Stock market today: Asian markets mixed after better-than-expected US jobs report

HONG KONG — Asian markets were mixed on Monday after a jobs report Data released on Friday came in warmer than expected, with the euro falling after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday's parliamentary elections.

US futures and oil prices rose.

Trading in Asia was subdued, while markets in China, Hong Kong, Australia and Taiwan were closed for holidays.

In Tokyo, the Nikkei 225 index rose 0.5% to 38,872.19 after government data showed Monday The Japanese economy Growth fell 1.8% year-on-year in January-March compared to the previous quarter, an upward revision from the previously announced 2% decline.

South Korea's Kospi fell 0.7% to 2,705.06.

Meanwhile, far-right parties in Europe made big gains in Sunday's parliamentary elections, leading French President Emmanuel Macron to announce that he dissolution of the National Assembly and calling early parliamentary elections. This caused the euro to fall to its lowest price in almost a month. On Monday, the euro was trading at $1.0766, down from $1.0778.

On Friday the S&The P 500 fell 0.1% to 5,346.99, the Nasdaq index fell 0.2% to 38,798.99 and the Dow Jones Industrial Average fell 0.2% to 38,798.99.

U.S. employers added 272,000 jobs in May, an increase from April and more than economists expected. The report also shows that unemployment is rising for the second month in a row. Overall, this indicates continued strength in the labor market, with some minor signs of weakening. The strong labor market has supported consumer spending and the broader economy, but has also complicated the Federal Reserve's future trajectory on interest rates.

The yield on the 10-year government bond rose to 4.43% from 4.29% just before the publication of the jobs report. The two-year yield, which is more in line with expectations for the Fed, rose to 4.89% from 4.74% before the report was released.

Wall Street is hoping for at least one Fed rate cut before the end of the year. The central bank raised its interest rate to the highest level in more than two decades in an effort to cool inflation to its 2% target. However, inflation is persistently hovering around 3%, after falling sharply over the past two years. A strong economy could continue to fuel price increases.

A cooler economy could lower inflation and prompt the Fed to make the rate cuts that investors want. There is a danger that the slowdown could continue and turn into a recession, which would ultimately hurt stock prices.

Economic data last week suggested the economy could be cooling. The latest reports show that production contracted in May, worker productivity is not as strong as economists thought and job openings are falling.

Fed officials are expected to keep rates steady at their meeting later this week. After the jobs report came out, investors took off more bets that the Fed would cut rates at its July meeting, according to data from CME Group.

Wall Street has also been eyeing retailers' earnings, which shows customers are pulling back on items that aren't essential. Consumer spending has been the main support for the economy, but persistent inflation is hurting consumers, especially those with lower incomes.

GameStopthe troubled video game retailer at the center of the meme stock frenzy fell 39.4% after reporting another quarterly loss and saying it planned to sell another 75 million shares.

In other trades, U.S. benchmark crude gained 23 cents to $75.76 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, rose 28 cents to $79.90 a barrel.

The US dollar rose from 156.83 yen to 157.12 Japanese yen.

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