Asia dips on Wall Street, dol­lar sags af­ter weak US wage data

The Pak Banker - - BUSINESS -

TOKYO: Asian shares took cues from a lower Wall Street and dipped early on Mon­day, while the dol­lar was on the de­fen­sive against the euro and yen fol­low­ing dis­ap­point­ing US wage growth data that dented prospects for an early in­ter­est rate hike by the Fed­eral Re­serve. Ja­pan's Nikkei fell 0.2 per cent and South Korea's Kospi lost 0.5 per cent.

The mar­kets will look to the re­vised July Caixin China man­u­fac­tur­ing ac­tiv­ity in­dex due at 0145 GMT for fur­ther in­cen­tive. The pre­lim­i­nary pur­chas­ing man­ager's in­dex (PMI) read­ing had shown that China's fac­tory sec­tor con­tracted by the most in 15 months. On Fri­day, the Dow lost 0.3 per cent and the S&P 500 shed 0.2 per cent as a drop in energy shares amid the con­tin­u­ing de­cline in com­modi­ties weighed. The dol­lar was lit­tle changed at 124.01 yen af­ter slid­ing off a high of 124.58 on Fri­day. The euro was steady at $1.1097 af­ter gain­ing nearly 0.5 per cent. The green­back went on the de­fen­sive af­ter data on Fri­day showed U.S. labour costs in the sec­ond quar­ter recorded their small­est in­crease in 33 years.

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