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Asian stocks declined on Friday as investors braced for crucial U.S. jobs data while volatility in global bond and currency markets and rising Middle East tensions kept risk appetite subdued.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, putting it on course for a 1.5% weekly loss. Japan’s Nikkei dropped 1.1%, although the benchmark remained headed for a 2.8% weekly gain. Hong Kong’s Hang Seng slid 2.6% after reopening following a holiday, while mainland Chinese markets remained closed.
Attention is firmly on September U.S. nonfarm payrolls, with economists forecasting 90,000 new jobs and an unchanged unemployment rate of 4.1%. Stronger-than-expected employment or wage growth could revive expectations for another Federal Reserve rate hike this month. Markets currently price only a 25% chance of such a move, while a December increase remains fully priced.
U.S. Treasury yields remained elevated after the benchmark 10-year yield reached 5.3445%, its highest level in 24 years. It later eased before rising to around 5.25% on Friday. The two-year yield stood near 4.79%.
European bond markets also faced pressure as fiscal concerns pushed French yields to 14-year highs. The spread between French and German government bond yields widened above 140 basis points, its largest since 2012.
Currency markets reflected the uncertainty. The U.S. dollar index held near 102 after reaching its strongest level since April 2025, while the euro traded around $1.1250 following sharp overnight losses. The Japanese yen strengthened slightly to 157.8 per dollar after Tokyo inflation accelerated to 2.7% in September, supporting expectations for further Bank of Japan rate hikes.
Oil prices stayed elevated amid reports that Washington could deploy additional troops and another aircraft carrier to the Middle East. China’s suspension of oil-product exports added to supply concerns. WTI crude slipped 0.4% to $92.46 a barrel after jumping nearly 3% overnight, while Brent remained above $102.
