Investing.com - Share markets across the Asian-Pacific region opened lower on Friday, reflecting a sell-off in the New York market overnight as technology stocks led declines.
By 11:30 am AEDT (12:30 am GMT) the S&P/ASX 200 fell 0.4%, the Nikkei 225 dipped 1.8% and the KOSPI 200 lost 0.6%.
In the United States, the stock market closed on a lower note on Thursday. The S&P 500 index saw a decrease of 1.2% to 5,147.21, the Dow Jones Industrial Average fell by 1.3% to 38,596.98, and the NASDAQ Composite declined by 1.4% to 16,049.08.
In the commodities market, the price of Brent crude oil rose by 1.9% to US$91.08 a barrel, while gold dipped by 0.4% to US$2,290.94. Bond yields in the US and Australia also fluctuated, with the yield on Australian 2-year government bonds increasing to 3.79%, while the US 2-year yield was down at 4.65%.
In Asian markets, China and Hong Kong remained closed due to the Ching Ming Festival public holiday. However, Japanese stocks ended the day on a positive note, fueled by optimistic expectations for Federal Reserve rate cuts later this year.
The Indian Sensex closed 0.5% higher at 74,227.63, driven by gains in banking and auto stocks. The Reserve Bank of India's decision, due tomorrow, is in focus.
European shares had a mixed performance, with the STOXX Europe 600 Index and DAX 40 slightly up, and the CAC 40 remaining flat. The FTSE 100 closed with an increase of 0.5% at 7,976 points.
Federal Reserve policymakers continue to share their perspectives, acknowledging the economic uncertainty and the complex inflationary dynamics. Market players are now awaiting data on non-farm payrolls for further insights.
In currency markets, the US dollar had a mixed performance against major currencies. The Euro and the Australian dollar dipped, while the Japanese yen saw a rise.
Oil prices rose globally, with Brent crude crossing $US90 a barrel for the first time since October, driven by OPEC+ production cuts, strong demand, and rising geopolitical risks. In contrast, base metal prices increased, with copper futures reaching a 14-month high.
Gold prices fell as investors await more clarity on potential interest rate cuts. Iron ore futures dipped to a near 10-month low as Australian exports climbed. Chinese markets were closed for a public holiday.