Stocks ended mixed on Friday, as investors looked ahead to fresh US data amid concerns about the misfiring Chinese economy. European stocks dropped, with miners sliding due to worries about Chinese demand.
Stellantis NV fell 3.8% after some electric vehicle models that had received US tax credits were excluded under new rules. US equity futures rose, indicating another attempt by the S&P 500 index to end a losing streak.
Chinese stocks extended their worst start to the year since 2016, with the yuan falling below 7.3 per dollar for the first time in months. The nation’s 10-year government bond yield slipped below 1.6% for the first time ever.
US manufacturing data due later this week will provide insight into the American economy’s health. Traders are awaiting clarity on US trade strategies following President-elect Donald Trump’s swearing-in later this month.
Trump said his policies, particularly on tariffs, would lead to inflation and prolonged mid-level interest rates. The dollar trimmed its decline after slipping from a two-year high set earlier in the week.
In other news, shares in United States Steel Corp. slumped 8% before trading began, following President Joe Biden’s decision to block the sale of the company to Japan’s Nippon Steel Corp.
Source: https://finance.yahoo.com/news/asian-stocks-drop-dour-day-222622487.html