HONG KONG (AP) — Asian stock markets were mostly lower Friday morning; Japan’s benchmark Nikkei lost more than 2% in early trading. Sharp decline on Wall Street is due to high expectations.

US futures and oil prices rose.

Japan’s benchmark index Nikkei 225 fell 2.3% to 38,196.53 in morning trading. on thursday, Bank of Japan He announced that he would not change the benchmark interest rate at 0.25%, in line with market expectations. The Japanese yen traded lower on Friday. The dollar rose from 152.00 yen to 152.35 Japanese yen.

Chinese markets were the exception to Friday’s crisis mood. In Hong Kong, the Hang Seng index increased by 1.0 percent to 20,526.69 points, and the Shanghai Composite index increased by 0.4 percent to 3,294.55 points.

Factory activity in China started to grow again in October, with the official manufacturing purchasing managers’ index released on Thursday reaching 50.1. The end of the contraction that continued for five months. Another private survey on Friday also showed a reading of 50.3, above the 50 expansion line.

Australia’s S&P/ASX 200 index fell 0.8% to 8,093.80 in the third quarter, after the producer price index rose 3.9% annually. According to Australian data, annual growth fell below 4.0% for the first time since September 2023. Bureau of Statistics.

On the other hand, South Korea’s Kospi index remained almost unchanged at 2,556.57. Taiwan’s Taiex index lost 0.8% due to a 1% decline. Taiwan Semiconductor Manufacturing CompanyApple’s chip supplier follows Apple’s quarterly earnings report On Thursday, it was revealed that there was a decrease in sales revenue from China.

On Thursday, the S&P 500 index experienced its worst day in the last eight weeks, falling 1.9 percent to 5,705.45 points. The record was broken in early October. While the Dow Jones Industrial Average index decreased by 0.9 percent to 41,736.46 points, the Nasdaq index decreased by 2.8 percent to 18,095.15 points. latest all-time high.

Microsoft reported more profit growth in its latest quarter than analysts expected. Its revenue also beat estimates, but the stock still fell 6% as investors and analysts looked for possible disappointments.

Meanwhile, Facebook’s parent company likewise delivered a better-than-expected earnings report. As with Microsoft, this wasn’t enough to boost its stock. Investors focused instead Meta Platforms warning He said he expects a “significant acceleration” in spending next year as it continues to pour money into the development of artificial intelligence. It fell by 4.1 percent.

Big Tech’s decline on the last day of October erased the S&P 500’s gains for the month. The index fell 1% in its first decline in the last six months, despite reaching an all-time high during this period.

In the bond market, Treasury yields fell slightly following mixed reports on the U.S. economy.

One report said: measure of inflation The interest rate the Federal Reserve likes to use slowed from 2.3% to 2.1% in September. That’s nearly all of the Fed’s 2 percent target, though underlying trends are slightly warmer than economists expected after ignoring food and energy costs.

A separate report said growth in workers’ wages and benefits slowed during the summer months. This could put less pressure on upcoming inflation.

Meanwhile, a third report said: Fewer US workers filed for unemployment The previous week was helpful. This suggests that the number of layoffs remains relatively low across the country.

Treasury yields moved up and down several times following the reports, then moved lower. The yield on the 10-year Treasury note fell to 4.27% from 4.30% at the end of Wednesday. This is still sharply higher than the roughly 3.60% level in mid-September.

In other trading, U.S. benchmark crude gained $1.33 to $70.59 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude oil, the international standard, rose from $1.23 per barrel to $74.04.

The euro fell from $1.0885 to $1.0878.

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AP Business Writer Stan Choe in New York contributed.