Asian Markets Showing Mixed Trend

(RTTNews) - Asian stock markets are trading mixed on Monday, following the mixed cues from Wall Street on Friday, reacting to sinking crude oil prices, disappointing U.S. monthly jobs data and uncertainty about the pace of global economic recovery amid continued surge in coronavirus cases. Asian markets closed mixed on Friday.

The U.S. Labor Department's report suggests that the delta variant of the coronavirus is weighing on the labor market, although the data could also lead the Federal Reserve to push back its plans to begin scaling back stimulus.

Fed officials have indicated inflation has reached their target but they need to see further improvement in the labor market before they begin tapering asset purchases and raising interest rates.

The Australian stock market is significantly lower on Monday, giving up the modest gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,500 level, following the mixed cues from Wall Street on Friday on disappointing U.S. jobs data and sinking crude oil prices. The worsening domestic coronavirus situation, primarily in New South Wales and Victoria, is also weighing in investor sentiment.

NSW reported 1,281 new cases on Sunday. Victoria also recorded 246 new locally acquired cases, with the total active cases of COVID-19 across Victoria standing at 1,619.
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