Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
OPEC+ Expected to Hold October Oil Output Steady 
US Oil Blockade Deepens Iran’s Economic Crisis 
China Expands Influence in Global Gold Market 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
UK House Prices Fall for First Time Since 2023 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
U.S. Payrolls Seen Rebounding in August as Labor Market Stays Soft 
Yen Rebounds as BOJ Rate Hike Bets Rise 
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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.
