Asian markets showed mixed performance on Friday, with Hong Kong's Hang Seng Index up 0.5% while Singapore's Straits Times Index fell 0.2%. Stronger-than-expected US jobs data prompted a reassessment of Fed rate cut timings, impacting regional sentiment.
Major Asian stock markets displayed mixed performance on Friday as investors digested the latest US jobs data. Hong Kong's Hang Seng Index showed strong performance, rising 0.5% to close at 16087 points, primarily boosted by technology stocks and expectations of China's economic recovery. However, Singapore's Straits Times Index fell 0.2% to 3155 points, partly due to a shift in investor expectations regarding the timing of the US Federal Reserve's (Fed) interest rate cuts. Data released by the US Department of Labor on Thursday showed an unexpected drop in weekly jobless claims, indicating a still-strong labor market. This data prompted the market to reassess the possibility of the Fed delaying rate cuts, thereby exerting some pressure on risk assets, especially interest-rate-sensitive sectors. Tokyo and Seoul stock markets also recorded slight declines. While the Malaysian market closed higher, trading volume reflected cautious regional sentiment.
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