Asian stock markets fall ahead of US employment update
Asian shares have followed Wall Street lower ahead of U.S. jobs data that investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes
BEIJING (AP) — Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes.
Tokyo, Hong Kong, Seoul and Sydney retreated. Chinese markets were closed for a holiday. Oil prices declined.
Wall Street's benchmark S&P 500 index fell 1% on Thursday after a private sector report said U.S. employers hired slightly more workers than forecast in September. That gives ammunition to Fed officials who say more rate hikes are needed to cool the economy and rein in inflation that is at a four-decade high.
U.S. government data due out Friday are expected to show fewer people were hired compared with previous months. Investors hope that will help persuade the Fed five rate hikes this year are working and it can scale down plans for more.
