Asian stocks follow Wall Street lower, nervous wait for U.S. jobs data

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Asia's stock markets had their worst session in two weeks on Friday following a tech-led plunge on Wall Street, though gains in safer assets like bonds and dollars were muted as investors awaited U.S. job data to see if it triggers a bigger selloff.

SINGAPORE - Asia’s stock markets had their worst session in two weeks on Friday following a tech-led plunge on Wall Street, though gains in safer assets like bonds and dollars were muted as investors awaited U.S. job data to see if it triggers a bigger selloff.

The Nikkei declined 1%. Australia’s ASX 200 led losses with a 3% fall as global investors sold growth-exposed miners like BHP and traders trimmed positions ahead of the weekend in case Wall Street takes another dive. “The pullback is probably a healthy pullback, given the amount of outperformance tech companies have had.”

Foreign exchange markets were on edge at the possibility and a safety bid helped the dollar cling to gains that have it headed for its best week in more than two months. [FRX/] Benchmark U.S. 10-year bond yields rose about 2 basis points on Friday, having fallen about 3 basis points overnight.Thursday’s tumble was the biggest one-day percentage drop on the tech-focused Nasdaq 100 since March and the darling stocks of recent months were hit hardest.

“However, this is unlikely to be a repeat of the tech wreck of the late 1990s, given how much the market and sector have changed,” he added.

 

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I know it's form, but its so annoying that 'up' is close to close, not open to close. Nikkei actually shot up (from its gap down) at the open.

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