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Asian traders did not appear to be as excited about the latest US data as their Wall Street counterparts – Copyright AFP Daniel ROLAND<\/small><\/em><\/p>\nAsian markets mostly fell Friday as traders struggled to build on Wall Street\u2019s positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies\u2019 profit outlooks.<\/p>\n
Tech titans helped drive gains in the Nasdaq and S&P 500 after producer price index data broadly met expectations, tempering worries about inflation following Wednesday\u2019s figures showing a third successive upside miss in consumer prices.<\/p>\n
The CPI figures followed a series of indicators suggesting the world\u2019s number one economy remained resilient and the jobs market strong despite interest rates sitting at two-decade highs and inflation still well above the Federal Reserve\u2019s target.<\/p>\n
That has seen investors trim their rate cut bets from six at the start of the year to two now, while former Treasury secretary Lawrence Summers has even warned a hike could not be ruled out.<\/p>\n
Central bank officials were reluctant to give their full backing to any reductions soon.<\/p>\n
New York Fed chief John Williams said \u201ctremendous progress\u201d had been made in the battle against inflation but there was little need to move in the \u201cvery near term\u201d, while Richmond boss Thomas Barkin added that decision-makers could take their time.<\/p>\n
Their Boston counterpart Susan Collins said the latest data \u201cimplies that less easing of policy this year than previously thought may be warranted\u201d.<\/p>\n
While US traders pounced on the producer price numbers, Michael Shaoul at Marketfield Asset Management said: \u201cAlthough we understand the relief with which this report will be received, there is nothing very encouraging contained within it \u2014 and the best that can be said is that there was \u2018no new bad news\u2019 either.\u201d<\/p>\n
Asian traders were also less impressed.<\/p>\n
Hong Kong, Shanghai, Sydney, Seoul, Singapore and Wellington were all in the red, while Tokyo, Taipei and Manila edged up.<\/p>\n
Dimming hopes for rate cuts continued to support the dollar, which surged to another 34-year high above 153 yen, putting Japanese officials in the spotlight after they said they were ready to intervene in markets to support their currency.<\/p>\n
Still, gold rose on the back of the PPI reading, pushing it to a new record of 2,395.48 with traders also seeking it out as a safe haven owing to ongoing concerns about the Middle East conflict.<\/p>\n
Attention is now turning to the corporate reporting season, which gets underway in earnest later in the day with banking giants JPMorgan and Citibank among those to open their books.<\/p>\n
Analysts said that while reducing interest rates would be a major boost for equities, investor optimism about company profits was crucial.<\/p>\n
\u201cThe recent run of solid US economic data releases has helped build expectations for companies to report encouraging revenue figures and guidance,\u201d said National Australia Bank\u2019s Rodrigo Catril.<\/p>\n
\u2013 Key figures around 0300 GMT \u2013<\/p>\n
Tokyo \u2013 Nikkei 225: UP 0.5 percent at 39,642.66 (break)<\/p>\n
Hong Kong \u2013 Hang Seng Index: DOWN 1.5 percent at 16,843.24\u00a0<\/p>\n
Shanghai \u2013 Composite: DOWN 0.1 percent at 3,032.26\u00a0<\/p>\n
Dollar\/yen: DOWN at 153.13 yen from 153.25 yen on Thursday<\/p>\n
Euro\/dollar: DOWN at $1.0726 from $1.0730\u00a0<\/p>\n
Pound\/dollar: DOWN at $1.2554 from $1.2556<\/p>\n
Euro\/pound: DOWN at 85.41 pence from 85.43 pence<\/p>\n
West Texas Intermediate: UP 1.0 percent at $85.86 per barrel<\/p>\n
Brent North Sea Crude: UP 0.8 percent at $90.48 per barrel<\/p>\n
New York \u2013 Dow: FLAT at 38,459.08 (close)<\/p>\n
London \u2013 FTSE 100: DOWN 0.5 percent at 7,923.80 (close)<\/p>\n<\/p><\/div>\n
Asian stocks struggle to track Wall St higher, earnings in focus
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