Copper fell 0.3 percent by 9:38 a.m. in Hong Kong, set for a 2.1 percent slide this week, while zinc, silver and platinum lost at least 0.2 percent. The MSCI Asia Pacific Index swung between gains and losses of 0.1 percent. Standard & Poor’s 500 Index futures rose less than 0.1 percent. The won climbed 0.2 percent from April 30. Soybeans sank 0.6 percent after tumbling 3.4 percent yesterday.
A report today will probably show the biggest increase in U.S. nonfarm payrolls since November, according to economists. Private data on factory output from India to the euro zone is due today, as markets in mainland Chinaremain shut. Most Asian markets were closed for May Day yesterday, when a gauge of Chinese manufacturing rose less than economists projected.
U.S. employers probably added 218,000 workers to payrolls in April, up from an increase of 192,000 in March, according to the median estimate in a Bloomberg survey of 94 economists. The Federal Reserve, which announced its fourth straight $10 billion cut to stimulatory bond buying April 30, says the job market in the world’s largest economy is improving.
Asian Stocks
Japan’s Topix index fell 0.2 percent, paring its weekly gain to 0.9 percent as more than 200 members released earnings. Hong Kong’s Hang Seng Index rose 0.1 percent as it reopened from yesterday’s holiday. The MSCI Asia Pacific Index is little changed on the week.
South Korean markets were closed yesterday, when the country reported a year-on-year inflation rate of 1.5 percent for April compared with 1.3 percent in March. A separate report showed growth in exports and imports exceeded economists’ projections, with exports surging 9 percent. HSBC Holdings Plc issues manufacturing PMIs for Taiwan, Vietnam, Indonesia and India today, while Markit Economics Ltd. releases a similar gauge for the euro zone, Germany and France.
The won climbed to 1,031.24 per dollar, set for a 1 percent advance in the week, the best performance among 10 Asian currencies tracked by Bloomberg.
The yen, regarded as a haven investment, is headed for a weekly decline of 0.2 percent and traded little changed today at 102.36 per dollar. Japan reported a bigger-than-expected increase in household spending today while the nation’s jobless rate held at 3.6 percent in March.
Source: Bloomberg
