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Asian stocks traded cautiously on Friday as investors awaited crucial U.S. jobs data that could shape expectations for the Federal Reserve’s next interest-rate decision. Meanwhile, renewed Middle East tensions pushed oil prices higher, adding another source of uncertainty for global markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed and headed for a 0.4% weekly decline. Japan’s Nikkei fell 0.9% but remained on track for a 1.2% weekly gain. South Korea’s KOSPI dropped 0.5%, extending its weekly loss to 5% and putting the index on course for a seventh consecutive weekly decline. China’s CSI 300 gained 0.2%.
Investor attention has shifted to the U.S. nonfarm payrolls report following recent volatility surrounding the AI-driven stock market rally. Economists expect the U.S. economy to have added about 80,000 jobs in July, compared with 57,000 in June, while unemployment is forecast to remain at 4.2%.
The employment figures could significantly influence Federal Reserve rate expectations. A stronger-than-expected jobs report could keep interest rates elevated for longer, potentially lifting Treasury yields and pressuring equities. Weaker employment growth could have the opposite effect by strengthening expectations for a more dovish Fed policy stance.
U.S. stock futures were subdued, with Nasdaq futures little changed and S&P 500 futures down 0.1%. European equity futures also pointed toward a weaker opening.
Oil prices climbed as geopolitical risks intensified in the Middle East following attacks by Yemen’s Houthis on Saudi Arabia. Brent crude rose 1% to $83.38 per barrel after surging 3.8% in the previous session. Despite the rebound, Brent remained on track for a 7.5% weekly decline.
Iran is also reviewing proposed legislation that could restrict vessels from the U.S., Israel and other countries deemed hostile from passing through the Strait of Hormuz, a critical global oil shipping route.
Higher oil prices helped lift U.S. Treasury yields, while the dollar remained steady. USD/JPY traded around 158.51, keeping currency markets focused on the possibility of further volatility. Gold edged up to $4,243 an ounce, while silver gained to $61.78.
