Asian markets edge up in thin trade ahead of US jobs FMTNews FMTBusiness
A strong reading could affect markets by putting pressure on the central bank to hike interest rates more.
The closely watched report comes after a series of releases this week pointed to a softening of the labour market, suggesting Federal Reserve rate hikes over the past year are kicking in. However, a lower-than-expected figure would allow officials to take their foot off the pedal, though it could also add to worries the world’s top economy was heading for recession.Seoul led gains, piling on more than 1% as heavyweight Samsung rallied after it said it would cut chip production owing to weak demand, lifting hopes for a spike in prices of chips.
“All the employment data leading up to the nonfarm payroll report has confirmed a clear trend that a labour market slowdown has begun,” said Oanda’s Edward Moya.
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