Asia Stocks Slide Amid Wild Market Swings Ahead of US Jobs Data
Asian shares dropped on Friday as investors struggled to cope with extreme fluctuations in bond and currency markets ahead of crucial US jobs data. The region's stock market, led by Japan's Nikkei, was down 1.1%, while the MSCI Asia-Pacific index outside Japan fell 0.3%. Mainland Chinese markets were closed for a public holiday.
The US nonfarm payrolls report due later in the day is expected to show a gain of 90,000 jobs in September, with the unemployment rate steady at 4.1%. A strong reading could reignite bets on a second interest rate hike from the Federal Reserve this month, currently priced at just 25%.
US Treasury yields rose after the data release, and the US dollar index strengthened to its highest level since April 2025, up 1% for the week. The euro slid to $1.1250, hitting a low not seen since May 2025.
The surge in oil prices continued, with West Texas Intermediate crude futures slipping 0.4% to $92.46 a barrel, following a nearly 3% increase overnight.