Asia-Pacific markets trade tracking losses on Wall Street overnight and after a readout from China’s Central Economic Work Conference lacked policy details, with top leaders reportedly only vowing to raise the fiscal deficit target for next year. Traders also remained cautious ahead of the Fed's meeting and a slew of economic data from China next week. The SNB cut rates by 50bps, the ECB by 25bps, the BoC by 50bps, and the BoJ hinted at holding off on further hikes. Japan ( NKY:IND ) fell -1.06% to around 39,530 while the broader Topix Index lost 0.8% to 2,750 on Friday, paring gains from the previous session. The Japanese yen weakened to around 153 per dollar on Friday, its lowest level in more than two weeks, amid growing speculation that the Bank of Japan may hold off on an interest rate hike at next week’s meeting. Japan's industrial production increased by 2.8% month-over-month in October 2024, below the preliminary estimate of 3.0% growth. The Bank of Japan's index for big manufacturers' sentiment edged higher to 14 in Q4 of 2024 from 13 in the prior two periods, marking the highest print since Q1 of 2022 and defying market consensus of 12. China ( SHCOMP ) fell -1.46% to around 3,425 and the Shenzhen Component losing 1.5% to 10,790, ending a three-day rally as China's annual Central Economic Work Conference concluded. At the conference, officials led by Xi Jinping pledged to adopt a more expansive fiscal and monetary approach, including a larger budget deficit, increased borrowing, and reduced interest rates. Caution mounted ahead of a slew of economic data from China due Monday, including retail sales and industrial output. Hong Kong ( HSI ) fell -1.71% to 20,077 in early deals on Friday, surrendering gains from the prior session due to steep losses across sectors. Locally, industrial output in Hong Kong fell in Q3, after rising in the previous six quarters. India ( SENSEX ) fell -1.26% Australia ( AS51 ) fell -0.41% to below 8,280, its lowest level in almost four weeks. The South Korean won ( USD:KRW ) weakened further toward 1,435 per dollar, as traders braced ahead of a parliamentary vote on President Yoon Suk Yeol's impeachment. Opposition leader Lee Jae-myung urged impeachment as the best way to restore order, as Yoon faces another parliamentary vote on Saturday over his failed martial law attempt. In the U.S., on Thursday, all three major indexes ended lower with the S&P 500 losing 0.3% and the Nasdaq and Dow Jones each dropping around 0.4%, the latter marking its fifth consecutive decline, after weekly jobless claims rose more than expected, and producer price data were mixed which raised concerns about persistent inflation, tempering hopes for swift interest rate cut guidance from the Federal Reserve. U.S. stock futures, Nasdaq 100 futures rose 0.4% on Friday, buoyed by a surge in shares of Broadcom, a key index component, which rallied 15% in after-hours trading.: Dow +0.03% ; S&P 500 +0.09% ; Nasdaq +0.36% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Australia's jobless rate falls to 8-month low of 3.9% in November China's trade surplus largest in 5 months; exports slow while imports fall amid trade uncertainties Chinese fintech stocks surge after China signals looser monetary policy Reserve Bank of Australia holds cash rate steady at 4.35%, adopts mildly dovish stance China's consumer inflation falls below forecasts, drops to a five-month low in November
