Asian Shares Mixed Ahead Of U.S. Jobs Data

Asian stocks ended mixed on Friday as investors waited to take cues from the all-important U.S. jobs data due later in the day, expected to show that job additions slowed to 170,000 last month.

Regional losses, if any, remained limited as Beijing’s support measures gave markets confidence that authorities are becoming more proactive to boost growth in the world’s second largest economy.

A private survey showed today that activity in China’s manufacturing sector unexpectedly expanded in August.

In another significant development, the People’s Bank of China said it would cut banks’ forex reserve ratio to help bolster the yuan exchange rate.

That followed a Thursday announcement on lowering existing mortgage rates for first-time homebuyers. China’s new home prices fell for the fourth month in August, a private survey showed later in the day.

The dollar edged lower in Asian trading, while gold was poised for a more than 1 percent weekly gain on hopes of a less-aggressive Fed. Oil prices were also on track for a weekly gain amid tightening crude supplies.

China’s Shanghai Composite Index rose 0.4 percent to 3,133.25 and the yuan reached its strongest level since August 11 as investors cheered efforts by policymakers to support the country’s crisis-hit property sector.

Trading in Hong Kong was suspended as super Typhoon Saola edged closer to the city.

Japanese shares eked out modest gains as data showed Japanese businesses cut their spending for the first time in five quarters due to global growth concerns.

The Nikkei 225 Index rose 0.3 percent to 32,710.62, with financials and Sony Group pacing the gainers. The broader Topix Index settled 0.0.8 percent higher at 2,349.75, marking a 33-year high.

Seoul stocks ended a choppy session higher as a survey showed the manufacturing sector in the country contracted at a faster pace in August. The country’s exports fell at a less-steeper pace in the month, offering some relief to investors worried about growth.

The Kospi inched up 0.3 percent to 2,563.71. Samsung Electronics soared 6.1 percent after reports that it has secured a deal to supply Nvidia Corp. with its advanced high bandwidth memory chips, used for artificial intelligence technologies.

Australian stocks ended lower, dragged down by banks as signs of an entrenched recovery in the property market dented rate cut hopes. Miners also declined after four consecutive sessions of gains.

Data showed Australian home prices rose for a sixth straight month in August, defying soaring interest rates.

The benchmark S&P ASX 200 Index dropped 0.4 percent to 7,278.30, while the broader All Ordinaries Index ended 0.4 percent lower at 7,489.90.

Across the Tasman, New Zealand’s benchmark S&P NZX-50 Index slipped 0.2 percent to close at 11,528.73 despite encouraging consumer confidence data for August.

U.S. stocks ended mixed overnight and Treasury yields fell amid growing bets that the Fed will leave interest rates unchanged at its September meeting.

Jobless claims fell slightly last week and consumer spending accelerated in July, while the Fed’s preferred gauge of inflation stayed high in July but matched estimates, various reports showed.

The Dow dipped half a percent and the S&P 500 slipped 0.2 percent. The tech-heavy Nasdaq Composite edged up 0.1 percent to extend gains for a fifth consecutive session but still suffered its worst monthly loss of 2023.

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