Asian stocks fall after US jobs data

Asian stocks extend declines as U.S. jobs data sparks sell-off on Wall Street. Asia-Pacific markets fell for a second straight day after Wall Street reported stronger-than-expected U.S. jobs data and the Federal Reserve left room for more rate hikes. Companies added more jobs than expected, payroll processing firm ADP reported on Thursday. Private sector employment rose by 497,000 in the month, far beating the Dow Jones consensus estimate of 220,000. The increase was the biggest monthly gain since July 2022. The data also followed minutes from the Fed’s June meeting released on Wednesday, which showed most officials supporting more rate hikes in the future. U.S. Treasury Secretary Janet Yellen is in Beijing for a four-day trip to meet with Chinese officials, signaling a deepening U.S.-China relationship. Hong Kong’s Hang Seng index fell 1.06 percent, while the Hang Seng Tech index fell nearly 2 percent. In mainland China, the Shanghai Composite Index fell 0.25 percent and the Shenzhen Component Index fell 0.55 percent. In Australia, the S&P/ASX 200 led the region’s losses, falling 1.8 percent. Japan’s Nikkei 225 fell 1.13 percent and the Topix lost 1.1 percent. In South Korea, the Kospi fell 1.14 percent as Samsung Electronics forecast a likely 96 percent drop in second-quarter operating profit.