SEOUL, South Korea (AP) – Asian stock markets were weaker on Tuesday as investors stayed on the sideline before the release of a raft of economic data due later this week. Markets in Shanghai, Hong Kong and Taipei were closed on a holiday.
KEEPING SCORE: Tokyo’s Nikkei 225 finished nearly flat at 19,677.85 and South Korea’s Kospi dropped 0.4 percent to 2,343.68. Australia’s S&P/ASX 200 added 0.2 percent to 5,717.90. Markets in Singapore, the Philippines, Indonesia and New Zealand were lower.
DATA WATCH: A raft of data being released this week will give investors fresh clues about the status of the global economy. Investors are awaiting for the eurozone business and consumer confidence readings later in the day. On Wednesday, China’s latest official factory and service industry purchasing managers’ indexes will be released. The ISM index for U.S. manufacturing due Thursday and U.S. private and official payroll numbers due Friday will give investors latest clues on the health of the world’s largest economy. Analysts said upcoming economic data will also determine the direction of the U.S. dollar, which has strengthened against the euro that has been losing ground recently due to security concerns.
ANALYST’S VIEWPOINT: “The sustainability of the dollar’s rally will be tested this Friday night, with the non-farm payroll number in focus. A strong jobs report will likely firm up the Fed’s decision to trigger a second rate hike this year, and also reinforce investor confidence in the U.S. economy,” said Margaret Yang, a market analyst at CMC Markets in Singapore.
GLOBAL MARKETS: On Monday, France’s CAC 40 dipped 0.1 percent to close at 5,332.47, while Germany’s DAX edged up 0.2 percent to 12,628.95. Markets in Britain and the United states were closed for holidays.