Asian stock markets concluded the week with mixed results as investors anticipated possible fiscal stimulus announcements from Beijing, expected at a finance ministry press conference on Saturday.
In currency markets, the U.S. dollar weakened, while gold prices surged following indications of a weakening U.S. labor market, raising hopes for further interest rate reductions.
Oil prices saw a decline after the previous session's rally, yet they remained poised for a second consecutive weekly gain due to concerns over potential crude oil supply disruptions arising from tensions in West Asia.
China's Shanghai Composite Index dropped by 2.55%, closing at 3,217.74, as investors awaited detailed information about the forthcoming fiscal stimulus measures over the weekend. Meanwhile, Hong Kong's markets remained closed in observance of the Chung Yeung Festival.
In Japan, markets advanced buoyed by optimism for robust earnings. This followed an upbeat net profit forecast from Fast Retailing, the owner of the Uniqlo clothing chain, for the ongoing fiscal year. The Nikkei index rose by 0.57% to close at 39,605.80, driven by gains in retail and finance sector stocks, while the broader Topix index edged 0.24% lower, closing at 2,706.20.
Seoul's stock market ended virtually unchanged, with the Kospi index closing slightly lower at 2,596.91. The market surrendered early gains after the Bank of Korea implemented its first interest rate cut in four years, as anticipated, while indicating potential for further reductions.
Australian markets ended the day slightly down, with miners and banking stocks underperforming. However, gold mining companies saw significant gains due to rising bullion prices. The S&P/ASX 200 index slipped 0.10% to 8,214.50, while the broader All Ordinaries index concluded marginally lower at 8,491.50.
In New Zealand, the S&P/NZX-50 index rose by 0.71% to 12,845.64. This uptick followed a survey showing a small increase in manufacturing sector activity for the previous month, despite the sector remaining in contraction for the 19th consecutive month.
In the United States, stocks closed slightly lower, while longer-term Treasury yields rose amid volatile trading. This movement followed data indicating slightly higher-than-expected inflation for September and a significant increase in initial jobless claims, reaching its highest level in a year.
Economic data revealed that the annual consumer price inflation rate eased to 2.4% in September, down from 2.5% in August, though economists had forecasted a decline to 2.3%. Meanwhile, core consumer price inflation accelerated to 3.3%, rising from 3.2% the previous month.
Investors also evaluated remarks from Federal Reserve officials and looked forward to forthcoming earnings reports from major banks. The Dow Jones Industrial Average slipped by 0.1%, and the S&P 500 dipped 0.2% following record-high closes earlier. The tech-focused Nasdaq Composite remained flat, bearing a slight downside bias.
