Asian shares struggle ahead of U.S. payrolls report - Doo Prime News
Doo Prime News > Industry Dynamics > Asian shares struggle ahead of U.S. payrolls report

SYDNEY, Sept 2 (Reuters) – Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns. 

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) remained largely unchanged in early Asia trade, but was headed for its worst weekly performance in seven with a drop of 3%, as rising expectations of hawkish global rate hikes hit risky assets. 

Full coverage: REUTERS

Oil Firms On Bets OPEC+ Will Talk Up Output Cust To Stem Sinking Prices

MELBOURNE, Sept 2 (Reuters) – Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand. 

Brent crude futures rose $1.20, or 1.3%, to $93.56 a barrel at 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.16, or 1.3%, to $87.77 a barrel. 

Full coverage: REUTERS

Analysis: Faltering U.S. Stocks Rally Could See Volatility-control Funds Turn Sellers

NEW YORK, Sept 2 (Reuters) – Certain volatility-linked investment strategies could ramp up selling of equities if turbulence in the stock market, which has been stoked by the U.S. Federal Reserve’s hawkish stance on interest rate rises, gets much worse. 

“Volatility control funds,” systematic investment strategies that take their trading cues from market volatility levels, had been steady buyers of equities since mid-June, when U.S. stocks entered a bear market rally, rebounding 17.4% up until Aug. 16. 

Full coverage: REUTERS

China Securities Regular Says Will Implement Sino U.S. Audit Deal

BEIJING/SHANGHAI, Sept 2 (Reuters) – China will implement its audit agreement with the United States announced last Friday and will strengthen communication with foreign institutional investors, a senior Chinese securities regulatory official said on Friday. 

The deal between Beijing and Washington will allow U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to boot more than 200 Chinese companies from U.S. exchanges. 

Full coverage: REUTERS

Australia Raises Migration Target Amid Labour Squeeze, Global Talent Race

SYDNEY, Sept 2 (Reuters) – Australia on Friday increased its intake of permanent migrants to 195,000 this financial year, up by 35,000, in a bid to help businesses and industries battling widespread staff shortages and reduce reliance on short-term workers. 

The COVID-19 pandemic closed the country’s borders for nearly two years and along with an exodus of holiday workers and foreign students left businesses struggling to find staff to keep afloat. 

Full coverage: REUTERS

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