The US equity markets reacted to the weaker-than-expected numbers.
On Friday (May 3), the Nasdaq Composite Index rallied by 1.99%. The Dow and the S&P 500 advanced by 1.18% and 1.26%, respectively. The US economic indicators and US equity market gains will likely set the tone for the Monday Asian session.
On Monday (May 6), economic indicators from Australia and China could influence buyer appetite for ASX 200 and Hang Seng Index-listed stocks.
ANZ-Indeed Job Ad numbers for April will draw investor attention. Better-than-expected numbers could fuel speculation about a more hawkish RBA stance on monetary policy. Economists forecast job ads to increase by 1.1% in April after falling by 1.0% in March.
However, service sector PMI numbers from China could impact market risk sentiment more. Economists forecast the Caixin Services PMI to slip from 52.7 to 52.5 in April. Better-than-expected figures would signal an improving macroeconomic environment and drive demand for riskier assets.
Beyond the economic calendar, investors should also consider corporate earnings. The Hang Seng Bank (HK0011), Westpac Banking (ASX: WBC), and Harvey Norman Holdings (ASX: HVN) are among the big names to release earnings results.
