Asian markets faced significant declines due to concerns about an extended pause by the Federal Reserve, following stronger-than-anticipated U.S. payroll data. Although China reported a favorable trade balance, it wasn't enough to boost market confidence. Meanwhile, Japan's markets were closed for a public holiday.
The Shanghai Composite Index in China fell by 0.27%, closing at 3,159.84, with trading fluctuations between 3,172.70 and 3,140.98. The Shenzhen Component Index remained stable, finishing at 9,796.18.
In Hong Kong, the Hang Seng Index at the Stock Exchange decreased by 190 points, or 1%, settling at 18,874.14. The index experienced a trading range from a high of 18,929.12 to a low of 18,671.49.
South Korea's Kospi Index on the Korean Stock Exchange dropped 26 points, equating to a 1.04% decrease, closing at 2,489.56, with trading within the range of 2,483.73 to 2,513.93.
Australia's S&P/ASX200 concluded trading at 8,191.90, a loss of 102 points or 1.2% from its previous close of 8,294.10. The trading range for the day recorded a low of 8,160.70 and a high of 8,294.10.
Notably, The Star Entertainment Group, a casino operator, surged 13% after sharp declines in the preceding sessions. Companies like Gold Road Resources, Karoon Energy, Paladin Energy, and Deep Yellow reported gains exceeding 3%.
Conversely, Premier Investments plummeted over 15% following its trading update. Netwealth Group and NRW Holdings both saw declines of more than 9%. Hub24, a financial services company, decreased by 6.2%, and Life360, a software company, fell by 5.4%.
In New Zealand, the NZX 50 Index dropped 69 points, or 0.53%, closing at 12,827.33, compared to the previous close of 12,895.98. The day's trading spanned from 12,780.38 to 12,895.98.
Synlait Milk rose by 2.4%, while Meridian Energy, Vital Healthcare Property Trust, and Vector each gained over 1%. Auckland International Airport increased by nearly 1%.
However, Pacific Edge, a cancer diagnostics firm, plummeted by over 52% after losing essential U.S. Medicare coverage for its primary test. Westpac Banking Corp fell by 3.6%, and KMD Brands, Kiwi Property Group, and Serko each declined by more than 2%.
On Friday, Wall Street ended on a negative note as investors absorbed the robust labor market data, raising the possibility of an extended pause by the Federal Reserve. The Dow Jones Industrial Average dropped by 1.63% to close at 41,938.45, while the Nasdaq Composite fell by the same percentage, concluding at 19,161.63.
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