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- Japanese, Australian Stock Futures Decline After U.S. Employment Stagnates
- Japanese, Australian Stock Futures Fall as U.S. Jobs Stagnate
Japanese Australian Stock Futures Decline After U S Employment Stagnates
Post on: 2011-09-05 By: admin
futures fell after a report showing U.S. employment stagnated
stoked concern the world’s biggest economy may slip into a
recession, damping the earnings outlook for Asian exporters.
American depositary receipts of Mitsubishi UFJ Financial
Group Inc. (8306), Japan’s largest lender, dropped 2.8 percent from the
closing share price in Tokyo. Those of Toyota Motor Corp. (7203), the
biggest global carmaker that gets 28 percent of its sales in
North America, dropped 1.6 percent. ADRs of BHP Billiton Ltd. (BHP),
the world’s largest mining company and Australia’s No. 1 oil
producer, retreated 0.9 percent after metal prices slipped.
Futures on Japan’s Nikkei 225 (NKY) Stock Average expiring in
September closed at 8,825 in Chicago on Sept. 2, down from 8,940
in Osaka, Japan. They were bid in the pre-market at 8,810 in
Osaka at 8:05 a.m. local time. Futures on Australia’s SP/ASX
200 Index dropped 1.5 percent today. New Zealand’s NZX 50 Index
fell 0.7 percent in Wellington.
“People didn’t expect an increase in U.S. jobs would come
to a halt, which was a negative surprise,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “Export-
related stocks are likely to be sold as the yen rises against
the euro. Financial and commodity equities should also fall,
following the U.S. market.”
Futures on the StandardPoor’s 500 Index declined 0.5
percent today. In New York, the index fell 2.5 percent to
1,173.97 on Sept. 2 after a report showed U.S. payrolls were
unchanged in August, the weakest reading since September 2010.
The median forecast in a Bloomberg News survey called for an
increase of 68,000. U.S. markets will be closed today for a
The SP 500 slid as much as 18 percent from a three-year
high on April 29 amid concern the U.S. economy was weakening.
Stocks rebounded at the end of August as Federal Reserve
Chairman Ben S. Bernanke said in an Aug. 26 speech in Jackson
Hole, Wyoming, that the central bank has tools to stimulate
growth without signaling he will use them. He echoed comments
from dissenting members of the Federal Open Market Committee who
said economic reports aren’t pointing to a recession.
The MSCI Asia Pacific Index declined 9.8 percent this year
through Sept. 2, compared with a 6.7 percent drop by the SP 500
and a 15.5 percent loss by the Stoxx Europe 600 Index. Stocks in
the Asian benchmark are valued at 12.2 times estimated earnings
on average, compared with 11.7 times for the SP 500 and 9.7
times for the Stoxx 600.
The yen touched 108.76 per euro today, the strongest level
since Aug. 12, before trading at 108.81. The London Metal
Exchange Index of prices for six industrial metals including
copper and aluminum fell 1 percent on Sept. 2.
To contact the reporter on this story:
Yoshiaki Nohara in Tokyo at
ynohara1@bloomberg.net
To contact the editor responsible for this story:
Nick Gentle at
ngentle2@bloomberg.net.
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Article original from: http://www.bloomberg.com/news/2011-09-04/japanese-australian-stock-futures-decline-after-u-s-employment-stagnates.html
