Asian shares resist Wall Street decline; economy, election concerns drag gains
While there was a decline on Wall Street, Asian shares still advanced on Friday. However, shares were restricted from gaining further as worries about a dwindling economic rebound made investors cautious and prompted them to resort to safer assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.2% gain. The index is set to finish its weekly session 1% higher. This is expected after it monitored two consecutive weeks of tech-driven decline.
Japan’s benchmark index Nikkei hiked 0.1%. Australia’s ASX 200 was muted, while shares in Shanghai, Hong Kong, and Seoul jumped between 0.2% and 0.4%. Futures for the S&P 500 were seen 0,2% lower. However, Nasdaq futures salvaged losses and recorded a 0.07% earning.
Oil prices were seen upbeat as OPEC flagged a crackdown on member states that refused to implement output reduction. Meanwhile, the dollar dropped after it soared amid Wednesday’s Fed meeting.