Asian Stocks Mixed Before US Jobs Report

Tokyo and Hong Kong fell behind Shanghai and Seoul. Oil surged above $1.50 per barrel.

Investors awaited U.S. August hiring statistics to see how the economy is responding to four prior rises to reduce inflation at a four-decade high. A strong number would support Fed claims that higher interest rates are needed to impede economic growth and lower consumer prices.

In a report, IG's Yeap Jun Rong said a rate hike of 0.75 percentage points at this month's Fed meeting "may likely reinforce additional lean towards" more than 300,000 jobs gained in August.

The Shanghai Composite Index rose 0.1% to 3,189.09, while the Nikkei 225 fell 0.2% to 27,604.37. 19,443.49.

Following new virus outbreaks, the Chinese government ordered most inhabitants of Chengdu, a 21-million-person city, to stay home on Thursday. That caused disturbance while the area recovers from power rationing due to drought-depleted hydroelectric dam reservoirs, but economists say the countrywide economic impact should be limited.

Seoul's Kospi rose 0.1% to 2,417.25 and Sydney's S&P-ASX 200 fell 0.1% to 6,844.80. Singapore fell as New Zealand and Jakarta rose.

After four days of losses, the S&P 500 index climbed 0.3% to 3,966.85.

After soaring the month before on anticipation the Fed could slow rate hikes owing to falling U.S. economic activity and inflation, it fell 4.2% in August.

Last week, head Jerome Powell said the Fed must keep rates high "for some time" to slow the economy, shattered their hopes. Many investors just wonder how much and when the next hike will be.

Fed officials argued for rate hikes Tuesday after the Labor Department reported two jobs for every unemployed person in July. Unemployment claims decreased last week, indicating a solid job market.

The Dow rose 0.5% to 31,656.42. Nasdaq fell 0.3% to 11,785.13 for its fifth day.

Health care, communications, and direct consumer spending stocks rose. J&J climbed 2.5%. Target gained 2.8%, Netflix 2.9%.

Technology Stocks Declined

After saying the U.S. government's license requirements could disrupt China sales, Nvidia fell 7.7%.

In New York Mercantile Exchange electronic trading, benchmark U.S. crude jumped $1.65 to $88.26 per barrel. Thursday's contract fell $2.94 to $86.61.

London Brent crude rose $1.64 to $94 per barrel. Last session, it fell $3.28 to $92.36 a barrel.

Thursday's 140.23 yen dollar climbed to 140.32. 99.45 cents became 99.60 cents.