Asian stocks started on the red zone with Nikkei, Kospi and ASX all down by 0.97%, 0.43% and 1.46% respectively


Markets in Asia did not have a good start on Friday’s opening bell following Wall Street’s smooth lead on the stateside. As of now, markets are anticipating China’s major economic figures. Japan core CPI came in as expected.

Non-manufacturing PMI data and official manufacturing data in China for the month of June is scheduled to be released at 9:00 a.m.

Bond yields were marginally higher, with the benchmark 10-year Treasury yield finishing about 2.27 percent up on the previous trade. However earlier in the week, the 10-year yield only settled about 2.15 percent higher. Daniel Gradwell, economist at ANZ, noted on Friday morning that yield curves pushed sharper and higher once again overnight and markets in Germany and United Kingdom are the ones leading the movement.

The movement took place after Germany’s consumer inflation for the month of June came in above forecast on year, higher compared the expected 1.3 percent.

Meanwhile on Asian indexes, the Nikkei 225 in Japan fell as much as 0.97 percent, South Korean benchmark Kospi index edged down by 0.43 percent on the day. In the Down Under, the ASX 200 index was 1.46 percent down. Markets in Indonesia are still shut on Friday.

Looking on economic news, core CPI in Japan for May were in line with expectations as it came in at 0.4 percent on year. Industrial production data’s for the month of May mirrored a decline of 3.3 percent. According to a Reuter’s report, the results were marginally up compared to the forecasted 3.2 percent drop.

Markets in the United States were also down due to the sluggish performance of stocks from large technology companies.