Asia-Pacific markets extended declines on Friday as U.S. benchmarks ended the previous session mostly flat.
By 10:50 am AEDT (11:50 pm GMT) the ASX 200 and Kospi 200 fell by 1.1% and 0.9%, respectively, while the Nikkei 225 traded flat.
Among data releases, the People’s Bank of China (PBoC) held its loan prime rates steady on Friday. The one-year loan prime rate, which influences corporate and household loans, stands at 3.1%, while the five-year rate, a benchmark for mortgages, is at 3.6%.
Japan reported its November inflation data, revealing that headline inflation increased to 2.9%, up from 2.3% in October. These figures were released a day after the Bank of Japan decided to maintain its benchmark interest rate at 0.25%.
In South Korea, the producer price index climbed 1.4% year-on-year in November, marking its fastest rise since August.
In the U.S., stocks ended the session mixed as investors weighed stronger-than-expected economic data and the Federal Reserve’s outlook for limited rate cuts in the coming year.
The third-quarter GDP reading surpassed expectations, and a drop in initial jobless claims signalled ongoing economic resilience.
The Dow Jones Industrial Average rose slightly, gaining 15 points or 0.04% to close at 42,342.2, while the S&P 500 and Nasdaq Composite edged down by 0.1% to 5,867.1 and 19,372.8, respectively.
Commodity markets also reflected subdued sentiment. Brent crude oil prices dropped by 1.1% to US$72.61 per barrel, while gold prices rose 0.4% to $2,595.62 per ounce.
In Asia, Chinese stocks ended mixed as the Shanghai Composite Index fell by 0.4% to 3,370.0, while the CSI 300 rose by 0.1% to 3,945.5. Hong Kong’s Hang Seng Index declined by 0.6% to 19,752.5.
In India, the BSE Sensex also dropped, closing 1.2% lower at 79,218.1.
In Europe, markets closed lower as investor caution persisted. Germany’s DAX fell by 1.3% to 19,969.9, while France’s CAC 40 and the UK’s FTSE 100 declined by 1.2% and 1.1%, respectively.
