Asian stocks followed Wall Street lower Thursday after strong U.S. jobs data fueled expectations of further interest rate hikes and Chinese manufacturing...
BEIJING — Asian stocks followed Wall Street lower Thursday after strong U.S. jobs data fueled expectations of further interest rate hikes and Chinese manufacturing activity weakened.
The Nikkei 225 NIK in Tokyo shed 0.4% and the Hang Seng HSI in Hong Kong slipped 0.5%. The Shanghai Composite Index SHCOMP fell 1.2% after a monthly index of manufacturing showed activity contracted again in August. The jobs data “supported the argument for the Fed to stick to an aggressive stance,” said Edward Moya of Oanda in a report.
Traders appear to expect a 0.75 percentage-point hike in September, a half-point in November and 0.25 points in December, according to Moya.
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