Asian stocks opened lower after weak US employment data did little to change expectations of a Federal Reserve interest rate cut. The MSCI Asia Pacific Index fell 0.1%, extending its decline to a third day. This decline followed Wall Street, where the S&P 500 fell again, although the Nasdaq 100 still recorded a slight gain. Government bonds and the US dollar held steady after weakening in the previous session.

Oil prices actually strengthened, with WTI rising more than 1% after President Donald Trump ordered a complete blockade of sanctioned oil tankers entering and leaving Venezuela. On the economic front, US non-farm payrolls increased by 64,000 in November, while the unemployment rate rose to 4.6%, the highest since 2021. However, the market considered this data to be an underrepresentation of the true situation due to the impact of the government shutdown.

Investors remain cautious and await US inflation data and statements from Fed officials in the coming days. The chance of an interest rate cut in January is estimated to be only around 20%. In Asia, attention is focused on Chinese stocks in Hong Kong, which are approaching bearish territory, as technology stocks fade and concerns about economic growth resurface. (az)

Source: Newsmaker.id