Asian Stocks Mixed Ahead of Key U.S. Jobs Data Release

The global stock market saw a mixed day on Friday as Asian stocks reacted to a steady day on Wall Street and awaited the release of key U.S. jobs data later in the day.

In Japan, the benchmark Nikkei 225 edged 0.1% lower after household spending data for April showed a year-on-year increase of 0.5%, the first since February 2023. This data is crucial as central bank officials prepare for a policy meeting next week.

Meanwhile, Hong Kong’s Hang Seng index declined 0.6% and China’s Shanghai Composite index was up 0.2% as trade data showed stronger-than-expected exports in May but weaker imports.

In Australia, the S&P/ASX 200 climbed 0.5% while South Korea’s Kospi surged 1.2%.

On Wall Street, the S&P 500 barely moved after hitting a record high for the 25th time this year. The Dow Jones Industrial Average added 0.2% while the Nasdaq composite slipped 0.1%.

Retailers like Big Lots and Five Below saw their stocks tumble after reporting disappointing earnings, highlighting the challenges faced by companies catering to lower-income customers in the current economic environment.

Investors are eagerly awaiting the release of the U.S. government’s monthly update on the job market, with economists expecting a slight acceleration in hiring and wage gains.

Overall, the global market remains cautious as it navigates through economic uncertainties and awaits key data releases to gauge the health of the economy.