Asian markets sink again, US jobs data in focus

AFP - Asian markets fell yesterday morning, at the end to a volatile week dominated by the fallout from Britain’s European Union exit, with investors now turning their attention to the release of US jobs data.

The release of the June non-farm payrolls figures from Washington will be pored over for an idea about the Federal Reserve’s interest rate plans in light of the Brexit vote and following a surprisingly low reading in May.They also follow a week of losses across markets after the head of the Bank of England said the risks of leaving the EU were “crystalising” and British property investment funds suspended client withdrawals to prevent a run on them.

“While a strong June report is not going to ring alarm bells for an imminent rate hike, strong print tells the market that when the post-Brexit dust settles, the door will be open for the Fed to resume a path of interest rate normalisation,” Stephen Innes, senior trader at OANDA Asia Pacific, said in a note.