Reuters: Financial Services and Real Estate: Seoul shares seen lower on worries U.S. job market stalling

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Seoul shares seen lower on worries U.S. job market stalling May 3rd 2012, 23:38 Tweet Share this Email Print Thu May 3, 2012 7:38pm EDT SEOUL, May 4 (Reuters) - Seoul shares are seen off to a weaker start on Friday, tracking declines in global stocks after slower-than-expected growth in the U.S. services sector raised concerns of a stalling recovery in the labor market ahead of Friday's nonfarm payrolls data. "Investors were hoping to see stronger hints of further easing from the (European Central Bank) to offset the weak data, but came out empty-handed," said Kwak Jung-bo, an analyst at Samsung Securities. Data showed the number of Americans filing new claims for jobless aid last week dropping by the most in nearly a year, but the relief was outweighed by other data showing April services employment declining to its lowest level since December. The slow job growth in the services sector, which accounts for two-thirds of the U.S. economy, poses a risk to Friday's much-anticipated payrolls report, although analysts expect to see a rebound in hiring during April. Hopes that the European Central Bank may resume its bond buying program or offer other stimulus measures were dashed after ECB President Mario Draghi gave little indications that the bank would take any active role for the time being after a policy meeting in Spain. Sentiment may received limited support from steps taken by China, Japan, and South Korea on Thursday to tie their markets closer and agreeing with their smaller Asian neighbors to boost their emergency protection against financial shocks. The Korea Composite Stock Price Index (KOSPI) fell 0.2 percent to close at 1,995.11 points on Thursday. ------------------MARKET SNAPSHOT @ 22:36 GMT------------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,391.57 -0.77% -10.740 USD/JPY 80.20 0.01% 0.010 10-YR US TSY YLD 1.933 -- 0.000 SPOT GOLD $1,635.85 -0.02% -0.350 US CRUDE $102.60 0.06% 0.060 DOW JONES 13206.59 -0.47% -61.98 ASIA ADRS 124.82 -1.06% -1.34 ---------------------------------------------------------------- Wall St drops before jobs data, LinkedIn up late >Bonds gain on services data before jobs report >Euro drops as uncertainty weighs before US job data >Oil drops sharply on US economic data, technicals ---STOCKS TO WATCH--- **SAMSUNG ELECTRONICS CO LTD ** Samsung Electronics unveiled a new top-of-the-range Galaxy smartphone in London on Thursday, updating the most direct rival to Apple's iPhone with a larger touch screen and more powerful processor. **HI-MART CO LTD ** Electronics retailer Hi-Mart said on Thursday its top shareholders would resume an auction for a controlling stake in the firm after it avoided delisting this week over $228 million embezzlement charges brought against its top executives. **HYUNDAI MOTOR CO ** BMW is in talks with Hyundai to help shoulder the 1-2 billion euros ($1.3-2.6 billion) in costs for developing new engine families, German industry newsletter Automobil Produktion reported on Thursday. (Reporting by Joonhee Yu; Editing by Joanthan Hopfner) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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