As Weekend Approaches, Stocks Diverge and Oil Retreats – Asia Market Wrap

Equity markets became bumpy heading into the weekend, but oil prices fell as investors considered moves by the US and Israel to alleviate anxieties about the Iran war.

The MSCI Asia Pacific Index varied before falling 0.2%. S&P 500 futures were marginally higher as Wall Street traders braced for an unusually large number of options expiring on Friday, while European contracts rose 0.7% following Thursday’s selloff. Brent crude fell from its highest closing level since July 2022, trading at roughly $107 per barrel.

Holidays in Indonesia, Malaysia, and the Philippines slowed Asian trading. The Japanese markets were similarly closed, thus there was no cash trade in Treasuries during Asian hours.

The MSCI Asia benchmark rose 0.2% this week after declining the previous two weeks. Shares of heavyweight Alibaba fell on Friday, weighing down the gauge. The Chinese tech giant’s shares fell as much as 6.4% in Hong Kong after it posted sales that fell short of expectations, owing to slow development in its core e-commerce division.

A Dollar index increased 0.2% on Friday after falling 0.7% the previous day. The Indian Rupee fell past 93 per Dollar, setting a new record low.