Asian markets dropped on the final trading day of the week, led by heavy losses in the Japanese indices after the yen strengthened to two-week highs versus its American counterpart.
Moreover, markets remain cautious ahead of the crucial US payrolls data, which will shed more light on the Fed rate hike prospects, especially after the recent poor run of economic data have raised fewer rate hike expectations.
Japan’s stocks headed for weekly loss
The Japanese benchmark index, the Nikkei 225 tanks -1.30% to 16,825 points as the relatively stronger yen continues to pressure the exporters’ stocks. Further, Japan’s auto stocks traded with size-able losses between 2%-4% and dragged the index lower. Meanwhile, USD/JPY is now making recovery attempts from 2-week lows reached at 116.50, but remains capped by 117 handle.
The Australian markets followed suit and fell in the red on the back dismal retail sales and a non-event RBA SoMP, with the ASX 200 index now declining -0.83% to 4,938. The positive sentiment around the mining and resource stocks, on the back of rebound in commodities’ prices, failed to lift the region’s indices.
While the Chinese equities traded marginally lower and wobbled amid a calm session. The benchmark Shanghai Composite index trades modestly lower at 2,780, while China A50 index drops -0.30%.
(Market News Provided by FXstreet)
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