Tokyo, Japan
Japan's Nikkei 225 benchmark index advanced 0.2%Reuters

Stock markets across Asia were flat on 3 June as investors await the release of the latest monthly jobs data from the US.

Tokyo's benchmark Nikkei share average rose 0.2% to 16,589.82 points, after official data showed Japanese labour cash earnings increased a less-than-expected 0.3% from a year ago in April.

The Shanghai Composite index was flat at 2,924.53, while Hong Kong's Hang Seng was up by 0.4% at 20,949.96.

The US Labor Department will release its jobs report for May later in the day, with analysts expecting a non-farm payroll increase of around 160,000.

It will be closely watched by the Federal Reserve as it ponders whether to raise interest rates at its next policy meeting on 14 and 15 June.

"For the Fed to really move towards a June hike, we would need to see much stronger job creation figures," said Chris Beaucamp, market analyst at trading firm IG in London.

"If the figure only squeaks in at expectations, or indeed is weaker than forecast, then we can expect to see the markets' rate hike expectations... unwound significantly."

Opec summit

Brent crude prices were flat at $50 (£34.70; €44.80) a barrel after Opec countries failed to agree on a production cap during talks in Vienna.

In a statement released on 2 June, Opec members said they were committed to a "stable and balanced oil market, with prices at levels that are suitable for both producers and consumers".

A split between Saudi Arabia and Iran also scuppered the chances of a deal being signed at the last Opec summit in April, with Tehran failing to send a delegation to that meeting.

Brent Crude Outlook
Crude prices have risen steadily this year amid supply shortagesReuters

Despite the disappointing outcome of the Vienna summit, oil prices reached a seven-month high overnight on the back of data showing that US oil inventories declined by 1.4 million barrels – its third straight weekly decline.

Meanwhile, Australian shares were boosted by gains in the mining sector, with the S&P/ASX 200 benchmark up by 0.7% at 5,318.20 points.

In South Korea, the Kospi was flat at 1,983.51.