Most Gulf markets gain
Most stock markets in the Gulf ended higher on Thursday, helped by investor confidence in a U.S. interest rate cut and a potential delay in OPEC+’s planned output increase.
Markets currently see a 74 percent chance of a 25-basis-point rate cut this month, according to the CME Group’s FedWatch Tool.
Market’s attention is likely to shift to the U.S. payrolls report on Friday, followed by inflation data for November expected next week.
The Fed’s decisions impact the Gulf region’s monetary policy, as most currencies in the region are pegged to the U.S. dollar.
Saudi Arabia’s benchmark index gained 0.4 percent, with aluminium products manufacturer Al Taiseer Group rising 0.9 percent and Riyad Bank increasing 3.6 percent.
European shares little changed ahead of US payrolls data
European shares were little changed on Friday ahead of US payrolls data that could sway expectations around the Federal Reserve’s policy move later this month, while investors continued to monitor political ructions in France and South Korea. The pan-European STOXX 600 was down 0.04 percent by 0813 GMT, following six consecutive days of gains. The index is on track for its best weekly performance in ten. French assets were calmer after President Emmanuel Macron said he will appoint a new prime minister in the coming days whose top priority will be getting a 2025 budget adopted by parliament, after the government was toppled by lawmakers.
South Korean stocks log second weekly decline
South Korean shares fell on Friday and logged a second week of decline as the nation’s parliament discussed the impeachment of President Yoon Suk Yeol for trying to impose martial law. The won weakened, while the benchmark bond yield rose.
The benchmark KOSPI was down 13.69 points, or 0.56 percent, at 2,428.16 as of 06:32 GMT. For the week, the index declined 1.13 percent.
Among index heavyweights, chipmaker Samsung Electronics rose 0.74 percent and peer SK Hynix lost 3.41 percent, while battery maker LG Energy Solution climbed 2.23 percent.
Asian shares slip on South Korea risk
Asian stocks slipped on Friday on political ructions in South Korea, while dollar bulls waited anxiously to see if US payrolls challenged or cemented expectations of a rate cut this month.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent in part due to a 1.7 percent drop in South Korea’s KOSPI.
The Korean won fell 0.8 percent to 1,425.42 per dollar, tumbling towards the low of 1,443.4 hit on Tuesday after President Yoon Suk Yeol declared martial law in the country.
South Korea’s main opposition Democratic Party said on Friday lawmakers were on standby after receiving many reports of another martial law declaration, the Yonhap news agency reported on Friday.
In other places, China’s blue chips rose 0.2 percent and Hong Kong’s Hang Seng gained 0.4 percent.
Japan’s Nikkei fell 0.6 percent but is up 2.5 percent for the week.
Indian shares open higher
Indian shares opened marginally higher on Friday, ahead of the Reserve Bank of India’s (RBI) monetary policy decision, with investors anticipating some form of policy easing after a sharp slowdown in economic growth.
The NSE Nifty 50 was up 0.09 percent at 24,729.45 points, as of 9:15 a.m. IST, while the BSE Sensex gained 0.15 percent to 81,887.54.
Twelve of the 13 major sectors logged gains at the open. The broader, more domestically focused smallcaps and midcaps rose about 0.2 percent each.
The blue-chip Nifty 50 and BSE Sensex indexes added about 3.3 percent each in a five-session rally until Thursday, led by a 3.4 percent jump in financials on growing optimism that the RBI will ease monetary policy one way or the other.
Japan’s Nikkei shares slip
Japan’s Nikkei share average slipped on Friday, with investors locking in profits after four days of gains and ahead of a key US jobs report later in the day.
Chip-sector stocks were stand-out losers, dragged down by declines in Wall Street peers overnight.
The Nikkei shed 0.9 percent to 39,042.59, at the midday recess, after dipping to just six points above the psychological milestone of 39,000.
The broader Topix, which has a lower concentration of tech shares, declined 0.65 percent.
A sub-index of growth stocks dropped 0.79 percent vs a 0.52 percent retreat in value stocks.
Chip-testing equipment maker Advantest, an Nvidia supplier, sagged 3.18 percent to lose the most points on the Nikkei.
China stocks trade
China stocks traded within a narrow range on Thursday, while Hong Kong shares dipped, as investors remained on the sidelines ahead of the central economic working conference that is likely to provide guidance on next year’s economic stimulus plan.
At the close, the Shanghai Composite index was up 0.12 percent at 3,368.86.
The blue-chip CSI300 index was down 0.23 percent, with its financial sector sub-index higher by 0.04 percent, the consumer staples sector down 0.53 percent, the real estate index down 0.59 percent and the healthcare sub-index down 0.61 percent.
Media stocks and shares in anime comic games jumped more than 4 percent each, lifting the index. In Hong Kong, the Hang Seng index was down 182.02 points or 0.92 percent at 19,560.44. The Hang Seng China Enterprises index fell 1 percent to 7,014.13.
Bitcoin ETFs,, traded in Hong Kong bucked the trend, up between 5.6 percent and 6.7 percent, as the cryptocurrency surpassed $100,000 for the first time on Thursday.
Sri Lanka shares end higher
Sri Lankan shares closed higher on Thursday, led by gains in information technology and communication services stocks.
The CSE All-Share index settled up 0.35 percent at 13,559.41, rising for eight straight sessions.
UB Finance Company and Hunter & Company were the top gainers, jumping 16.7 percent and 12.3 percent, respectively.
Trading volumes on the CSE All-Share index fell to 191.1 million shares from 326.8 million in the previous session.