Mumbai, 06 Dec (Commoditiescontrol): Asian stock markets faced pressure on Friday, driven by escalating political uncertainty in South Korea, while global investors awaited the U.S. nonfarm payrolls report for signals on Federal Reserve policy.
The MSCI Asia-Pacific index outside Japan dipped 0.3%, largely weighed down by a 1.7% drop in South Korea’s KOSPI. The Korean won weakened by 0.8%, trading at 1,425.42 per dollar, nearing Tuesday’s low of 1,443.4. The political backdrop in South Korea grew tense as President Yoon Suk Yeol declared martial law, prompting opposition lawmakers to remain on alert amid further speculation of emergency declarations, according to Yonhap News Agency.
In contrast, China’s blue-chip stocks edged up 0.2%, while Hong Kong’s Hang Seng added 0.4%. Japan's Nikkei slipped 0.6%, though it managed a 2.5% gain for the week. Data revealed that Japanese wages rose at their fastest rate in 32 years in October, but investors largely expect the Bank of Japan to maintain current policy.
Globally, attention was fixed on the upcoming U.S. payrolls report. Economists anticipate a rebound in November, with 200,000 new jobs expected following October's hurricane-affected gain of 12,000. However, risks remain: a robust report could dampen hopes for a December rate cut, while weak data might spark broader concerns about economic stability. Futures markets currently predict a 70% likelihood of a rate cut on December 18, but strong employment figures could shift this narrative.
Wall Street’s indices slipped overnight ahead of the jobs report, though the Nasdaq gained 2.5% this week, adding $1 trillion in market capitalization. Meanwhile, the U.S. dollar eased to three-week lows, with the euro steady at $1.0580 after overnight gains.
Bitcoin, which briefly surged past $100,000, experienced profit-taking, dipping to $92,092 before recovering to $98,265. Analysts suggested a near-term consolidation phase for the cryptocurrency, despite its continued bullish outlook.
In commodities, oil prices extended declines after OPEC+ postponed output increases to April. U.S. crude fell 0.2% to $68.18 per barrel. Gold remained subdued, down 0.4% at $2,621.89 per ounce, losing 1.2% for the week. Bond yields stayed steady, with the U.S. 10-year Treasury yield flat at 4.178%.
As geopolitical and economic uncertainties mount, global markets remain cautious, waiting for key data to shape their next moves.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
