(Bloomberg) — Asian equities were primed for selling Friday following declines on Wall Street that reflected unease on the health of the US economy and sent Treasuries higher.
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Equity futures for Japan, Australia and Hong Kong all fell, with contracts for Tokyo’s Nikkei 225 benchmark down by more than 3% early Friday. The yen extended its rally, keeping pressure on Japanese stocks, which can be vulnerable to swings in the currency. Both the S&P 500 index and Nasdaq 100 index fell Thursday, erasing gains from the prior session.
Declines for equities partly echoed signs of strain in the US economy and the likely timing of Federal Reserve interest rate cuts. Thursday data showed US unemployment claims hit an almost one-year high while manufacturing shrank. The unease prompted swaps traders to increase the number of anticipated Fed cuts this year to three from two.
Jobs data due later Friday will provide further…
