Before Jobs Data & Tariff Ruling, Stocks Are Range-Bound – Asia Market Wrap

Asian markets were in a narrow range ahead of Friday’s US payrolls report and a potential Supreme Court decision on Trump’s tariffs.

The MSCI Asia Pacific Index began higher, then dipped as much as 0.2% before rising again as markets searched for direction. Japanese stocks gained more than 1.5% as the Yen fell against the Dollar and Fast Retailing posted solid results. Rio Tinto Group shares fell after continuing talks to buy Glencore, forming the world’s largest mining firm.

Equity-index futures showed a positive open for European equities, but contracts for US benchmarks were flat. Treasuries fell, as a Dollar index was headed for its strongest week since November. Mortgage-backed securities rose during the US session as Trump announced plans to buy $200 billion in mortgage bonds.

Traders are bracing for two back-to-back risk events on Friday that might change the market’s sentiment in the short term, marking one of the most significant tests for global equities since their recovery from April’s tariff-driven fall. The US payrolls for December are especially noteworthy since they will provide signals about the Fed’s interest rate policy.

In other market news, oil continued to rise as investors kept an eye on developments in Venezuela and Iran. Silver and gold prices declined. The South Korean Won fell against the Dollar after the country started 24-hour currency exchange trading in July.