Asian stock markets began Friday with small losses as the recent recovery in equities lose its momentum. Japanese Nikkei traded in the red after having a stellar week of gains. With weekend blues seeing traders go light, expect consolidation with a negative bias for today in the Asian region.
Nikkei 225 index down 1.7%, Straits times index down 1.4%, Shanghai Composite Index down 0.6%.
The yen rose 0.2% to 113.45 per dollar. The offshore yuan eased 0.2% to 6.8911 per dollar. The Bloomberg Dollar Spot Index was steady after rising 0.2% Thursday. The euro held at $1.1359. The pound was at $1.2628.
The pound had climbed Thursday amid reports that European leaders are set to discuss issuing a declaration on the Irish backstop, which may help prospects for the Brexit deal in Britain’s fractious Parliament.
Elsewhere, West Texas crude traded above $52 a barrel, though dipped Friday even after Saudi Arabia was said to be planning to slash exports to the U.S. in the coming weeks.