A currency trader walks by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. – Asian stock markets mostly declined Monday after Wall Street ended last week lower and China tightened anti-virus controls.
“Markets relinquished early optimism for a sense of foreboding,” said Tan Boon Heng of Mizuho Bank in a report. Traders are uneasily watching the Fed after chair Jerome Powell said Aug. 26 interest rates have to stay elevated to rein in surging inflation. That dashed hopes the Fed might back off due to signs U.S. economic activity is cooling.
On Wall Street, the Dow Jones Industrial Average also fell 1.1% on Friday after the Labor Department reported the U.S. economy added 315,000 jobs in August. That was down markedly from July's 526,000, but average hourly pay jumped by an unusually wide margin of 5.2% compared with a year earlier.Forecasters warned high wage gains might reinforce the Fed's belief that more aggressive rate hikes are needed.The U.S.
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