Asia-Pacific markets traded mixed on Thursday, following overnight gains on Wall Street after soft United States employment data further strengthened expectations that the Federal Reserve could move to cut interest rates next week.
Fresh figures from payroll processor ADP showed private companies shed 32,000 workers in November, compared with 47,000 additions in October and below expectations for a 10,000 increase.
The data added to signs that labour-market momentum is cooling, boosting hopes of a December rate cut. Markets are now pricing in an 89% chance of a move at the Fed’s 9–10 December meeting, sharply higher than just two weeks ago, according to the CME Group FedWatch Tool.
By 1 pm AEDT (2 am GMT), Australia’s S&P/ASX 200 was up 0.1%, Japan’s Nikkei 225 gained 1.3%, and South Korea’s Kospi 200 fell 1.1%.
Among data releases, Australia's seasonally adjusted balance on goods increased by $0.68 billion in October. Goods credits rose $1.49 billion (3.4%), driven largely by non-monetary gold exports, while goods debits increased $0.81 billion (2.0%), also boosted by non-monetary gold.
Separately, household spending climbed 1.3% in October, the strongest monthly rise since January 2024, following a 0.3% increase in September. Spending is now 5.6% higher than a year earlier.
“Discretionary spending surged this month led by goods as promotional events saw households spend more on clothing, footwear, furnishings and electronics following months of weaker spending in these categories,” said Tom Lay, head of business statistics at the ABS.
In the U.S., major benchmarks extended gains on Wednesday: the Dow rose 0.9%, the S&P 500 added 0.3%, and the Nasdaq Composite edged up 0.2%.
Brent crude gained 0.4% to settle at US$62.67 per barrel, while spot gold dipped 0.1% to US$4,208.27 per ounce.
In China, the Shanghai Composite fell 0.5% to 3,878.0 and the CSI 300 slipped 0.5% to 4,531.0.
Hong Kong’s Hang Seng Index dropped 1.3% to 26,095.1, while India’s BSE Sensex ended almost flat, down 0.04% at 85,106.8.
European markets were mixed overnight, with the FTSE 100 down 0.1% at 9,692.1, the DAX off 0.1% at 23,693.7, and France’s CAC 40 rising 0.2% to 8,087.4.
