In the Asia-Pacific region, stock markets showed a mixed performance on Friday as concerns over the U.S. economic outlook and Wall Street’s recent losses continued to affect investor sentiment.
Australia’s S&P/ASX 200 managed a slight increase of 0.26%, while Japan’s Nikkei 225 rose by 0.47%. Conversely, South Korea’s Kospi decreased by 0.15%, and both Hong Kong’s Hang Seng Index and the Shanghai Composite saw declines, slipping 0.56% and 0.08%, respectively.
In Japan, the annual headline inflation rate in February eased from January’s two-year peak of 4%, standing at 3.7%.
Overnight trading in the U.S. saw marginal declines across major indices. The Dow Jones Industrial Average finished down by 11.31 points, a 0.03% drop, closing at 41,953.32. The S&P 500 fell by 0.22%, closing at 5,662.89, as the market struggled to recover from a month-long downturn. The Nasdaq Composite also fell, losing 0.33% to conclude at 17,691.63, impacted by declines in major tech stocks like Apple and Alphabet.
In commodities, oil prices increased on Thursday as new U.S. sanctions related to Iran and renewed geopolitical tensions in the Middle East offset strengths in the dollar. Brent crude futures rose by $1.22, or 1.72%, to close at $72 a barrel. The U.S. West Texas Intermediate (WTI) crude contract, which expired on Thursday, increased by $1.10, or 1.64%, settling at $68.26. Friday trading saw Brent crude climb by 0.31% to $72.22 a barrel, and WTI increase by 0.38% to $68.33 per barrel.
Gold, after reaching a record high during the session, saw prices ease slightly on Thursday due to profit-taking. However, the metal still maintains a positive outlook, driven by the Federal Reserve’s potential rate cuts and ongoing global uncertainties. Spot gold fell 0.3% to $3,038.79 an ounce, following its earlier peak at $3,057.21.
