Asian stocks fall on US job market concerns

Photo caption — A screen displaying stock indexes in Tokyo, Japan. Photo: Kyodo/VNA

At around 10:30 a.m. on November 7, the Nikkei 225 index in Tokyo (Japan) fell 2.2% to 49,783.49 points.

Similarly, major indices in China also fell, with the Hang Seng index in Hong Kong falling 0.8% to 26,267.14 points, while the Shanghai Composite index lost 0.2% to 4,000.85 points.

Sydney, Taipei and Manila markets also fell, although Singapore, Wellington and Jakarta rose.

Investors and policymakers are left “blindsided” by the US government’s delay in releasing key data on jobs, trade, retail sales and other areas, forcing investors to turn to private sources of data.

A report from redeployment firm Challenger, Gray & Christmas found that layoff announcements in October hit a 22-year high, while hiring activity slowed to a 14-year low.

Although the figures came a day after news that private hiring had picked up, they raised fresh concerns about the US labor market and pressured the Fed to cut borrowing costs in December.

But the latest comments from Fed officials echo Chairman Jerome Powell's warning last week that another cut is far from certain. While stabilizing the labor market is half of the Fed's dual mandate, some policymakers say they are more concerned with the other half: keeping inflation in check. They remain concerned about high inflation and believe it is a more pressing concern.

In addition, growing concerns that valuations - particularly of tech companies - are too high after this year's explosive rally have added to the uncertainty on exchanges.

In the domestic market, at 11:15 a.m. on November 7, the VN-Index decreased by 19.43 points (1.18%) to 1,623.21 points. The HNX-Index decreased by 1.64 points (0.62%) to 264.51 points.

Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-chau-a-sut-giam-do-lo-ngai-ve-thi-truong-viec-lam-my-20251107114219916.htm