Japan’s Nikkei fell 0.7% at 0130 GMT, pulling back from a two-week high on Thursday.
South Korea’s Kospi fell 0.33 percent, partly due to a decline in Samsung Electronics shares, after the tech giant reported a worse-than-expected 32 percent drop in quarterly results. Asian stocks recover from global dollar company Australia’s stock index was down 0.59%
Hong Kong’s Hang Seng was down 1.17% in early trading. Tech stocks fell 2.32 percent, with mainland China stocks still closed on the final day of the Golden Week holiday.
MSCI’s broadest Asia-Pacific stock index was down 0.85%. U.S. Emini S&P500 Futures fell 0.12% after the index fell 1% overnight. Asian stocks recover from global dollar company
Fed officials have shown no intention of backing down from the worst rate hike campaign in decades. Fed Governor Lisa Cook, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari highlighted that the inflation battle was ongoing. And they are not prepared to change the course.
Stocks started the week strong, with the MSCI global stock index surging 5.65 percent in the first two days amid speculation that a tight central bank could slow down. But it’s been out since Wednesday.
Currently, the market is pricing an 85.5% chance of raising a base score of 75 for next month’s mid-market board meeting, and a 14.5% chance for a half-point bump.
Investors will now look to Friday’s nonfarm payrolls report for clarity on whether continued interest rate hikes have begun to soften on employment and inflation.
“Continued bearish comments by Fed officials (IS) are a clear push for the ‘Fed will pivot’ narrative supporting risky assets since the beginning of the week,” said Tapas Strickland, head of market economics at National Australia. Bank said
“Positioning ahead of the US payroll tonight could also be a factor. Considering the increase in risky assets at the beginning of the week The pain trade appears to be a print. ‘Good news is bad news.’” The yield on the 10-year Treasury bill was 3.8297% in Tokyo trading. Little changed from the New York close after a two-day rebound from a two-week low of 3.5620%.