Asian stocks muted as markets await US payrolls for more rate-cut cues
Investing.com-- Most Asian stocks moved little on Friday as they steadied after a weak start to the new year, although anticipation of key U.S. payrolls data and persistent concerns over China kept investors on edge.
Most regional markets were set to close lower for the week, after tracking losses in Wall Street over the first three trading days of 2024. The new year’s losses were driven by a mix of profit-taking and growing doubts over early interest rate cuts by the Fed.
Concerns over China also weighed on Asian markets, after ratings agency Fitch on Thursday downgraded the country’s four biggest state-backed asset managers.
Chinese stocks were the worst performers in Asia through 2023, and extended this underperformance into the first week of the new year.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved little on Friday, as did Hong Kong’s Hang Seng index. All three indexes were set to lose between 0.7% and 2.5% this week, severely lagging most of their Asian peers.
Broader Asian markets moved in a tight range, and were headed for weekly losses amid a mix of profit-taking and angst over the Fed.
Japan’s Nikkei 225 index rose 0.4% and was down 0.1% this week, as sentiment towards Japan was also rattled by a devastating earthquake in the country.
Australia’s ASX 200 added less than 0.1% and was set to lose 1.2% this week, as the index came off its highest level since mid-2021.
South Korea’s KOSPI fell 0.1% and was set to lose 2.7% this week- having come under pressure from losses in heavyweight technology stocks.
Futures for India’s Nifty 50 index pointed to a flat open, although optimism over the Indian economy kept the index in sight of record highs.
A Reuters poll showed that markets
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