BUSINESS-ECONOMY
Asian stocks fell on Friday as traders were disappointed by the absence of specifics from a Chinese economic conference. Additionally, risk appetite was lower ahead of next week's federal reserve policy meeting. Stocks and government bonds were hammered overnight, driven by a deep sell-off on Wall Street. This led to a slump in Japanese and Australian benchmarks. Shares in both Hong Kong and China fell in early trade due to a lack of policy specifics and new measures in the readout from China's central economic work conference. South Korean stocks fell Friday, and the won was steady amid ongoing political uncertainties. Traders also weighed red-hot producer price inflation against higher-than-expected US jobless claims, causing the S&P 500 to close lower. The dollar remained mostly unchanged, holding onto the gains made during the past five sessions. In commodities, oil is headed for a weekly increase. This comes as the possibility of tougher US sanctions on Russia and Iran offset continued worries about a large global excess next year. Brent was steady above 73 dollars a barrel, up around 3 per cent so far this week. Gold remained on track for a weekly increase of nearly 2 per cent. Bullion traded near 2,680 dollars an ounce — after falling 1.4 per cent on Thursday. The yellow metal was still on pace to end the week higher on bets the fed will cut rates next week. Lower borrowing costs typically aid the precious metal, as it doesn't pay interest. (With inputs from the agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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