From Asia Financial: 2024-06-07 10:16:50

Asian markets had mixed moves on Friday due to rate cut optimism, with Hong Kong and Shanghai weighed down by US action concerns. Traders awaited the US nonfarm payrolls report, but markets generally improved after central banks initiated rate cuts. The news overshadowed China’s export growth and the yen’s stability, with Indian rupee stabilizing after election-related losses.

The European Central Bank and Bank of Canada initiated rate cuts, joining other central banks in easing monetary policies. This move sparked optimism that the US Federal Reserve could follow suit and boosted the global risk rally. Asian markets outside Japan rose, but Chinese stocks faced a sell-off due to US-China tensions. Investors awaited key US jobs data and upcoming central bank meetings in the US and Japan.

Japan’s Nikkei and broader Topix indices closed relatively unchanged, with investors cautious ahead of key data and events. The US nonfarm payrolls report could impact equities and currency markets, with expectations of dollar weakening and yen strengthening. Rising tensions between the US and China over battery companies CATL and Gotion dampened Chinese stock performance despite positive export data from China.



Read more at Asia Financial: US Tensions Hit HK, China Stocks; Job Data Weighs on Nikkei