Global Markets Retreat as Japan Drops and Investors Await Payroll Data
US futures trade mixed as investors brace for jobs data and monitor a sharp sell-off across Asia.
US stock futures are trading mixed this Friday. The market is awaiting the release of the October payroll report. The consensus forecast calls for an increase of 65,000 non-farm jobs with the unemployment rate holding steady at 4.2%.
Weekly performance for major US indices points to widespread losses. The Nasdaq is down 4.4% and the S&P 500 has retreated nearly 3%. The Dow Jones shows the best relative performance among the three with a decline of 0.5% for the period.
The Asia-Pacific landscape was marked by an intense wave of selling especially in the technology sector. Japan's Nikkei 225 index fell 5.96%. In South Korea the Kospi index dropped 8.8% which triggered automatic trading halts.
Oil prices are lower this morning. Investors are assessing the risks of an escalation in the conflict between the United States and Iran following the midterm elections. Meanwhile iron ore in China closed slightly higher driven by expectations of lower coking costs for steelmakers.
Global market instability and uncertainty regarding US monetary policy tend to increase risk aversion.
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