Sydney — Stocks slipped in Asia on Monday after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation that is expected to see core prices move higher again.
S&P 500 futures led the early action with a drop of 0.4%, while Nasdaq futures fell 0.5% ahead of the start of Q3 earnings later this week.MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.4%. Nikkei futures traded at 26,575 compared with Friday's cash close of 27,116. Wall Street sank on Friday after an upbeat payrolls report seemed to seal the deal on another outsize rate hike from the Federal Reserve.
“The September CPI report should show a moderation in goods prices that is a likely harbinger of a broader slowing in core inflation,” he said. “But the Fed will not be responsive to a whisper of inflation moderation as long as labour markets shout tightness.” Wall Street also faces a testing time on corporate earnings with the major banks kicking off the season on Friday, including JPMorgan, Citi, Wells Fargo and Morgan Stanley.
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