06:49 AM EDT, 09/05/2024 (MT Newswires) -- Asian stock markets wobbled Thursday as traders weighed odds of more-aggressive rate cuts from the US Federal Reserve after a soft US jobs report from Washington, on Wednesday.

Hong Kong and Tokyo finished in the red, while Shanghai edged into the green. Other regional exchanges were also uneven.

The Nikkei 225 finished off 1% in Japan as a stronger yen limited export issues.

The benchmark Nikkei 225 fell 390.52 to 36,657.09 as losing issues outnumbered gainers 115 to 105.

Leading the upside was Mitsubishi Logistics, up 5.4%, while electronics maker Sharp fell 4.9%.

In economic news, real wages in Japan rose 0.4% in July, reported the Ministry of Health, Labor and Welfare. It was the second month in a row that wages have outstripped inflation.

In other news, the headline Japan services purchasing managers index (PMI) posted at 53.7 in August, unchanged from July, and still well above the 50-marker that separates growth from contraction, said S&P Global, citing its monthly survey.

In Hong Kong, the Hang Seng Index opened higher but declined in trading, despite strength in the troubled property sector.

The broad gauge Hang Seng fell 13.04 to 17,444.30, although gaining issues outnumbered losers to 44 to 35. The Hang Seng TECH Index gained 0.1% on the day, while the Mainland Properties Index rose 1.5%.

Leading the upside was Link REIT, gaining 3.6%, while China Petroleum & Chemical fell 6.1%.

Listed Hong Kong property developers gained on the outlook for easing from the Fed, which would also lower borrowing costs in the financial hub. The Hong Kong Monetary Authority, the city's central bank, pegs its interest rates to those of the Fed.

On the mainland, the Shanghai Composite rose 0.1% to 2,788.31.

On the other regional exchanges, the S. Korean KOSPI fell 0.2%; the Taiwan TWSE inclined 0.5%; the Australian ASX 200 inclined 0.4%; the Singapore Straits Times Index rose 0.5%, and the Thai Set inclined 2.8%. In late trading in Mumbai, the Sensex was off 0.2%.

Bangkok shares rallied on gathering confidence in the new Thai government, and on hopes that a new investment vehicle, the Vayupak Fund, will inject capital into the shares of listed Thai enterprises, reported the Bangkok Post.

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