{"id":64373,"date":"2023-07-07T18:07:43","date_gmt":"2023-07-07T08:07:43","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=64373"},"modified":"2025-11-11T15:45:33","modified_gmt":"2025-11-11T04:45:33","slug":"friday-7th-july-2023-asia-pacific-markets-decline-on-strong-us-jobs-data-as-oil-and-precious-metals-hold-steady","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-7th-july-2023-asia-pacific-markets-decline-on-strong-us-jobs-data-as-oil-and-precious-metals-hold-steady\/","title":{"rendered":"Friday 7th July 2023: Asia-Pacific Markets Decline on Strong US Jobs Data as Oil and Precious Metals Hold Steady"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down -1.17%, Shanghai Composite down 0.25%, Hang Seng down 1.01%, ASX down 1.69%<\/li>\n\n\n\n<li>Commodities : Gold at $1918.05 (+0.19%), Silver at $22.83 (-0.25%), Brent Oil at $76.80 (+0.37%), WTI Oil at $72.06 (+0.36%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.028, UK 10-year yield at 4.699, Germany 10-year yield at 2.605<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) ADP Non-farm employment change 497K vs 226K expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims 248K vs 247K expected<\/li>\n\n\n\n<li>(USD) ISM Services PMI 53.9 vs 51.3 expected<\/li>\n\n\n\n<li>(USD) JOLTS job opening 9,82M vs 9,93M expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Markets in the Asia-Pacific region experienced a second day of declines following a sell-off on Wall Street, triggered by stronger-than-expected U.S. jobs data. The robust report on job creation by payroll processing firm ADP exceeded expectations, with the private sector adding a remarkable 497,000 jobs in the month. This surge, the largest monthly increase since July 2022, has raised concerns about potential rate hikes by the Federal Reserve.&nbsp;<\/p>\n\n\n\n<p>In the Asian markets, Hong Kong&#8217;s Hang Seng index experienced a decline of 1.01%, with the Hang Seng Tech index dropping nearly 2%. Mainland China&#8217;s Shanghai Composite fell by 0.25%, while the Shenzhen Component saw a decrease of 0.55%. Japan&#8217;s Nikkei 225 declined by 1.17%, and the Topix shed 1.1%. South Korea&#8217;s Kospi also slid, losing 1.14%, as Samsung Electronics estimated a significant 96% plunge in its second-quarter operating profit.<\/p>\n\n\n\n<p>Moving to Australia, the S&amp;P\/ASX 200 index suffered a significant decline of 1.69%, leading the losses in the region. This downward trend reflects the broader concerns surrounding the strong U.S. jobs data and the potential impact of the Federal Reserve&#8217;s rate hike decisions.<\/p>\n\n\n\n<p>In the commodities market, crude oil futures settled nearly unchanged on Thursday as traders considered the impact of higher interest rates on growth and energy demand, alongside a decline in crude inventories. West Texas Intermediate (WTI) Crude oil futures for August settled at $71.80 per barrel, up by a penny from the previous close. Gold prices saw a modest increase, with gold trading at $1918.05 (+0.19%), while silver prices slightly dipped to $22.83 (-0.25%).<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD Employment Change<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Unemployment Rate<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Average Hourly Earnings m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Non-Farm Employment Change<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Rate<\/li>\n\n\n\n<li>4:45 PM GMT &#8211; EUR ECB President Lagarde Speaks<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Markets in the Asia-Pacific [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64373"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=64373"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64373\/revisions"}],"predecessor-version":[{"id":64385,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64373\/revisions\/64385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=64373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=64373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=64373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}