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