The positive reading of United States (US) employment data in November 'overthrew' the bullish trend of the global asset market as the Federal Reserve (Fed) hinted at slowing interest rate hikes.
The US Labor Department data showed that the NFP reading increased by 263,000 compared to the forecast of 200,000 while the average hourly earnings increased by 2 times compared to the forecast figure, enough to give a jump to the dollar and Treasury yields.
It indirectly depressed equities with Dow Jones Industrial futures down 0.1% while S&P 500 futures and Nasdaq Composite futures each shed 0.2%.
By comparison, the Dow Jones Industrial gained 0.1% while the S&P 500 fell 0.1% and the Nasdaq Composite slipped 0.2% during the Friday session of the jobs data release.
The decline comes days after Fed President Jerome Powell's dovish comments on the prospect of interest rate hikes saw risk assets enter a rally for 2 trading sessions.
This morning's trade in Asia saw a rather mixed opening with Japan's Nikkei 225 down 01.4%, Topix down 0.2% while Australia's S&P/ASX 200 rose 0.29%, South Korea's Kospi flat and Kosdaq added 0.44%.
MSCI's broadest Asia Pacific index of shares outside Japan fell 0.21% from a 3.7% rally, a 3-month high hit last week.
In the meantime, the focus throughout the week will be on the ISM survey services PMI data tonight and the producer price index (PPI) data that will be published on Friday in determining the state of the US economy.
Also of interest to investors around the world is the cash rate by the Reserve Bank of Australia (RBA) as well as Australia's gross domestic product (GDP) data and the Canadian Central Bank's (BOC) overnight rate.
