Yahoo Finance Shanghai Composite Gains After Week-Long Break, Japan Markets Shut
Investing.com - Shares in Asia were mostly in the black on Monday as China returned from a week-long break, but trade on the day thinned with the Nikkei 25 shut.
The Shanghai Composite rose 1.26% as it came back froma week-long holiday and even as the Caixin services PMI dipped to 50.6 in September, missing the 53.1 level expected and down from 52.7 in August, while in Greater China the Hang seng index eased 0.34%. Elsewhere, the S&P/ASX 200 rose 0.68%.
Markets in Japan, South Korea and Taiwan are shiut for holidays.
This week, Wednesday’s Fed minutes will be in focus for fresh indications on the timing of the next U.S. rate hike. Friday’s U.S. data on inflation and retail sales will also be in focus.
Markets will also be eyeing a speech by ECB head Mario Draghi for clues on when the central bank will shift away from its ultra-easy policy.
Last week, the rally on Wall Street came to end on Friday as sentiment for risker assets eased slightly following a dip in nonfarm payrolls for the first time since 2010.
The Dow Jones Industrial Average closed higher at 22,773.43. The S&P 500 closed 0.11% lower while the Nasdaq Composite closed at 6590.18, up 0.07%.
The four-day wait for an update on labor market activity for the month of September proved anticlimactic somewhat as nonfarm payrolls fell while wage growth topped expectations.
The impact of hurricanes Harvey and Irma on labor market activity over the last month was evident as nonfarm payrolls fell by 33,000 in September, missing consensus estimate of 90,000. Nonfarm payrolls fell for the first time since September 2010.
The jobless rate fell to 4.2% while average hourly earnings topped expectations, rising 0.5% from the previous month. That fuelled expectations that a tighter labor market would spark a rebound in inflation, strengthening the Fed’s position to hike rates later this year.
Also weighing on the broader market was a slump in energy as crude oil prices posted a weekly loss for the first time four weeks.
On the corporate front, Shares of Amazon.com Inc (NASDAQ:AMZN) (NASDAQ:AMZN) slipped a day after rising nearly 2% on expectations that the tech giant is set to disrupt the delivery industry with a new delivery program called “Seller Flex”.
The company will pick up packages from third-party sellers selling on its platform and deliver the products to customers.
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