Asia-Pacific stocks struggle for direction as traders cautiously await key US jobs data

Japan (NKY:IND) +0.27%. Japan December Services PMI 51.5 (prior 50.8). The au Jibun Bank Japan Composite PMI was revised downward to 50.0 in December 2023 from a flash figure of 50.4.

The consumer confidence index in Japan increased to 37.2 in December of 2023 from 36.1 in November.

China (SHCOMP) -0.73%. The Chinese bond market has rallied since December, signaling that expectations intensified for fresh monetary stimulus. Separately, some analysts expect policymakers to cut the reserve requirement ratio before the Lunar New Year in mid-February.

Hong Kong (HSI) -0.60%.

India (SENSEX) +0.06%. The S&P Global India Services PMI rose to 59.0 in December 2023 from 56.9 in the previous month, beating market forecasts of 56.5. The S&P Global India Composite PMI rose to 58.5 in December 2023 from 57.4 in November, marking the highest figure since September.

Australia (AS51) -0.07%.

In the U.S. on Thursday, all three major indexes ended lower with markets continuing to assess the latest economic data for insights on the Federal Reserve’s policy trajectory in the next few meetings.

U.S. stock futures lower on Friday as investors look ahead to a key monthly jobs report that could offer clues on how soon the Federal Reserve can ease monetary policy: Dow -0.03%; S&P 500 -0.06%; Nasdaq -0.17%.

Markets also turned cautious ahead of a key US jobs report that could guide the Fed policy path, while looking forward to Australia inflation data next week for cues the Reserve Bank of Australia’s next policy moves.

Elsewhere, investors continued to monitor geopolitical developments in the Middle East as deadly blasts in Iran stoked fears of a wider conflict in the region.

Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).

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