BREAKING: Asian Stocks Down Over Rising U.S.-China Tensions, Disappointing U.S. Jobs Data
Photo: Reuters
Investing.com – Asia Pacific stocks were mostly down on Monday morning, with investors digesting disappoint U.S. jobs data and rising U.S.-China tensions.
Japan’s Nikkei 225 fell 0.50% by 10:31 PM ET (2:31 AM GMT) and South Korea’s KOSPI were down by 0.42%.
In Australia, the ASX 200 was up 0.31%. However, Australia warned that the uncertainty from souring ties with China and the lingering effects of an earlier drought could push the value of its agricultural exports down. A report from Abares said that the value of shipments is expected to decline 7%, the lowest level in five years.
Hong Kong’s Hang Seng Index slid 1.81%. China’s Shanghai Composite was down 0.43% while the Shenzhen Component inched up 0.07%.
Tensions between the U.S. and China rose over the news that the U.S. is reportedly planning to impose sanctions on at least a dozen Chinese officials over their roles in the disqualification of four Hong Kong opposition leaders in November, which triggered a mass resignation of opposition lawmakers soon after.
Friday’s U.S. jobs data disappointed expectations, with manufacturing payrolls increasing by 27,000 in November, lower than both the 43,000 reading in forecasts prepared by Investing.com and October’s 33,000 increase.
Non-farm payrolls grew by a mere 245,000, against the forecasted 469,000 and October’s rise of 610,000.
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