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(Bloomberg) -- Most Asian shares fell Monday after a mixed US jobs report and a reversal of gains on Wall Street that saw the S&P 500 lose a near 1% gain. (Bloomberg) -- Most Asian shares fell Monday after a mixed US jobs report and a reversal of gains on Wall Street that saw the S&P 500 lose a near 1% gain. Stocks fell in Hong Kong, mainland China and Australia, and fluctuated in Japan. US equity futures gained in Asian trading after the S&P 500 ended 0.5% lower Friday as Apple Inc. dropped almost 5% after its outlook sparked worries over tepid demand. By contrast, Amazon.com Inc. climbed over 8% on a bullish revenue forecast. Shares of China’s Hua Hong Semiconductor Ltd. jumped 15% in its trading debut in Shanghai after it raised 21.2 billion yuan ($2.96 billion) in the largest sale of new equity in the Asia Pacific region this year. Oil was steady after Ukraine attacked another Russian vessel over the weekend, a signal of a rapidly expanding war that puts at risk significant flows of Russia’s commodities from the Black Sea. Wheat also extended its advance. The greenback was locked in narrow ranges versus most of its Group-of-10 counterparts as the trading week got underway. The US currency slid Friday amid a debate among Federal Reserve officials on whether additional interest-rate hikes are needed. The yen was little changed after strengthening about 0.6% Friday. A summary of opinions from the Bank of Japan’s July meeting showed that one member said the central bank should allow greater flexibility in yield curve control. Yields on Japanese 10-year bonds fell one-and-a-half basis points. Treasury yields advanced in Asian trading hours, reversing some of Friday’s declines after the jobs report with 10-year yields falling from the highest level since November. Mixed Data There was something for every bull and bear in the jobs data on Friday: the 187,000 growth in payrolls was softer than estimated, wages topped forecasts and unemployment fell. Swap traders projected about a 40% chance of another quarter-point rate increase by the Federal Reserve by the end of this year. By the end of 2024, they projected rate cuts totaling more than 125 basis points. Fed officials Raphael Bostic and Austan Goolsbee suggested that slower US employment gains mean the central bank may soon need to pivot to thinking about how long to hold rates at elevated levels. Their colleague Michelle Bowman said the Fed may need to raise rates further in order to fully restore price stability. However, Fed doves may be too confident about the strength of the US economy and an easing in price pressures, according to Win Thin, head of currency strategy at Brown Brothers Harriman & Co. “As we’ve pointed out before, the easy part is getting from 8% to 4%; the hard part is getting it from 4% to 2%,” he said about US inflation in a note. “Because of this, we believe the markets continue to underestimate the Fed’s capacity to tighten.” WATCH: Shoki Omori, chief Japan desk strategist at Mizuho Securities, discusses the central bank’s policy and the local currency.Source: Bloomberg Key events this week: Atlanta Fed President Raphael Bostic and Fed Governor Michelle Bowman at Fed Listens event, Monday Bank of Japan issues Summary of Opinions for July monetary policy meeting, Monday Japan household spending, Tuesday US wholesale inventories, trade, Tuesday Philadelphia Fed President Patrick Harker speaks, Tuesday China CPI, PPI, Wednesday India rate decision, Thursday US initial jobless claims, CPI, Thursday Atlanta Fed President Raphael Bostic pre-recorded remarks for employment webinar, Thursday UK industrial production, GDP, Friday US University of Michigan consumer sentiment, PPI, Friday Some of the main moves in markets: Stocks S&P 500 futures rose 0.3% as of 10:48 a.m. Tokyo time. The S&P 500 fell 0.5% Friday Nasdaq 100 futures rose 0.5%. The Nasdaq 100 fell 0.5% Japan’s Topix was little changed Australia’s S&P/ASX 200 fell 0.3% Hong Kong’s Hang Seng fell 0.2% The Shanghai Composite fell 0.7% Euro Stoxx 50 futures fell 0.4% Currencies The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.0997 The Japanese yen was little changed at 141.82 per dollar The offshore yuan fell 0.1% to 7.1971 per dollar The Australian dollar was little changed at $0.6575 Cryptocurrencies Bitcoin was little changed at $29,104.99 Ether rose 0.4% to $1,837.83 Bonds The yield on 10-year Treasuries advanced three basis points to 4.06% Japan’s 10-year yield declined 1.5 basis points to 0.625% Commodities West Texas Intermediate crude was little changed Spot gold was little changed This story was produced with the assistance of Bloomberg Automation. --With assistance from Rita Nazareth and Brett Miller. More stories like this are available on bloomberg.com ©2023 Bloomberg L.P.
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