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GLOBAL MARKETS-Asian shares fall as weak data disappoints
* MSCI Asia ex-Japan down 0.6 pct
* European indexes seen falling 0.4-0.6 pct
* U.S. April non-farm payrolls due at 1230 GMT
* Euro little changed around $1.3150
* Brent crude firms to $116.18 a barrel
By Alex Richardson
SINGAPORE, May 4 (Reuters) - Asian shares fell for a second straight day on Friday and industrial commodities such as oil and copper were on course for weekly losses as a run of lacklustre U.S. data stoked fresh concerns that the recovery in the world's biggest economy is faltering.
The dollar held steady against the euro and the yen, but could come under pressure later if there is a weak read-out from a key U.S. jobs report, which would stir speculation of further monetary easing, so-called "QE3", by the Federal Reserve.
European stock markets were also expected to fall, according to spreadbetters' opening calls, on the downbeat data, with weekend elections in Greece and France that could complicate the response to the euro zone debt crisis adding to the unease.
"Investors are on standby and are waiting for U.S. payrolls data and French and Greek election results to clear the fog on market direction," said HI Investment & Securities analyst Kim Seung-han in Seoul.
Financial bookmakers called the benchmark indexes in London , Paris and Frankfurt to open down 0.4-0.6 percent.
MSCI's broadest index of Asia Pacific shares outside Japan fell 0.6 percent, with Australian shares down 0.8 percent after the central bank cut its growth forecast to 3 percent for this year and next, down from 3.5 percent for 2012 and up to 4 percent in 2013.
Growth sensitive sectors such as energy and tech were the biggest losers in the MSCI Asia ex-Japan index, both losing more than 1 percent. The defensive sectors of consumer staples and utilities were the only components in positive territory.
"Stock rotation seems to be going on in earnest now," said Simon Twiss, a dealer at Arnhem Investment Management in Sydney.
Tokyo markets were closed for a holiday.
Wall Street stocks had fallen on Thursday after a survey showed tepid growth in the U.S. services sector.
That survey, combined with data from the previous day showing a slowdown in private sector hiring, raised concerns that the recovery which drove equity markets higher in early 2012 is stalling. This is throwing more attention on the April non-farm payrolls labour market report due later on Friday.
Market expectations for the non-farm payrolls, due at 1230 GMT, have fallen this week. Traders now suspect the economy added 125,000 to 150,000 jobs in April, below a Reuters consensus forecast of 170,000.
A disappointing result is seen likely to put the dollar under pressure.
"We've gone back to that situation where when the weaker data comes out, we start to price in more chance of QE3 and therefore the dollar goes weaker," said Rob Ryan, FX strategist at BNP Paribas in Singapore, referring to the possibility of the Federal Reserve launching another bond-buying programme.
The dollar held steady versus the yen at 80.18 yen. The euro traded little changed around $1.3150, after a bumpy session on Thursday, when European Central Bank chief Mario Draghi gave a more upbeat assessment of the region's battered economy, reducing hopes of further monetary stimulus measures in the pipeline.
In commodity markets, gold eased a touch to around $1,634 an ounce, while copper rebounded 0.3 percent to around $8,250 a tonne, but remained on course for its first weekly loss in three.
Oil was steady after tumbling in the previous session on the shaky data and a build-up in U.S. inventories, on course for its steepest weekly decline since December. Brent crude inched up 10 cents to $116.18 a barrel, while U.S. crude gained 5 cents to $102.59.
"We are seeing a slightly easing situation as far as the supply-demand balance is concerned against the backdrop of the global economic growth and OPEC production levels," said Ric Spooner, chief market analyst at CMC Markets. "There is a downside bias to oil prices."
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