Asian markets mostly advance, bucking US losses
Asian markets posted gains Friday, shrugging off Wall Street losses ahead of key US jobs data due later in the day.
Analysts say signs of a robust American economy, such as strong labour market data this week, are bad news for equities as it gives the Federal Reserve more reason to keep monetary policy tight through to the end of the year and beyond.
US Treasury yields hit their highest levels since 2007 this week as investors fear high borrowing costs for businesses and consumers will eventually drag on the economy.
All eyes are on Friday's monthly US employment data, which will give investors a good idea of whether recent signs of a softening in the labour market will continue.
«European markets look set to open modestly higher ahead of today's US jobs report,» said Michael Hewson, chief market analyst at CMC Markets UK, «which, along with the September CPI report which is due next week could shift the odds significantly on whether we see another rate hike in November».
«One other reason for the welcome retreat in yields yesterday may well have been the sharp decline in oil prices we've seen the past couple of days.»
On Thursday, the Dow Jones Industrial Average finished flat, while the S&P 500 and Nasdaq index ticked lower.
But Hong Kong was on the front foot Friday, with gains of about 1.5 percent by the afternoon, though Tokyo closed marginally lower.
Singapore, Seoul and Manila were also up, while mainland Chinese markets were closed for a week-long holiday.
London, Frankfurt and Paris all kicked off with small gains.
Stephen Innes, managing partner at SPI Asset Management, said the Asian advances were «thanks partly to a drop in oil prices that benefits Asia's colossal oil-importing nations».
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