WELLINGTON, Oct 22 — Asia’s benchmark stock gauge retreated from a five-month high while emerging-market currencies weakened as investors awaited US jobs data delayed by the government shutdown. Palladium and nickel extended gains as crude oil fell a second day on rising American stockpiles.

The MSCI Asia Pacific Index fell 0.1 per cent by 9:56am in Tokyo, dropping from the highest close since May 21. Standard & Poor’s 500 Index futures slipped 0.1 per cent after the gauge maintained its record high in New York.

Malaysia’s ringgit weakened the most this month versus the dollar while the Thai baht lost 0.2 per cent. Palladium and nickel headed for two-month highs. West Texas Intermediate crude fell 0.2 per cent to US$99 (RM314) a barrel, set for the lowest close since July 1.

With economists pushing out expectations for cuts to Federal Reserve stimulus, analysts and investors are waiting for the September payrolls and employment data rescheduled from October 4 to help gauge the health of the US job market. Chinese property data is due today, while Nidec Corp and Wipro Ltd are among firms reporting earnings.

Crude inventories in the US, the world’s No. 1 oil consumer, rose to a three-month high in the week to October 11, according to a government report.

“It’s a good environment for equities because tapering expectations have been pushed out to next year,” Sean Fenton, a Sydney-based fund manager who helps oversee about US$1 billion at Tribeca Investment Partners Ltd, said by phone. “Growth in the US is steady without being spectacular so the support remains from the Fed, with very easy monetary conditions.”

Sydney, Seoul

Japan’s Topix Index fell less than 0.1 per cent after climbing 0.6 per cent yesterday. The S&P/ASX 200 Index added 0.3 per cent in Sydney, set to hold the highest close since June 2008. South Korea’s Kospi Index dropped 0.3 per cent.

Futures on Hong Kong’s Hang Seng Index were little changed in their most recent trading session, while contracts on the Hang Seng China Enterprises Index added 0.2 per cent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in New York fell 1.1 per cent, snapping a three-day advance.

The Conference Board also releases its September leading economic index for China today and Taiwan’s jobless rate is projected to rise to 4.2 per cent for last month.

The US Labour Department will probably say employers added 180,000 workers to nonfarm payrolls in September and that the jobless rate held at 7.3 per cent, according median estimates in Bloomberg surveys.

The Richmond Fed also releases its manufacturing survey for October today. This data is “perhaps more important as it is less backward looking” than the employment reports, Con Williams, an agricultural economist in Wellington at ANZ Bank New Zealand Ltd, wrote in a client note.

Fed outlook

The Fed will reduce its monthly bond purchases to US$70 billion from US$85 billion at its March 18-19 meeting, according to the median of 40 estimates in a Bloomberg survey conducted October 17-18. In an earlier survey, economists focused on December as a possible start date for reductions in the record monetary stimulus that has fuelled global asset gains.

The ringgit depreciated a third day, losing 0.6 per cent to RM3.1885 per dollar, weakening the most since September 30. The baht dropped to 31.179 a dollar, while South Korea’s won lost 0.1 per cent to 1,062.92 versus the greenback.

The Bloomberg US Dollar Index, a gauge of the currency against 10 major peers, rose 0.1 per cent after sliding almost 1 per cent last week. The yen was little changed at 98.19 per dollar after weakening 0.5 per cent yesterday.

Yields on 10-year Treasury notes held steady at 2.6 per cent, after rising two basis points, or 0.02 per centage point, in New York to snap a three-day drop. Yields on similar- maturity Australian bonds also rose for the first time in four days, adding three basis points to 4.11 per cent.

Earnings season

Companies including Texas Instruments Inc. and Netflix Inc. were among S&P 500 members that reported quarterly earnings after US markets closed. Texas Instruments, the largest analogue-chip maker, forecast revenue and profit that fell short of current analysts’ estimates, while Netflix’s third-quarter earnings per share exceeded projections.

Adjusted earnings-per-share have beaten analyst estimates for 71 per cent of the 110 S&P 500 members that have released their results during this reporting period, while 54 per cent exceeded sales projections, data compiled by Bloomberg show. Profit rose 4.6 per cent for the group.

The S&P 500 added less than 0.1 per cent in New York.

WTI crude lost 0.2 per cent after sliding 1.6 per cent yesterday. Natural gas futures slipped 0.4 per cent today.

Rising inventories

Crude stockpiles rose by 4 million barrels to 374.5 million, the Energy Information Administration said yesterday in a report delayed from last week because of the shutdown. Analysts surveyed by Bloomberg had projected a 3-million-barrel gain.

“Inventories are rising because of lackluster demand from refineries during turnarounds,” Stephen Schork, president of the Schork Group Inc, an energy advisory company in Villanova, Pennsylvania, aid yesterday. “We’re in the middle of the trend and should continue to see supply gains for several more weeks.”

Palladium added 0.3 per cent, set for the highest close since August 22, and nickel for three-month delivery on the London Metal Exchange jumped 0.8 per cent, headed for the highest since Aug. 23 on a closing basis. Aluminium gained a second day, rising 0.2 per cent. — Bloomberg