Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes were again shaken by strong jobs data. | AP
Tokyo’s Nikkei 225 shed 1.2 percent to 32,388.42 and the Hang Seng in Hong Kong dropped 0.8 percent to 18,384.17. The Shanghai Composite index lost 0.3 percent to 3,197.42, while Australia’s S&P/ASX 200 sank 1.7 percent to 7,042.30.A jobs report Friday will likely have a much bigger impact on Wall Street than anything else this week.
But another report showed the number of U.S. workers applying for unemployment last week remains low relative to history, even if it was a bit higher than expected.The Federal Reserve has raised its federal funds rate by 5 percentage points from virtually zero in the past year, trying to smother the worst inflation in decades by slowing the entire economy.
Other reports on Thursday offered a nuanced picture. One said employers advertised fewer job openings in May than expected. That could mean less upward pressure on inflation. A separate report meanwhile said growth in U.S. services industries remains hot and accelerated in June. The yield on the 10-year Treasury rose to 4.04 percent from 3.94 percent late Wednesday. It helps set rates for mortgages and other important loans.
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