- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Nobel literature jury may go for non-Western writer
- From Bolivia to Indonesia, deforestation continues apace
- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
RBGPF | 100% | 60.52 | $ | |
CMSC | -0.53% | 24.57 | $ | |
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CMSD | -0.09% | 24.79 | $ | |
BTI | -0.26% | 35.2 | $ | |
RIO | -0.11% | 69.62 | $ | |
SCS | -0.15% | 12.95 | $ | |
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AZN | -0.78% | 76.87 | $ | |
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VOD | 0.31% | 9.69 | $ | |
BP | 0.78% | 33.14 | $ |
Fed rate hopes weigh on dollar, stocks fall ahead of US jobs data
The dollar struggled to recover on Friday from its recent sell-off as traders grew confident the Federal Reserve will slow its pace of interest rate hikes, while an equities rally sputtered ahead of key US jobs data.
Another positive inflation data release out of the United States added to expectations that the US central bank will take a lighter approach to lifting borrowing costs at its December meeting.
The personal consumption expenditures price index data came a day after Fed boss Jerome Powell indicated that the days of 75 percentage-point rate increases were gone as officials pore over the impact of tightening on the economy.
A report showing factory activity shrinking in November added to the sense that the Fed moves were kicking in.
The developments gave forex traders another reason to shift out of the dollar, pushing it down against its major peers -- having surged this year on the back of hawkish Fed policy.
The greenback was under particular pressure from the yen Thursday, having hit a three-decade high in October, while sterling and the yuan were also well up from the record lows touched recently.
The US unit was unable to break higher on Friday.
However, several Fed officials including Powell have lined up to warn that rates will continue to rise and stay elevated, with the possibility of no cut until 2024.
While the mood on trading floors has become much lighter, equity investors took a step back from their latest buying spree as they awaited the release of the closely watched non-farm payrolls report later Friday.
The figures will provide the most recent snapshot of how the world's top economy is faring in light of the higher rates and four-decade-high inflation.
"Stocks are grinding a touch lower in Asia after a directionless US session, which sees local traders book some profits ahead of the non-farm payroll report," said SPI Asset Management's Stephen Innes.
"A strong report could still reinforce the Fed's hawkish ambitions. So traders are jockeying for position ahead of the moderately high-risk event."
Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta all fell.
However, Hong Kong and Shanghai were again the standout performers, boosted by hopes that China is edging towards a pivot from its draconian Covid-zero strategy that has locked down tens of millions and strangled the giant economy.
The move came after widespread protests across the country earlier in the week against almost three years of heavy-handed containment measures and calls for more political freedoms, which have rattled the leadership of Xi Jinping.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 1.9 percent at 27,679.84 (break)
Hong Kong - Hang Seng Index: UP 0.5 percent at 18,822.49
Shanghai - Composite: UP 0.1 percent at 3,167.57
Euro/dollar: DOWN at $1.0514 from $1.0529 on Thursday
Dollar/yen: DOWN at 135.10 yen from 135.34 yen
Pound/dollar: DOWN at $1.2240 from $1.2251
Euro/pound: DOWN at 85.90 pence from 85.91 pence
West Texas Intermediate: UP 0.2 percent at $81.39 per barrel
Brent North Sea crude: UP 0.3 percent at $87.12 per barrel
New York - Dow: DOWN 0.6 percent at 34,395.01 (close)
London - FTSE 100: DOWN 0.2 percent at 7,558.49 (close)
Y.Tengku--CPN