 1.41%, whereas Australia’s S&P/ASX 200 edged up by 0.14%.
In Hong Kong, Hang Seng index futures stood at 17,431, slightly down from the previous close of 17,444.3. Mainland China’s CSI 300 futures were at 3,254, marginally lower than the last close of 3,257.76.
Overnight in the U.S., all three major indexes fell as investors grew wary of risk assets amidst concerns over the economic outlook. The S&P 500 dropped 0.3%, marking a third consecutive day of losses. Meanwhile, the Dow Jones Industrial Average decreased by 0.54%, and the Nasdaq Composite managed a 0.25% gain after initially rising as much as 1.2%.
—Reporting by CNBC’s Samantha Subin and Jesse Pound contributed to this summary.
Original Story https://www.cnbc.com/2024/09/06/asia-markets.html
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