Asia stocks fall ahead of important US jobs report

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Asia stocks fall ahead of important US jobs report

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Asian markets fell on Friday in edgy trade ahead of the release of US jobs data.

02 February,2012 10:34 pm

Investors were also awaiting the result of long-running talks between Greece and its creditors on cutting its huge debts, while Wall Street provided a mixed lead.Tokyo slipped 0.12 percent, Hong Kong gave up 0.21 percent, Sydney was 0.28 percent off, Seoul shed 0.61 percent and Shanghai fell 0.26 percent.Eyes will be on the US Labor Departments announcement of non-farm payroll figures after recent figures have shown a healthy number of jobs being created, which has led to hopes of recovery in the worlds number one economy.Forecasts say Januarys release will show the unemployment rate remained unchanged at 8.5 percent from December. On Thursday the department said new claims for unemployment benefits, an indicator of the pace of layoffs, fell last week and continued to trend lower.However, Bernanke told Congress that he remained concerned about persistently high unemployment, and especially those who have been jobless for long periods, which could make them more unlikely to find work.More than 40 percent of the 13 million unemployed have been jobless for more than six months, Bernanke said.We still have a long way to go before the labour market can be said to be operating normally. He added that the economy had picked up but still remains vulnerable to shocks and the eurozone turmoil.Sireen Harajli, strategist at Credit Agricole, said in a note: The (US) employment indicators for January point to a weaker gain compared to December.A weaker than expected payrolls number may signal economic weakness ahead, Harajli said, according to Dow Jones Newswires. The Dow was flat while the S&P 500 added 0.11 percent and the tech-heavy Nasdaq gained 0.40 percent.In Greece, officials said they were edging closer to a deal with the countrys creditors to halve its debt, although eurozone chief Jean-Claude Juncker said Thursday that the talks were at an ultra-difficult stage.Athens is asking private bondholders to take at least a 50 percent cut on their investments as it tries to slice 100 billion euros off its 350 billion euro debt mountain.On currency markets the euro fetched $1.3138 and 100.08 yen in early trade, compared with $1.3142 and 100.18 yen in New York late Thursday.The dollar was at 76.17 yen against 76.23 yen.Gold was at $1,756.60 an ounce at 0230 GMT, against $1,747.17 in New York late Thursday.