CANBERA (dpa-AFX) - Asian stock markets are trading mostly lower on Friday, following the broadly negative cues from Wall Street overnight, reflecting uncertainty whether key U.S. economic reports will be released following the end of the longest government shutdown in U.S. history, which could alter the US Fed's decision on interest rates. Markets and the US Fed may continue to be left 'flying blind' with regard to the strength of the U.S. economy. Asian markets ended mostly higher on Thursday.
While President Donald Trump has signed a short-term funding bill, White House press secretary Karoline Leavitt told reporters on Wednesday that the October jobs and consumer price inflation reports are 'likely never being released' as a result of the shutdown.
Fed officials signaled caution over further easing amid persistent inflation and gaps in official data following the government shutdown.
Potentially due to the concerns about a continued lack of data, CME Group's FedWatch Tool indicates the chances of another quarter point rate cut at the next Fed meeting have slumped to 51.6 percent from 62.9 percent a day ago.
The Australian stock market is trading sharply lower on Friday, extending the losses in the previous three sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,650 level, with weakness across all sectors led by mining and technology stocks.
The benchmark S&P/ASX 200 Index is losing 115.70 points or 1.32 percent to 8,637.70, after hitting a low of 8,612.20 earlier. The broader All Ordinaries Index is down 123.80 points or 1.37 percent to 8,910.70. Australian stocks closed notably lower on Thursday.
Among major miners, BHP Group is losing more than 2 percent and Mineral Resources is down almost 1 percent, while Rio Tinto and Fortescue are declining almost 2 percent each.
Oil stocks are mostly lower. Santos and Woodside Energy are edging up 0.1 to 0.2 percent each, while Origin Energy is losing almost 1 percent. Beach energy is edging down 0.2 percent.
Among tech stocks, Afterpay-owner Block is tumbling almost 6 percent, Zip is sliding more than 5 percent, WiseTech Global is declining almost 4 percent, Appen is down 1.5 percent and Xero is slipping more than 3 percent.
Among the big four banks, ANZ Banking is declining almost 4 percent and Westpac is down almost 2 percent, while Commonwealth Bank and National Australia Bank are losing 1.5 percent each.
Gold miners are mostly lower. Resolute Mining and Newmont are declining more than 3 percent each, while Genesis Minerals is down 2.5 percent, Northern Star Resources is slipping more than 4 percent and Evolution Mining is tumbling almost 4 percent.
In other news, shares in TPG Telecom are plummeting almost 30 percent as its shares are going ex-dividend for a major capital return.
In the currency market, the Aussie dollar is trading at $0.653 on Friday.
Reversing the gains in the previous two sessions, the Japanese market is sharply lower on Friday, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 50,450 level, with weakness across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at 50,434.54, down 847.29 points or 1.65 percent, after hitting a low of 50,246.60 earlier. Japanese shares ended notably higher on Thursday.
Market heavyweight SoftBank Group is losing more than 2 percent and Uniqlo operator Fast Retailing is down more than 1 percent. Among automakers, Toyota is losing almost 2 percent and Honda is declining more than 1 percent.
In the tech space, Advantest is declining almost 4 percent and Tokyo Electron is tumbling more than 5 percent, while Screen Holdings is gaining almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are edging up 0.1 to 0.3 percent each.
Among the major exporters, Sony is edging down 0.2 percent and Mitsubishi Electric is losing almost 2 percent, while Panasonic is gaining more than 1 percent and Canon is edging up 0.1 percent.
Among other major losers, Ebara is plunging more than 14 percent, while Rakuten Group and Furukawa Electric are tumbling more than 7 percent each. Fujikura and Hitachi are declining almost 5 percent each. Ibiden is losing more than 4 percent and Mitsubishi Heavy Industries is slipping more than 3 percent, while Fuji Electric and Sumitomo Electric Industries are down almost 3 percent each.
Conversely, Toppan Holdings is soaring more than 10 percent, Tokyo Tatemono is surging almost 9 percent, Aozora Bank is advancing almost 6 percent and Resonac Holdings is gaining more than 5 percent, while Inpex and Yokohama Financial are adding almost 5 percent each. Eisai, Sumitomo Pharma and Sumco are up almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 154 yen-range on Friday.
Elsewhere in Asia, South Korea and Taiwan are down 2.5 and 1.4 percent, respectively. New Zealand, China, Hong Kong, Singapore Malaysia are lower by between 0.1 and 0.9 percent each. Indonesia is bucking the trend and is up 0.4 percent.
On Wall Street, stocks saw even further downside over the course of the trading day on Thursday after moving sharply lower early in the session. The major averages all showed significant moves to the downside after closing mixed for two consecutive sessions.
The major averages ended the just off their lows of the session. The Nasdaq plummeted 536.10 points or 2.3 percent to 22,870.36, the S&P 500 plunged 113.43 points or 1.7 percent to 6,737.49 and the Dow tumbled 797.60 points or 1.7 percent to 47,457.22.
The major European markets all also moved to the downside on the day. While the French CAC 40 Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index slumped by 1.1 percent and the German DAX Index tumbled by 1.4 percent.
Crude oil prices edged higher on Thursday as the end of the U.S. government shutdown has renewed confidence in consumption and energy demand. West Texas Intermediate crude for December delivery was up $0.22 or 0.38 percent at $58.71 per barrel.
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