SINGAPORE (BLOOMBERG) - Asian stocks fluctuated on Monday (Nov 9) after a US jobs report bolstered prospects of an interest-rate increase this year and Chinese export data added to headwinds facing the world's second-largest economy. Japan's Topix index climbed after the yen weakened.
The MSCI Asia Pacific Index added 0.2 per cent to 133.91 as of 9:05 am in Tokyo, swinging from a loss of 0.3 per cent. The Topix added 1.1 per cent after the yen slid 1.1 per cent against the US dollar on Friday.
Data showed a 271,000 gain in US payrolls in October, the biggest this year and exceeding all estimates in a Bloomberg survey of economists. Odds on the Federal Reserve hiking benchmark rate at its next meeting in December jumped to 68 per cent. China's exports fell for a fourth straight month and imports matched a record stretch of declines, figures released on Sunday showed.
"Investors will likely remain cautious, with increased focus on the likelihood of normalizing US interest rates rates soon," Tony Farnham, a strategist at Patersons Securities Ltd. in Sydney, said by phone.
"This could trigger further capital outflows from emerging markets. If China growth continues to slow, there's a chance the central bank might be considering another rate cut."