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MTECHTIPS:-Asian stocks dip on fears of weak U.S. earnings; Japan closed on holiday
Asian stocks softened on Monday on fears that the U.S. third-quarter earnings season set to open this week will bring a wave of disappointing results.During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.44%, while Australia's S&P/ASX200 was down 0.2%. Japanese markets were closed on holiday.U.S. corporations will report third-quarter earnings this week, and profit warnings in the past had many investors on edge across Asia on Monday.This week, Alcoa, Yum! Brands, Costco, Safeway and Infosys will unveil their results for the third quarter.Stocks also retreated on sentiments that despite a drop in the headline U.S. unemployment rate for September, major improvements are not unfolding in the labor market.The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labor Statistics reported Friday.Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change.The number of unemployed Americans stood at 12.1 million in September, the fewest since January 2009.
Asian stocks softened on Monday on fears that the U.S. third-quarter earnings season set to open this week will bring a wave of disappointing results.During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.44%, while Australia's S&P/ASX200 was down 0.2%. Japanese markets were closed on holiday.U.S. corporations will report third-quarter earnings this week, and profit warnings in the past had many investors on edge across Asia on Monday.This week, Alcoa, Yum! Brands, Costco, Safeway and Infosys will unveil their results for the third quarter.Stocks also retreated on sentiments that despite a drop in the headline U.S. unemployment rate for September, major improvements are not unfolding in the labor market.The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labor Statistics reported Friday.Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change.The number of unemployed Americans stood at 12.1 million in September, the fewest since January 2009.
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