Asian stocks slip with US jobs data in focus
Federal Reserve interest rates.
Shares in Australia and Japan fell, while those in South Korea were little changed. Contracts for the S&P 500 dropped for a second day after US trading was closed on Thursday to observe a national day of mourning for former President Jimmy Carter.
Emerging market equities entered a correction after declining by more than 10% from a high in October, reflecting uncertainty over US policies and China’s growth prospects.
Treasuries advanced in early Asian trading, following a rout earlier this week that drove 30-year yields to the highest since 2023. Several officials confirmed Thursday that the Fed will likely hold interest rates at current levels for an extended period, only cutting again when inflation meaningfully cools.
An index of the dollar held gains from the prior session. The yen was steady around 158 per dollar. Traders are on alert for the potential Japan will support the yen, with the US jobs report looming as a potential catalyst for sharp moves in the currency.
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