Asia stocks defy Wall Street weakness but economy, US election worries cap gains

SINGAPORE - Asian stocks inched up on Friday , despite Wall Street declines, but struggled to make deeper gains as worries about a faltering economic recovery kept investors to the sidelines or seeking safer harbour in assets such as the Japanese yen

Japan's Nikkei edged 0.1 per cent higher. The ASX 200 was flat, while stocks in Shanghai, Hong Kong and Seoul rose between 0.2 per cent and 0.4 per cent.US stock futures were soft, with S&P 500 futures down 0.2 per cent, though Nasdaq 100 futures turned positive by the middle of the Asia session to trade 0.07 per cent higher.

Overnight data showed recovery in the US labour market stalling and Wall Street indexes fell for a second straight session amid disappointment that the Fed made no new monetary easing commitments at its meeting this week. That dovish tone sent the pound sharply lower before it recovered as the dollar weakened in the New York session.

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