Asia-Pacific markets slipped on Thursday, pulling back from multi-week highs as optimism driven by easing United States-China trade tensions began to cool.
By 11:20 am AEST (1:20 am GMT), Australia’s S&P/ASX 200 edged down 0.1%, while South Korea’s Kospi 200 also slipped 0.1%. Japan’s Nikkei 225 fell 0.9%.
In Australia, the unemployment rate held steady at 4.1% in April, according to the Australian Bureau of Statistics. Employment surged by 89,000, far exceeding forecasts of a 20,000 rise, though the number of unemployed also increased by 6,000.
Meanwhile, the People's Bank of China's 50 basis point reduction to the reserve requirement ratio (RRR) took effect Thursday, according to Xinhua News Agency, releasing an estimated 1 trillion yuan (US$138.5 billion) in liquidity.
The move, announced by the People’s Bank of China last week, aims to support lending and economic activity amid signs of a slowdown.
The U.S. markets ended mixed overnight. The S&P 500 advanced 0.1% to 5,892.6, continuing its strong start to the week, while the Nasdaq Composite climbed 0.7% to 19,146.8. The Dow Jones Industrial Average lagged, falling 0.2% to 42,051.1.
In commodities, Brent crude retreated 0.8% from three-week highs to US$66.09 per barrel, while spot gold slid 2.2% to a four-week low of US$3,177.58 per ounce.
Meanwhile, Chinese equities extended their rally on Wednesday. The Shanghai Composite gained 0.9% to 3,403.9, while the CSI 300 rose 1.2% to 3,943.2.
Hong Kong’s Hang Seng Index was flat at 23,644.4. In India, the BSE Sensex added 0.2% to 81,330.6.
In Europe, the markets were lower. The FTSE 100 declined 0.2% to 8,585.0, the DAX shed 0.5% to 23,527.0, and the CAC 40 dropped 0.5% to 7,836.8.
