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Asian markets mostly down ahead of US election

Dunya News

Eyes are on the world's two biggest economies this week

Asian markets were mostly down on Monday as better-than-expected US jobs figures were offset by caution ahead of this weeks US presidential election and the start of Chinas leadership transition.The dollar remained elevated against the yen and euro after Fridays employment numbers, but that was unable to support Japans Nikkei, which also saw profit-taking after last weeks healthy gains.Tokyo fell 0.48 percent, or 43.78 points, to 9,007.44, Seoul closed 0.55 percent, or 10.5 points, lower at 1,908.22 but Sydney finished up0.31 percent, or 14.0 points, at 4,474.1.Hong Kong fell 0.47 percent, or 104.93 points, to 22,006.40 and Shanghai was ended 0.14 percent, or 3.02 points, lower at 2,114.03.Traders were given a bright lead after the US Labor Department said on Friday that the economy created 171,000 jobs in October, farmore than the expected 125,000.And while the jobless rate rose to 7.9 percent from 7.8 percent, that was blamed on more people entering the market.The encouraging report provided a final snapshot of a slowly improving economy as President Barack Obama battles for re-electionTuesday in a tight race against Republican challenger Mitt Romney, the Wall Street favourite.US stocks jumped in early trade but ended in the red by the end of trade Friday. The Dow finished down 1.05 percent, the S&P 500 fell 0.94 percent and the Nasdaq lost 1.26 percent.The jobs data also lifted the dollar, sending it to a six-month high of 80.68 yen in New York, before easing to end Friday at 80.47 yen.In afternoon Asian trade the greenback bought 80.30 yen.The euro bought $1.2790 and 102.70 yen, down from $1.2835 and 103.30 yen.Eyes are on the worlds two biggest economies this week, with the US presidential election too close to call, while Beijing is expected to anoint its successor to President Hu Jintao.The US data (released Friday) were generally positive, but markets are apprehensive ahead of the hotly contested US presidential vote on Tuesday, said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.Oil prices were higher. New Yorks main contract, light sweet crude for delivery in December, gained one cent to $84.87 a barrel in the afternoon and Brent North Sea crude for December delivery fell four cents to $105.64.Gold was at $1,676.90 at 0645 GMT compared with $1,708.90 late Friday.In other markets:-- Taipei fell 0.35 percent, or 25.11 points, to close at 7,185.36.Leading smartphone maker HTC dropped 1.52 percent to Tw$194.0 while Taiwan Semiconductor Manufacturing Co was 0.44 percent higher at Tw$90.3.-- Manila rose 0.61 percent, or 33.31 points, to 5,457.82.-- Wellington lost 0.15 percent, or 5.81 points, to end at 3,908.27.Telecom fell 1.0 percent to NZ$2.40, while Fletcher Building added 0.1 percent to NZ$7.00 and The Warehouse rose 0.6 percent to NZ$3.14.