Asia stocks: Japan rises on positive PMI, others muted amid economic uncertainty

Investing.com-- Most Asian stocks rose on Thursday amid increased optimism over lower U.S. interest rates, but overall gains were limited as a downward revision in labor market data spooked markets.

Japanese stocks were by far the best performers for the day, as purchasing managers index data showed sustained growth in the country’s services sector. But Chinese markets lagged, while gains in most other Asian markets were limited.of the Federal Reserve’s late-July meeting showed more policymakers in support of an interest rate cut- further bets for a cut in September.

U.S. stock index futures were flat in Asian trade. But optimism over a rate cut was offset by data showing a severe downward revision in U.S. payrolls data, drumming up concerns that a slowing labor market could spur a potential recession in the world’s biggest economy.Strength in the Japanese economy furthers the possibility of more interest rate hikes by the Bank of Japan this year, which could present some headwinds for local markets.

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