Asian shares buoyed by United States jobs, trade talks in focus

Asian shares buoyed by United States jobs, trade talks in focus”

Meanwhile, a report on Friday showed jobs growth in the United States slowed down in September and wage growth stalled, even as unemployment dropped to a 50-year low.

As the dollar has lost momentum, the euro stood at $1.0982, up 0.02 per cent in Asia, recovering little by little after having hit a near 2 1/2-year low of $1.0879 last Tuesday. Japan's Nikkei stock index rose 0.29 percent, while Australian shares were up 0.48 percent. Friday's mixed US monthly jobs report did little to influence market expectations, albeit a modest uptick in the US Treasury bond yields helped limit any deeper losses.

The next round of US-China trade negotiations, likely to be in Washington on October 10-11, will be in focus to see if the two sides can end their year-long trade spat that has upset economic growth around the world and raised concerns of a possible recession. The US unemployment rate fell to 3.5 per cent in September to reach the lowest since December 1969.

But administration sources late in September also said the US was considering imposing restrictions on investing in Chinese companies.

As trade negotiators prepare for this week, tensions have also grown after reports revealed that Trump officials were weighing some curbs on US investments in China, including possibly blocking all USA financial investments in Chinese companies. -China talks this week for signs of whether the two sides can de-escalate or end their punishing trade war.

United States stock futures, fell 0.44 per cent in Asia on Monday after the S&P 500 surged 1.4 per cent on Friday.

Chinese officials are growing hesitant to pursue a broad trade deal with the negotiations set to begin this Thursday, people familiar with the matter told Bloomberg News. "I see some scope for yen gains, but it is not likely to be a big move higher".

The Chinese yuan, the currency most exposed to trade-war tensions, fell more than 0.3% to 7.1356 per dollar in offshore trade.

The Fed has already lowered interest rates twice this year, but a strong jobs market suggests further rate cuts may not be necessary. Moving ahead, the Fed Chair Jerome Powell's scheduled speech, due later during the U.S. session, will now be looked upon for fresh clues about the USA central bank's near-term policy outlook, which might eventually influence the Dollars price dynamics and produce some meaningful trading opportunities.

The yield on benchmark 10-year Treasury notes rose to 1.5187 percent compared with its U.S. close of 1.5140 percent on Friday.

Hong Kong markets are closed for a holiday, leaving traders with limited options to respond - or not - to escalating violence in the city, with protesters setting fires and vandalizing train stations and banks over the weekend.

Spot gold, an asset that is often bought during times of uncertainty as a safe-haven, rose 0.26 percent to $1,508.19 per ounce.

The yen, also considered a safe-haven asset, edged slightly higher to 106.83 versus the U.S. dollar and gained to 72.17 per Australian dollar.

U.S. crude dipped 0.34 percent to $52.63 a barrel as worries about oversupply regularly weigh on oil futures prices.

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