Investing.com-- Most Asian stocks drifted lower on Friday, with Chinese markets sinking in anticipation of more cues on fiscal stimulus, while South Korean shares rose after the Bank of Korea cut interest rates.
Asian markets took a negative lead-in from Wall Street, which ended slightly lower on Thursday as the inflation data furthered bets that the Fed will cut rates by a smaller margin in November. China’s finance ministry is set to hold a briefing on Saturday, where it will outline fiscal support for the economy. The briefing was announced after investors largely balked at Beijing’s latest round of monetary stimulus, and called for more targeted, fiscal measures.
Chinese stocks had initially rallied to two-year peaks on optimism over more stimulus. But this rally stalled in recent sessions, as investors doubted just how much headroom Beijing had to release more support.