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Nerves ahead of US jobs bring down Asian stocks
Asian stocks declined on the final trading day of the week, as investors awaited the U.S. nonfarm payrolls report for August that may play a crucial role in the Federal Reserve's decision about when to lift interest rates.
A strong jobs number could allay fears over global growth, but it could rekindle speculation of an interest rate hike in the U.S. as soon as this month, which could hurt risk assets, particularly in emerging markets.
According to a Reuters survey, U.S. nonfarm payrolls likely increased by 220,000 jobs in August, after July's 215,000 rise.
"The Fed has alluded to the importance of sustained labor gains, and investors will sit on the edge ahead of the print. A strong print will no doubt fuel speculation that a September rate increase would materialize," IG's market strategist Bernard Aw wrote in a note.
Overnight, major U.S. indexes ended mostly higher. The Nasdaq Composite (^IXIC) shed 0.4 percent, while the blue-chip Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) and S&P 500 (CME:Index and Options Market: .INX) ticked up 0.1 percent each.
Nikkei skids 2.2%
Japan's benchmark Nikkei 225 (Nihon Kenzai Shinbun: .N225) index clawed back some losses in the final hour of trading to finish at its lowest level since August 26.
The Tokyo bourse kicked off the day on a positive note, but succumbed to wild swings which brought the index down to a seven-month low of 17,608 on the back of a rejuvenated yen (:OSEJPY=). The Japanese currency strengthened 0.5 percent against the U.S. dollar in Asian trade, denting risk appetite for most counters.
Meanwhile, the broader Topix index closed down 2.06 percent.
Export-oriented stocks tumbled into the red; Panasonic (Tokyo Stock Exchange: 6752.T-JP) lost 4 percent, while Toyota Motor (Tokyo Stock Exchange: 7203.T-JP), Sony (Tokyo Stock Exchange: 6758.T-JP) and Toshiba (Tokyo Stock Exchange: 6502.T-JP) lost more than 2 percent each.
Selling pressure also intensified for shares of heavyweight components such as SoftBank (Tokyo Stock Exchange: 9984.T-JP), which sold off 4.1 percent after Barclays (London Stock Exchange: BARC-GB) downgraded its rating for the stock to 'underweight' from 'overweight,' and lowered its target price for the stock to 7,500 yen from a previous target of 8,400 yen. Fast Retailing (Tokyo Stock Exchange: 9983.T-JP) and industrial robot maker Fanuc (Tokyo Stock Exchange: 6954.T-JP) also weighed down the bourse by easing 2.8 and 2 percent, respectively.
Data released by the Japan Exchange Group on Thursday showed net selling of Japanese cash and futures stocks by foreign investors last week hit a record high, as worries over a China-led slowdown intensified.
Foreigners, who were also net sellers in the previous two weeks, sold a total of 707.05 billion yen ($5.89 billion) worth of Japanese cash stocks during the week of August 24-28, the biggest weekly selling since March 2014.
ASX adds 0.3%
Australia's S&P ASX 200 (^AXJO) index finished modestly higher after swinging between gains and losses all day long.
The day's gainers included market bellwether BHP Billiton (London Stock Exchange: BLT-GB), which elevated 1.5 percent. Other iron ore miners Rio Tinto (London Stock Exchange: RIO-GB) and Fortescue Metals (ASX:FMG-AU) climbed 1 and 2 percent, respectively.
Financial shares were choppy on Friday; Macquarie Group (ASX:MQG-AU) erased early gains to close down 0.1 percent. Westpac (ASX:WBC-AU), National Australia Bank and Australia and New Zealand Banking (ASX:ANZ-AU) closed down between 0.4 and 0.8 percent, while Commonwealth Bank of Australia (ASX:CBA-AU) edged up 0.3 percent in late-day trading.
In the currency space, persistent worries about the health of China's economy pushed the Australian dollar (Exchange:USDAUD=) below 70 U.S. cents, hitting a six-and-a-half-year low.
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Kospi loses 1.5%
South Korea's Kospi index slid deeper into the red, following the deterioration in trading sentiment across the region.
Among tech names which outperformed the bourse earlier on, Samsung Electronics (Korea Stock Exchange: 593-KR) trimmed gains to 0.6 percent. LG Display (Korea Stock Exchange: 3422-KR) and Samsung SDI (Korea Stock Exchange: 640-KR) bounced up 3.1 and 1.4 percent respectively, but chipmaker SK Hynix (Korea Stock Exchange: 66-KR) surrendered gains to close down 1.6 percent.
Carmakers were among the biggest laggards, with Hyundai Motor (Korea Stock Exchange: 538-KR) and Kia Motors (Korea Stock Exchange: 27-KR) down 1.3 and 0.9 percent, respectively. Shares of cosmetics makers remain under pressure; AmorePacific (Korea Stock Exchange: 9043-KR) and LG Household & Healthcare slid 3.9 and 1.9 percent, respectively.
Outperforming the bourse, the country's largest logistics CJ Korea Express Corp. surged 1.7 percent after it said it was in final talks to acquire China's Rokin Logistics.
Hang Seng drops 0.4%
Hong Kong's key Hang Seng (Hong Kong Stock Exchange: .HSI) index closed down as investors took advantage of the resumption of trade in Hong Kong to sell the shares of mainland-listed companies listed offshore. In particular, the Hang Seng China Enterprises Index tumbled 1.4 percent, making it one of the worst performers in the region.
On the domestic data front, the Nikkei Hong Kong purchasing managers' index (PMI) fell to a six-year low of 44.4 in August, from 48.2 in July, underscoring a slowdown in the city's private sector economy. The latest PMI figure also marked a contraction for the sixth consecutive month.
Hong Kong markets were closed on Thursday, as China commemorates the 70th anniversary of the end of World War Two. Meanwhile, China's stock market reopens on Monday.
Rest of Asia
India's benchmark S&P BSE Sensex index and the 50-share Nifty index slumped 2 percent each, giving up gains from the previous session on offshore losses and anxiety ahead of the U.S. jobs report due later in the global day.
In Southeast Asia, Singapore's benchmark Straits Times (Singapore Exchange: .FTSTI) index lead losses with a plunge of 1.4 percent, touching its lowest level since August 26.
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