Asian stocks retreated on Friday after their US counterparts fell from record highs on Thursday amid a torrent of corporate results.
Stocks fell from Tokyo and Seoul to Sydney, Shanghai and Hong Kong after the S&P 500 retreated from an all-time high.
The MSCI Asia-Pacific Index slipped 0.6 percent to 159, down 0.6 percent for the week.
“Stocks’ weakness ... calls into question how much upside equities have left even if the [US Federal Reserve] cuts rates as expected next week,” said Alec Young, managing director of global markets research at FTSE Russell in New York. “With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.”
So far this reporting season, earnings have been broadly positive for stocks, but worries still linger over trade and a slowing global economy.
Investors were cautious amid lingering uncertainties over whether Washington and Beijing would be able to settle gaping differences over trade, technology and geopolitical ambitions.
Hong Kong stocks fell on Friday to end the week lower, tracking overnight losses on the Wall Street, and after the European Central Bank held interest rates steady unexpectedly.
The Hang Seng index fell 0.7 percent to 28,397.74, while the China Enterprises Index (HSCE) lost 0.7 percent to 10,853.17.
For the week, the Hang Seng lost 1.3 percent, while HSCE shed 0.5 percent.
Sectors fell across the board, led by telecoms and materials firms both declining 1.4.
Investor focus was on the development in Sino-US trade negotiations.
Lead negotiators for China and the US would meet in Shanghai on Tuesday for two days in the next round of trade talks, the Chinese Ministry of Commerce has said.
The weighted index on the Taiwan Stock Exchange on Friday ended down 49.43 points, or 0.45 percent, at 10,891.98, up 0.2 percent for the week.
Japan’s TOPIX on Friday fell 0.4 percent, but was up 0.5 percent for the week.
In Australia, the S&P/ASX 200 declined 0.4 percent on Friday, but it ended the week with a 1.4 percent increase.
South Korea’s KOSPI on Friday fell 0.4 percent, extending its weekly losses to 1.3 percent.
In India, the NIFTY 50 on Friday rose 0.3 percent, paring its weekly losses to 1.2 percent. The SENSEX edged up 0.1 percent on Friday, but it was also down 1.2 percent weekly.
Additional reporting by CNA and staff writer
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