Asian stocks back in the red as risk-off returns, Nikkei – biggest loser

By FXStreet FXStreet (Mumbai) – Asian indices are seen trading in the red on the last trading session of the week on Friday, as traders gave up riskier assets amid widespread risk aversion ahead of US payrolls data. While the Asian stocks also tracked mixed cues from the Wall Street overnight after the dovish European Central Bank (ECB) meeting.

Chinese markets were closed for the second day in a row as the nation celebrated Victory Day.

Focus shifts back to US NFP

The Japanese benchmark index, the Nikkei was the main laggard, losing the 18k barrier as a stronger yen amid risk-off dragged exports stocks lower. USD/JPY now trades at 119.60, down -0.40% so far while Japan’s benchmark index, the Nikkei sinks over -1% to 17,976.

Among other Asian indices, the Hong Kong’s benchmark Hang Seng index erased early gains and trades -0.46% lower at 20,822 after the country’s August PMI came in at an astounding 44.4 vs 48.2 prior, the lowest since April 2009 and a 6th consecutive month of decline.

The benchmark Australian S&P/ASX 200 index loses -0.29% at 5,013, with miners and banking stocks leading the drop. While Korea’s benchmark Kospi index now trades -1.06% at 1,895 points in Seoul. …read more

Source:: FX Street