Asia-Pacific Markets Fall Ahead Of U.S. Jobs Report – CNBC

The logo of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), is displayed at the bourse in Tokyo, Japan, on Friday, Oct. 2, 2020.

Akio Kon | Bloomberg via Getty Images

Shares in the Asia-Pacific fell on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve’s monetary decision in November.

Payrolls are expected to increase 275,000 in September, and unemployment is predicted to be steady at 3.7%, according to economists surveyed by Dow Jones.

The Nikkei 225 in Japan fell 1.35% and the Topix index slipped 1.29%. South Korea’s Kospi slipped 0.8% and the Kosdaq dropped 0.93%.

In Australia, the S&P/ASX 200 fell 0.64%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.41%. Markets in mainland China remain closed for a holiday.

Overnight in the U.S., major indexes fell — the Dow Jones Industrial Average shed 346.93 points, or 1.15%, to 29,926.94. The S&P 500 declined 1.02% to 3,744.52, while the Nasdaq Composite was 0.68% lower at 11,073.31.

“Equities struggled as markets await the much-anticipated U.S. payrolls data … and as comments from Fed officials maintained a ‘more is needed’ vibe,” ANZ Research analysts wrote in a Friday note.

CNBC Pro: Tesla or Nvidia? One will dominate in A.I., analyst says, giving it 50% upside

Tech’s next frontier — artificial intelligence — is still in its adolescence, but offers significant growth opportunities for suppliers and users alike, according to Truist Securities.

Both Nvidia and Tesla offer ways to get exposure to AI, the analysts say, revealing their price targets on both stocks.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Samsung posts decline in operating profit for the first time since late 2019

South Korean chipmaker Samsung Electronics announced a 31.7% drop in operating profit in the third quarter of 2022 compared with the same period a year ago, according to a preliminary earnings release.

Demand for semiconductors has slowed, the release showed.

Operating profit fell to 10.8 trillion Korean won ($7.65 billion), compared with 15.8 trillion won in the third quarter of 2021. That’s the first decline in quarterly profits since the fourth quarter of 2019, data from Refinitiv Eikon showed.

Sales rose to 77 trillion Korean won in the July-to-September quarter, from 73.98 trillion won in the same period last year.

Shares of Samsung Electronics fell as much as 1.95% in Asia’s morning.

— Abigail Ng

from
https://dentoncountynewsonline.com/asia-pacific-markets-fall-ahead-of-u-s-jobs-report-cnbc/