Regional market commenced trading with weak note today on tracking soft lead from Wall Street Friday after mixed US jobs report prompted investors to reassess the outlook for US interest rates in 2016. Major U.S. indexes finished down on Friday, with the Dow Jones industrial average losing 211.75 points, or 1.29%, to close at 16,204.8. The S&P 500 ended 35.40 points, or 1.85%, lower at 1,880.05 and the Nasdaq composite shed 146.41 points, or 3.25%, to end at 4,363.14.
US employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labour market recovery remains firm. Statistics released on Friday showed the U.S. economy created 151,000 jobs in January, below the market expectation of 190,000 and compared with 292,000 jobs reported in December. The unemployment rate fell to 4.9%.
With much of Asia in holiday mode for the Lunar New Year holidays, risk sentiments were mostly subdued in rest of the region market. Markets in mainland China and Taiwan are closed all week. Other markets closed today include Hong Kong, South Korea, Malaysia, the Philippines, Vietnam and Singapore for Lunar New Year holidays. New Zealand's stock market was closed for a national holiday.
Among Asian bourses
Australia Stocks end softer
Australian share market finished marginal down in quite trading, as weakness in financial and property trusts were mostly offset gains in materials and resources stocks. At the close, the benchmark S&P/ASX 200 index declined 0.80 point, or 0.02%, to 4975.40 points, while the broader All Ordinaries index fell 3.50 points, or 0.07%, to 5022.10 points.
Financials stocks came under pressure, with top four lenders being biggest loser. Westpac Banking Corp fell 0.3% to A$30.26, Commonwealth Bank 0.3% to A$76.38, ANZ Banking Group 1.5% to A$23.73, and National Australia Bank 1.2% to A$26.15.
Shares of energy and resources-linked companies swung into the black amid bargain buying, with the U.S. West Texas Intermediate crude futures gaining 0.91% to $31.17 a barrel in Asian trading hours, after finishing 0.1% lower Friday. Global benchmark Brent crude futures were up 1% at $34.40 a barrel, following a 1.2% decline on Friday. Oil and gas producer Woodside Petroleum ascended 0.6% to A$27.41 and Santos strengthened 0.3% to A$3.22. In the resources sector, global miner BHP Billiton jumped 1.1% to A$16.37 and Rio Tinto rose 2.2% to A$42.53.
JB Hi-Fi shares fell 0.5% to A$22 after the home and electronic goods retailer warned that trading conditions will remain competitive.
OzForex shares dropped 42% to A$1.79 after the money transfer company abandoned takeover talks with global payments firm Western Union, and cut its annual earnings guidance.
Asciano shares rose 2.4% to A$9.10 as the bidding war for the rail and ports operator intensified following an increased offer from Qube and its partners.
Ansell shares rose 7.3% to A$16.14 after the condoms and protective gloves maker forecast a stronger performance for the second half of fiscal 2016 after booking a 21% fall in its interim net profit.
Nikkei snaps four days losing streak
Japan share market finished higher for the first time in five consecutive sessions, as investors chased for bottom fishing on recently battered stocks. But gains were limited on fret about a global economic slowdown after data showed U.S. employers added fewer jobs last month. Around three-fourth of Topix industry groups advanced, with notable gainers comprised Pulp & Paper, Construction, Information & Communication, Marine Transportation, Chemicals and Electric Power & Gas shares. The 225-issue Nikkei Stock Average ended up 184.71 points, or 1.1%, at 17004.30. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished up11.44 points, or 0.84%, at 1380.41.
Construction firms were among the biggest gainers of the Topix's industry groups. Totetsu Kogyo Co. jumped 9.3% after raising its sales and income forecasts for the current fiscal year. Obayashi Corp. added 4.3% to 1078 yen.
Shares of exporters were mostly up, with shares of Nissan Motor Corp gaining 0.75% to 1082 yen, Sharp Corp up by 0.57% to 177 yen and Honda Motor Corp higher by 0.4% to 3129 yen. Shares of Toyota Motor Corp and Sony Corp, however, extended losses to trade down 1.06 and 1.76% to 6555 yen and 2569 yen, respectively.
Shares of the financial companies came under pressure after Citigroup downgraded Japanese megabanks Mitsubishi UFJ, Sumitomo Mitsui Financial (SMFG), and Mizuho to Sell, following BOJ's adoption of negative interest rates last week. Sumitomo Mitsui Financial Group Inc fell 0.5% to 3412 yen and Mizuho Financial Group Inc shed 0.1% to 182 yen. Mitsubishi UFJ Financial Group Inc closed steady at 538 yen.
Sensex plunges ahead of GDP data
Indian stock market ended down due to heavy selling in IT, TECk, oil & gas and FMCG stocks amid weak European cues and on caution ahead of release of gross domestic product data for October-December quarter later today. The 30-share BSE index Sensex ended lower by 329.55 points or 1.34% at 24.287.42 and the 50-share NSE index Nifty ended down by 101.85 points or 1.36% at 7,387.25.
Metal firms such as Tata Steel and lenders rallied after the country set minimum import prices for steel products to help a heavily indebted sector struggling to compete against shipments from abroad.
Jet Airways gained as much as 8.5% after the country's second largest carrier posted record earnings for the October-December quarter.
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