Asian markets were mixed following a hotter-than-expected US jobs report

HONG KONG (AP) — Asian markets were mixed Monday Statement of work Friday’s release was warmer than expected, while the euro fell after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday’s parliamentary election.

US futures fell and oil prices rose.

Markets in China, Hong Kong, Australia and Taiwan were closed for the holiday.

In Tokyo, the Nikkei 225 index rose 0.9% to 39,038.16. Economy of Japan It contracted at an annualized 1.8% pace in January-March, an upward revision from a previously reported 2% decline.

South Korea’s Kospi fell 0.4% to 2,711.43.

Meanwhile, in Europe, far-right parties scored a landslide victory in Sunday’s parliamentary elections, leading French President Emmanuel Macron to declare that he would. Dissolution of the National Assembly And the Legislative Assembly should be held immediately. That pushed the euro to its lowest in nearly a month. The euro traded at $1.0752, down from $1.0778 early on Monday.

On Friday, the S&P 500 fell 0.1% to 5,346.99, the Nasdaq Composite fell 0.2% to 38,798.99 and the Dow Jones Industrial Average fell 0.2% to 38,798.99.

U.S. employers added 272,000 jobs in May, more than economists had expected since April. The report also showed that the unemployment rate rose for the second month in a row. Overall, this indicates continued strength in the job market, with some minor signs of weakness. A strong job market has supported consumer spending and the broader economy, but it complicates the Federal Reserve’s path forward for interest rates.

The yield on the 10-year Treasury rose to 4.43% from 4.29% shortly before the jobs report. The two-year yield, which tracks the central bank’s expectations most closely, rose to 4.89% from 4.74% before the report.

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Wall Street expects at least one cut in the Fed’s benchmark interest rate before the end of the year. The central bank raised its interest rate to its highest level in more than two decades in an effort to reduce inflation to its target of 2%. However, inflation is stubbornly hovering around 3% after falling sharply over the past two years. A strong economy can drive inflation.

A cooling economy could lower inflation and prompt the central bank to offer cuts to interest rates that traders want. The risk is that the recession will deepen and turn into a recession, which will ultimately affect stock prices.

Last week’s economic data indicated that the economy will cool. Output shrank in May, labor productivity wasn’t as strong as economists thought and the latest reports show job growth is slowing.

Central bank officials are expected to keep interest rates steady at their meeting later this week. After the jobs report came out, investors took even more bets off the table that the Fed would cut rates at its July meeting, according to CME Group data.

Wall Street has been tracking returns from retailers, which show customers are returning non-essential items. Consumer spending is a key supporter of the economy, but stubborn inflation is weighing on consumers, especially those with lower incomes.

Stop the gameThe troubled video game retailer at the center of the meme stock craze plunged 39.4% after reporting another quarterly loss and saying it plans to sell 75 million more shares.

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In other transactions, benchmark U.S. crude oil rose 20 cents to $75.73 a barrel in electronic trading on the New York Mercantile Exchange.

International benchmark Brent crude was up 16 cents at $79.78 a barrel.

The US dollar rose to 157.08 Japanese yen from 156.83 yen.

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