Asian markets were trading on a mixed note Wednesday as traders assessed latest jobs data from the U.S. and treasury yields declined.
The U.S. Jobs and Labor Turnover Survey data showed jobs in the world’s largest economy declined by 6,17,000 to 8.73 million in October.
The fall in jobs fueled investors’ expectation that the Federal Reserve might have done with the rate hike and may soon start cutting rates. Traders are expecting a rate cut as soon as March, according to CME FedWatch Tool.
U.S. treasury yields slumped on anticipation of rate cuts by the Federal Reserve in the backdrop of slowing inflation and softening job market. The yield on the benchmark 10-year U.S. Treasury note was at 4.18% on Tuesday, compared to Monday’s close of 4.28%.
Markets in Japan and Australia were trading higher. Data from Australian Bureau of Statistics showed the country’s gross domestic product grew 2.1% in July–September period, beating analysts’ expectation of 1.7% growth.
Share indices in China fell after Moody’s cut the Chinese government’s credit outlook from stable to negative, which dented risk appetite among investors.
The S&P 500 index and Dow Jones Industrial Average fell by 0.06% and 0.22% respectively on Tuesday. The Nasdaq 100 rose by 0.24%.
India’s benchmark indices closed at an all-time high on Tuesday for the second consecutive session as it rose for the sixth straight session, led by gains in the banking and Adani Group stocks.
The NSE Nifty 50 closed 168 points, or 0.81%, higher at 20,855.10, while the S&P BSE Sensex ended 431 points, or 0.63%, up at 69,296.14. Both the indices also hit new intraday highs.
Overseas investors stayed net buyers in Indian equities for the eighth consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 5,223.5 crore, while domestic institutional investors turned net sellers and offloaded stocks worth Rs 1,399.2 crore, the NSE data showed.
The rupee ended 1 paise lower against the dollar at Rs 83.38 on Tuesday.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
