Asian Stocks In Range-Bound Trading

Hong Kong: Asian stocks were mixed on Friday after Wall Street retreated from record highs as investors awaited a US jobs report due later in the day.US futures were lower and oil prices were little changed. This week’s highlight for markets will be Friday’s jobs report from the US government, which will show how many people employers hired and fired last month. A report on Thursday said the number of US workers applying for unemployment benefits rose last week but remains at historically healthy levels.

Japan’s benchmark Nikkei 225 slipped 0.9 per cent to 39,042.59. The US dollar fell to 149.91 Japanese yen from 150.10 yen. Chinese stocks rallied. The Hang Seng in Hong Kong added 1.4 per cent to 19,831.37 and the Shanghai Composite index surged 1.2 per cent to 3,410.36. Markets are watching for the outcome of an annual economic policy meeting scheduled for next week. Analysts said policymakers might lean toward caution as they brace for President-elect Donald Trump’s moves on tariffs and trade.

South Korea’s Kospi dropped 0.6 per cent to 2,422.95. On Friday, South Korea’s ruling party chief showed support for suspending the constitutional powers of President Yoon Suk Yeol after he declared martial law and then revoked that earlier this week. Yoon is facing calls to resign and be investigated and may be impeached. Thousands of protesters have marched in the streets and thousands of autoworkers and other members of the Korean Metal Workers’ Union, one of the country’s biggest umbrella labor groups, began partial strikes Thursday to protest against Yoon.