Asian markets trade in a narrow range; Hang Seng down after weak Alibaba earnings

Asian markets today: Most Asian stocks moved in a narrow range in Friday’s session as Japan markets continued to register pressure post the weaker-than-expected GDP data, while steep losses in Alibaba pulled down Hong Kong’s Hang Seng. 

The Nikkei index lost after GDP in Japan fell more than expected in the first quarter. GDP contracted 0.7 per cent on-year in Q1, much more than expectations for a drop of 0.2 per cent. 

The reading was driven primarily by lower exports, which faced some discontinuation amid increasing U.S. trade tariffs. Meanwhile, local private consumption remained weak too.

The key MSCI Asia index ex Japan traded weak by 0.13 per cent at 613.04.

Key Asian markets performance

Nikkei down by 0.25 per cent

Hang Seng down 1 per cent

South Korea’s KOSPI up marginally

Australia’s S&P/ASX 200 traded with gains anticipating a rate cut by the central bank next week.

US index stock futures

After a mixed session in the US market overnight post  weaker-than-expected economic prints, US index stock futures traded mixed with S&P 500 index futurs down marginally.

For the weak, the Asian as well as US markets are sitting on gains eked out amid de-escalating US-China trade tensions.

Oil prices

Oil futures traded above $60 per barrel. Also, reportedly India’s import of oil has risen substantially.

Gold prices

Gold prices after a sharp fall for the past two sessions traded flat with a negative bias at $3,222.27.