Asian equities declined as investors awaited the release of the Federal Reserve’s preferred inflation gauge for fresh clues about its policy outlook.
A gauge of regional shares is set to drop for a sixth straight session, the longest losing run since April. Stocks fell in Australia and South Korea, and Japanese equities swung between gains and losses.
China’s one-year bond yield slumped to 1% for the first time since the global financial crisis as traders ramped up bets on monetary easing.
Market attention is now on the US personal consumption expenditures data for November, due later Friday.
This last major piece of data for the year follows the Fed’s latest hawkish policy pivot and is weighing on US stock index futures in Asian trading.
Thursday’s US data, which showed faster-than-expected economic growth and robust consumer spending, has further weakened the case for imminent rate cuts. Treasuries were steady after the 10-year yield rose Thursday to 4.57%, a level last seen in May.
