Asian stock markets are trading mixed on Friday, following the mixed cues overnight from Wall Street, with traders remaining cautiously optimistic about the pace of the global economic recovery from the pandemic on a strong boost in vaccinations in the region after a slow start. Traders are also weighing risks from China’s clampdown on businesses and the prospect of scale down in US Federal Reserve stimulus.
The Japanese stock market is trading modestly higher on Friday, recouping some of the losses in the previous three sessions, as traders remain optimistic that a new political leadership will implement new economic measures to alleviate the prolonged impact of the pandemic. The Australian stock market is notably lower on Friday, giving up the gains in the previous session, dragged by materials, gold miners, energy and financial stocks. Chinese markets traded slightly higher, brushing aside Evergrande concerns.
Gold recovered somewhat with the spot price trading at $1,761 per ounce, up 0.45% after falling 2.3% on Thursday as higher yields hurt the non-interest bearing metal. The U.S. dollar index, which tracks the greenback against a basket of its peers was at 92.783 following a recent jump from below 92.6.