HONG KONG — Asian shares were mixed on Friday after a steady Thursday on Wall Street as markets anticipated the release of key US jobs data later in the day.
US futures and oil prices rose.
Japan’s benchmark Nikkei 225 fell 0.1% lower to 38,683.93 after data on Friday showed household spending rose 0.5% year-on-year in April. This was the first increase since February 2023 and is a key indicator in assessing the country’s economy as central bank officials prepare for a policy meeting next week.
Hong Kong’s Hang Seng index fell 0.6% to 18,369.83, while the Shanghai Composite index rose 0.2% to 3,053.36. Chinese trade data showed exports rose 7.6% faster than expected in May from a year earlier, while imports were weaker than the market. predictions.
The Australian S&The P/ASX 200 rose 0.5% to 7,860.00. South Korea’s Kospi rose 1.2% to 2,720.97.
The S&The P 500 barely budged on Thursday, a day after jumping to a record high for the 25th time this year. It fell less than 0.1% to 5,352.96. The Dow Jones Industrial Average rose 0.2% to 38,886.17, while the Nasdaq index fell 0.1% to 17,173.12 after hitting its own record.
Big Lots tumbled 18.2% after reporting a bigger-than-expected loss for the latest quarter. The retailer said it missed sales targets as its customers continue to cut back on spending, especially on items that are not essential.
Shares of another retailer, Five Below, fell 10.6%. Last quarter’s profit and revenue fell short of analyst expectations, and CEO Joel Anderson said competition for the company’s key lower-income customers impacted results, even as the company saw strong growth among higher-income customers incomes.
Many retailers and other companies have emphasized a division between their customers, who generate lower and higher incomes. Inflation is special hurting those at the bottom, which are struggling to keep up with the cost of living that is still rising, even though inflation is not as fast as before. That threatens to break a linchpin that has kept the American economy out of recession despite high interest rates: strong spending by American households.
Another factor that helped keep U.S. consumer spending strong was a remarkably solid labor market. A report on Thursday showed some possible softening there as well.
Later Friday, the US government will publish its monthly update on the labor market. Economists expect there to be a slight acceleration in hiring and increases in average hourly wages compared to the previous month.
In other trades, benchmark U.S. crude gained 15 cents to $75.70 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 5 cents to $79.92 a barrel.
The US dollar fell from 155.68 yen to 155.28 Japanese yen. The euro rose from $1.0888 to $1.0891.