Asian Shares Decline On Soft US Data

(RTTNews) - Asian stocks declined on Friday as softer U.S. data and declining oil prices stoked concerns about the global economic outlook.

The dollar was set for a weekly slide, helping bullion prices push higher. Crude prices were little changed in Asian trade after plunging nearly 5 percent on Thursday amid signs of increasing supplies and fears of worsening global demand.

China's Shanghai Composite index recovered from an early slide to close 0.11 percent higher at 3,054.37, helped by the apparent easing of tensions between the United States and China.

Hong Kong's Hang Seng index fell 2.12 percent to 17,454.19 due to heavy losses in the tech sector.

Alibaba Group Holding shares plummeted 10 percent after the company scrapped plans to spin off its cloud business, citing uncertainties over the supply of chips needed for artificial intelligence development.

Japanese shares bucked the weak trend to end higher after Bank of Japan Governor Kazuo Ueda said that the economy is recovering moderately, and the central bank will move carefully on raising interest rates.

The Nikkei average rose 0.48 percent to 33,585.20 while the broader Topix index settled 0.95 percent higher at 2,391.05.

Aviation stocks rebounded after falling in the previous session on disappointing tourism data. ANA Holdings rallied 3.2 percent and Japan Airlines added 2.4 percent.

Seoul stocks fell notably to snap a three-day winning streak amid signs the U.S. economy is cooling. The Kospi average fell 0.74 percent to 2,469.85.

Battery makers succumbed to selling pressure following losses from Tesla. LG Energy Solution fell 2.4 percent and Samsung SDI gave up 2.4 percent.

Australian markets edged down slightly as strong domestic labor market data revived rate hike fears. The benchmark S&P ASX 200 slid 0.13 percent to 7,049.40, dragged down by financials and energy stocks.

Gold miners advanced, with Ramelius Resources and Evolution Mining rallying 3-4 percent. The broader All Ordinaries index ended 0.12 percent lower at 7,261.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index closed 0.48 percent lower at 11,176.97.

U.S. stocks ended narrowly mixed overnight as investors digested a string of weak economic data and disappointing forecasts from Cisco and Walmart.

A measure of U.S. jobless claims rose to a three-month high last week, retail sales fell for the first time in seven months in October and industrial production fell more than expected in the month, adding to expectations for Fed rate cuts.

The Dow slipped 0.1 percent to snap a four-day winning streak while the tech-heavy Nasdaq Composite and the S&P 500 both finished marginally higher.