Asian stock markets remained upbeat on Friday, tracking overnight record closes on Wall Street, while Japan’s Nikkei reversed early gains after the Bank of Japan held interest rates steady but said it would sell its holdings in ETFs and REITs.
The number of Americans filing new applications for unemployment benefits fell last week, reversing the prior week's jump, but the labor market has softened as both the demand for and supply of workers have diminished.
Oil prices rose marginally in Asian trade on Friday, and were set for a muted weekly performance amid growing concerns over slowing U.S. demand and a supply glut in the coming quarters.
Most Asian stock markets advanced on Thursday, with Japan rallying to a fresh record high after the U.S. Federal Reserve reduced interest rates and signaled further cuts.
China's new energy vehicle (NEV) retail sales rebounded last week, reversing the decline seen in the first week of September.
The Federal Reserve, goaded by the risk of rising unemployment, reduced interest rates on Wednesday for the first time since December and indicated more cuts would follow to halt any slide in a labor market already experiencing higher joblessness among Blacks, a declining workweek, and other signs of weakness.