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China’s yuan leapt to a seven-month high, and the Japanese yen hit its highest levels against the dollar since January after the U.S. reported much lower-than-expected job creation in July and the unemployment rate unexpectedly rose to its highest level in nearly three years, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession.
Chinese markets ended lower as weak global cues overshadowed data showing growth in the country’s services activity accelerated in July.
China’s Shanghai Composite index fell 1.54 percent to 2,860.70 while Hong Kong’s Hang Seng index dipped 1.46 percent to 16,698.36.
China’s service sector growth accelerated in July on faster growth in new business inflows, data published by S&P Global showed on Monday. The Caixin services Purchasing Managers’ Index rose to 52.1 in July from 51.2 in June.
The composite output index that combines performances of manufacturing and services showed a slowdown in the private sector growth, the survey revealed. The composite output index posted 51.2 in July, down from 52.8 in June.
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First Published: Aug 05 2024 | 3:43 PM IST