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Discussion points on Asian stocks:
- Regional motherboards were generally weaker
- The Wall Street slide set the tone but there was some local disappointment
- The focus is now on the official figures of US growth
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Asia-Pacific stocks were still likely to face a difficult Friday after Wall Street's disappointment in the previous session on disappointing earnings and so this is proven.
Most of the regional motherboards were down as the end of the week came under the Nikkei 225 weighed down by the falls of Softbank and, perhaps more urgently, Nintendo, whose guidelines were described as extremely conservative. The Tokyo benchmark fell 0.7%, while the Shanghai Composite index fell 0.8%. The ASX 200 dropped 0.1%, with the Hang Seng being the only notable gain and even up 0.1%.
Friday's economic data was generally weak, with Japan's industrial output falling 4.6% in March, the largest decline since 2015. Unclear global trading conditions continue to weigh on the world's third-largest economy.
The US dollar has held highs close to the past two years against a basket of its major competitors. Thursday's data showed significant gains for capital goods manufactured in the United States after rising retail sales and exports.
That said, the USD / JPY seems to be heading for a break below the narrow negotiation range which has derived from the previous important summits – those of early March.
If this base yields, immediate support is likely to be available at the low of April 11, 110.90.
US gross domestic product figures for the first quarter will be released later on Friday. They should show that the world's largest economy continues to outperform most developed competitors with an expected annualized gain of 2.2%.
Gold prices recovered slightly, as overall risk appetite decreased and growth fears resumed control. Crude oil prices also fell, apparently because traditional producers, including OPEC, would increase their output.
Although growth figures in the United States remain to come Friday, it is not quite the appointment, although it is clearly the top act. British data on housing loans and the consumer climate index of the University of Michigan will play a supportive role.
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— Written by David Cottle, DailyFX Research
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