BANGKOK (AP) — Shares were mostly lower Monday in Asia, with South Korea’s benchmark down 2.3%, after U.S. stocks closed out last week with more records.
The impact on world markets from the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels ended the Assad family’s 50 years of iron rule, remained unclear. Oil prices were mixed, while U.S. futures edged lower.
The political situation remained tense in South Korea as local media reported that the police were considering imposing an overseas travel ban on President Yoon Suk Yeol. Yoon’s status remained uncertain after he declared martial law last week in the midst of a budget dispute and then reversed that hours later.
The Kospi in Seoul dipped 2.3% to 2,372.02.
Chinese shares also fell, with Hong Kong’s Hang Seng down 0.6% at 19,753.26 and the Shanghai Composite index falling 0.4% to 3,390.62. Investors are awaiting a major economic planning meeting expected this week that will set the policy agenda for coming months, possibly bringing fresh stimulus for the world’s No. 2 economy.
Tokyo’s Nikkei 225 index edged 0.2% higher, to 39,161.10 as the Japanese yen gained against the U.S. dollar. The dollar was trading at 149.94 yen early Monday, down from 150.07 yen. Traders are increasingly expecting the Bank of Japan to raise interest rates to help counter the yen’s prolonged slump against the dollar and keep price increases under control.
In Australia, the S&P/ASX 200 fell 0.2% to 8,400.80. India’s Sensex edged 0.1% lower, while Taiwan’s Taiex gained 0.4%. In Bangkok, the SET was down 0.3%.
On Friday, U.S. stocks rose to records Friday after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation.
The S&P 500 climbed 0.2% to 6,090.27, just enough to log another all-time high, closing a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 0.3% to 44,642.52, while the Nasdaq composite rose 0.8% to set its own record of 19,859.77.
The jobs report strengthened traders’ expectations that the Federal Reserve will cut interest rates again at its next meeting in two weeks. It showed U.S. employers hired more workers than expected last month, but also said the unemployment rate unexpectedly ticked up to 4.2% from 4.1%.
The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation.
