The Asian and Pacific Rim markets were trading around the flat lines despite worse than expected Chinese purchasing managers index (PMI) data that showed their services sector contracting in April.
The Asian financial markets in Singapore, Malaysia and Indonesia are closed for public holidays.
The Nikkei 225 reopened from a three day holiday to trade down about 0.2 percent. Shares of blue-chip Softbank Group fell over three percent. The broader Topix index, in Tokyo was down over half a percent.
Across the Korean Strait, the South Korean Kospi composite index was down 0.29 percent by lunch time.
Elsewhere in the Asian and Pacific Rim, the Australian S&P ASX 200 was down 0.52 percent.
Asian Traders Monitor China’s Services PMI Data
The mainland stock exchanges, in China, were mixed during the morning. The Shanghai composite lost 0.24 percent and the Shenzhen composite rose about 0.10 percent.
China’s Caixin/Markit services Purchasing Managers’ Index for April was released today. Services activity in the world’s second largest economy contracted for the third month in a row.
Layoffs were at a record high as this number printed at 44.4. While above the 43 print, for March, the services PMI remains below the contraction level which is at fifty (50).
Financial Traders Digest Record Setting U.S. Job Losses
Overnight the private ADP non-farm payroll change was released. This is the precursor to Friday’s all-watched non-farm payroll report for the Month of April.
April’s ADP labor report showed that the U.S. economy shed a record 20.2 million jobs. This is labor data ending 12 April. Today, the United States will release weekly unemployment claims for the week ending 1 May.
Traders will also watch for the Bank of England (BOE) today. The British central bank will announce their monthly monetary policy and rate decision during the European trade session. There is also German and French monthly production data on the schedule as well as monthly Italian retail sales.