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Asia: Markets plod along as investors await US jobs report

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[HONG KONG] Asian markets limped into the weekend on Friday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day. Read more at The Business Times.

[HONG KONG] Asian markets limped into the weekend on Friday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day.

Energy firms were once again in the firing line, dropping in tandem with crude prices owing to worries about rising supplies and falling demand.Brent has tumbled around 6.5 per cent and WTI is off more than seven per cent from six-month highs touched just last week, taking another hit Thursday from data showing a surge in US stockpiles and output.

"Even if they do show optimism at the next... meeting on May 17th, many will not expect an extended cut agreement to have the same effect as the first one. Right now the path of least resistance for oil remains to the downside." A strong jobs report would reinforce Jerome Powell's view that the economy was broadly healthy and all but kill off any chance of a cut in the near future.

 

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