Hang Seng Index, ASX200, Nikkei 225: Job Openings Jolt

• It was a bearish Wednesday morning for the Asian markets, with the Nikkei struggling.
• The ASX 200 found modest support despite a slide in mining stocks, while the Hong Kong markets are closed for the Ching Ming Festival.
• US economic indicators from Tuesday delivered gloomy sentiment, with a fall in job openings weighing.

Market Overview

It was a mixed morning for the Asian markets. The Nikkei struggled, while the ASX 200 found modest support.

US economic indicators from Tuesday weighed on investor sentiment this morning. A fall in the US JOLTs job openings from 10.563 million to 9.931 million soured the mood. Job openings last sat at sub-10 million in May 2021.

The latest numbers reflected the impact of Fed monetary policy moves on the US economy, with the ISM Manufacturing PMI numbers on Monday also disappointing.

Economic data from Australia provided the ASX 200 with support this morning, while investors brushed aside better-than-expected Services PMI numbers from Japan.

Investor angst over US economic indicators due later today contributed to the bearish session. The all-important ISM Non-Manufacturing PMI and ADP nonfarm employment change figures will set the tone ahead of the US Jobs Report on Friday.

After a bearish Tuesday session, the US futures were in positive territory this morning. The NASDAQ min was up 7.25 points, with the Dow rising by 27.

ASX 200

The ASX 200 was up 0.10%, with mining stocks a drag. Manufacturing sector data delivered modest support, with the AIG Manufacturing Index rising from -6.4 to +5.6. RBA Governor Philip Lowe was also in focus this morning. Lowe reportedly said that pausing interest rate hikes does not mean an end to interest rate hikes.

The big-4 had a mixed morning session, with the Commonwealth Bank of Australia (CBA) and ANZ Group (ANZ) up by 0.35% and 0.45%, respectively. However, Westpac Banking Corp (WBC) and National Australia Bank (NAB) saw losses of 0.61% and 0.05%, respectively.

Oil stocks also had a mixed session. Woodside Energy Group (WDS) rose by 0.17%, while Santos Ltd (STO) fell by 0.35%.

Mining stocks struggled. Rio Tinto (RIO) and BHP Group Ltd (BHP) were down by 0.97% and 1.81%, respectively, with Fortescue Metals Group (FMG) falling by 1.51%. Newcrest Mining (NCM) bucked the trend, rising by 2.63%.

Hang Seng Index

Hong Kong markets are closed today for the Ching Ming Festival. The Hang Seng fell by 0.66% on Tuesday.

Nikkei 225

The Nikkei 225 was down 0.88% this morning, with a weaker USD/JPY a drag.

Across the banking sector, Sumitomo Mitsui Financial Group (8316) and Mitsubishi UFJ Financial Group fell by 1.14% and 2.57%, respectively.

Looking at the main components, Tokyo Electron Limited (8035) bucked the bearish trend, rising by 0.73%.

However, Fast Retailing Co (9983) and Sony Corp (6758) saw losses of 1.80% and 1.29%, respectively. SoftBank Group Corp. (9984) and KDDI Corp (9433) were down by 0.15% and 0.56%, respectively.

Check out our economic calendar for today’s economic events.