Asian markets traded mixed on Friday as investors weighed signs of easing inflationary pressures in the United States against continued weakness in technology shares. Japan's Nikkei 225 and South Korea's Kospi fell even after Wall Street's Dow Jones Industrial Average closed at a record high.
Japan's Nikkei 225 declined 0.86%, while South Korea's Kospi slipped 0.46%. Australia's ASX 200 bucked the regional trend, rising 0.54%.
Markets took cues from an uneven session on Wall Street. The Dow Jones Industrial Average climbed 1.14% to a record close after weaker-than-expected U.S. jobs data reinforced expectations that the Federal Reserve may have less reason to tighten monetary policy. The S&P 500 finished little changed, while losses in semiconductor stocks pushed the Nasdaq down 0.8%.
Oil prices edged lower as crude shipments through the Strait of Hormuz continued to recover and diplomatic efforts between the United States and Iran progressed. Brent crude traded above $71 a barrel after swinging between gains and losses in the previous session, while West Texas Intermediate hovered near $68.
Brent is heading for a fourth consecutive weekly decline, its longest losing streak since August 2024, after discussions in Qatar raised hopes that the temporary 60-day ceasefire could develop into a longer-term peace agreement.
Gold held on to recent gains as softer U.S. employment data reduced expectations that the Federal Reserve would need to raise interest rates this year. Bullion traded around $4,130 an ounce after recording its strongest daily advance in three weeks during the previous session.
The U.S. bond market also reflected changing interest-rate expectations. Short-term Treasury yields declined after the jobs report and weaker oil prices reinforced the view that policymakers could delay further policy tightening. Trading in cash Treasuries will remain closed on Friday because of the U.S. holiday.
Investors will continue to monitor incoming economic data, developments in U.S.-Iran negotiations and movements in commodity markets for further direction on global risk sentiment.
(With inputs from Bloomberg.)
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