Asian Stocks Decline as Investors Await US Jobs Data, Oil Struggles to Recover

According to Yahoo News, Asian stocks experienced a downturn on Thursday, continuing a volatile week in global markets as investors anticipate key US employment data. Meanwhile, oil prices struggled to recover after reaching a five-month low. After a November rally driven by expectations of the Federal Reserve cutting interest rates in 2023, this month has seen a reversal of those positions due to concerns of overbuying. Data from payroll firm ADP revealed a smaller-than-expected increase in private sector jobs, reinforcing the belief that the labor market and economy are slowing down as inflation decreases. This has led to increased speculation on the Fed cutting borrowing costs, with some predicting it could happen as early as the first quarter of 2024. However, the rapid deceleration in job creation is causing concern among market watchers.