Asian stocks resumed declines on Friday after a slump in US technology stocks and more economic data validating the case for the Federal Reserve to keep hiking interest rates set a downbeat tone. Hong Kong-listed tech shares led the falls, with a gauge of stocks in the region headed for its sixth drop in seven days. Weakness was also evident in benchmark indexes for Japan, Australia and South Korea. Futures for the Nasdaq 100 inched higher after a 2.5% slump in the underlying measure during US trading, when sentiment was battered by a bleak outlook from chipmaker Micron Technology Inc. An index of dollar strength was little changed. Treasury yields edged higher, adding to a move that pushed up the policy-sensitive two-year yield on Thursday. Australian and New Zealand government bond yields rose. Japan’s benchmark 10-year yield climbed slightly. US data painted a picture of a resilient economy, stoking concern that the Fed has a longer way to go to subdue inflation. Initial jobless claims rose less than forecast in the week ended Dec. 17, underscoring the strength in the labor market. Third-quarter gross domestic product was revised to 3.2% — compared with a previously reported 2.9% advance — on firmer spending. concerns are also growing that Japanese investors could be persuaded to bring home some of the trillions of dollars they have stashed in foreign stocks and bonds as the yen and local bond yields rise in the wake of this week’s sudden hawkish move from the Bank of Japan. That could further lift global borrowing costs and drag on already cooling economic growth, with euro zone bonds seen especially vulnerable. gold little changed in Asia after falling 1.2% Thursday in the wake of the US economic data. Oil headed for a substantial weekly gain as China’s shift from Covid Zero bolstered the demand outlook, US stockpiles fell and traders waited for Russia’s response to the Group of Seven cap on its crude. US After Hours Quiet after hours session; AVO -12.7% lower on earnings; MRSN +1.5% higher on collaboration with Merck.
Nikkei -1.09% Hang Seng -0.39% CSI -0.34% Shanghai -0.40% Shenzen -0.40%
Eur$ 1.0606 CNH 6.9977 CNY 6.9915 JPY 132.65 GBP 1.2041 CHF 0.9318 RUB 70.0525 TRY 18.6761 WTI$ 78.27 +1.02% GOld 1,796 +0.20% BTC 16,830 +0.22% ETH 1,221.5 +0.55%
S&P +0.12% Nasdaq +0.10% EuroStoxx +0.44% FTSE +0.29% Dax +0.52% SMI +0.20%
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