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Stock markets drift lower as US jobs data looms
Equities fell Friday as traders prepared for the release of US jobs data that could play a key role in the Federal Reserve's decision-making on interest rates, with several officials indicating the cutting has finished for now.
Markets have started the year cautiously, with the optimism that characterised most of the past three months dented by concerns about Donald Trump's coming presidency and the US central bank's hawkish pivot on monetary policy.
With Wall Street closed for a national day of mourning for late former president Jimmy Carter, there were few major catalysts to drive business at the end of a broadly dour week in Asia.
Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington, Bangkok and Manila fell, while Mumbai and Jakarta edged up.
London dipped at the open, while Frankfurt and Paris were flat.
Friday's non-farm payrolls report is expected to show a slowdown in jobs creation in December, though still at a healthy enough pace to suggest the labour market remains in rude health.
Still, the Fed indicated last month it will cut rates just twice this year -- down from the four previously flagged -- owing to sticky inflation.
That came as speculation began swirling that Trump's plans to slash taxes, regulations and immigration, and impose harsh tariffs on imports, would reignite prices.
And several Fed officials have since lined up to warn they would be keen to take it easy on easing policy this year.
Boston Fed president Susan Collins said "considerable uncertainty" meant a slower pace of reduction would be warranted, adding that borrowing costs were in the right place for now and could be held for longer "if there is little further progress on inflation".
And Fed Governor Michelle Bowman acknowledged that while she backed last month's reduction, she could have been persuaded against it.
"Given the lack of continued progress on lowering inflation and the ongoing strength in economic activity and in the labour market, I could have supported taking no action at the December meeting," she said.
Kansas City boss Jeff Schmid said policy could already be at its ideal zone, while his Philadelphia counterpart Patrick Harker wanted to base his decision on incoming data.
Regan Capital chief investment officer Skyler Weinand said the Fed was "worried about the incoming administration".
He told Bloomberg Television that the growing US fiscal deficit and healthy consumer spending could result in "higher interest rates for the next five to 10 years".
On currency markets, the pound remained under pressure after Thursday saw it hit levels not seen since late 2023, although it remains under pressure on worries about the UK economy amid talk the government might have to make spending cuts or hike taxes.
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: DOWN 1.1 percent at 39,190.40 (close)
Hong Kong - Hang Seng Index: DOWN 0.9 percent at 19,064.29 (close)
Shanghai - Composite: DOWN 1.3 percent at 3,168.52 (close)
London - FTSE 100: DOWN 0.1 percent at 8,308.15
Euro/dollar: DOWN at $1.0292 from $1.0296 on Thursday
Pound/dollar: DOWN at $1.2289 from $1.2293
Dollar/yen: UP at 158.42 yen from 157.96 yen
Euro/pound: UP at 83.78 pence from 83.75 pence
West Texas Intermediate: UP 0.9 percent at $74.59 per barrel
Brent North Sea Crude: UP 0.9 percent at $77.62 per barrel
New York - Dow: closed
P.Silva--AMWN