Most Asian stocks dipped Friday as traders weighed the spread of the delta coronavirus strain against a record Wall Street close while awaiting key U.S. payrolls data. A gauge of the dollar climbed.
Shares fell in China, where Beijing’s regulatory crackdown and a warning about a possible downward spiral at China Evergrande Group — the world’s most indebted developer — hit sentiment. Alibaba Group Holding Ltd. anticipates that Chinese government tax breaks for the internet industry will start to dwindle, swelling costs. Japan fluctuated, with Nintendo Co. weighing after a profit miss.
U.S. contracts were little changed in the wake of fresh peaks for the S&P 500 and Nasdaq 100 on solid earnings. An overnight release showing a second weekly drop in U.S. jobless claims stoked some expectations for a strong payrolls report Friday that could spark market swings. Treasuries retreated.
Crude oil headed for one of its biggest weekly losses this year on demand risks from Covid-19. Australia’s dollar was the weakest performer among Group of 10 currencies after the nation’s central bank governor Philip Lowe said a lower exchange rate from monetary stimulus was welcome.
